ICICI Securities Ltd | Retail Equity Research Revenues came in at | 1528.0 crore (vs. our estimate of | 1536.4 crore). Advertisement revenues remained subdued and lower-thanexpected at | 846.9 crore (decline of 2% YoY vs. our estimate of 3.3% growth), owing to post demonetisation woes. Subscription revenues came in at | 558.0 crore, down 6.1% YoY (our estimate: decline due to high base on account of catch-up revenues in Q4FY16). While domestic subscription revenues declined 2.7% YoY, the decline in international subscription revenues was steeper at 8.2% YoY. The...