Revenues came in at | 165.5 crore (up 12.4% YoY) higher than our estimates of | 148.3 crore, owing to superior growth in the non radio business (36% YoY) and incremental revenues from newly launched channels (| 15.9 crore for Q4FY17). Core radio stations reported 2.7% YoY decline owing to the after-effects of demonetisation EBITDA came in at | 35.2 crore, lower than expectations of | 40.3 crore owing to higher marketing & administrative expenses from newly launched stations. Hence, margins came in lower-thanexpectations at 21.3% vs. our estimate of 27.2%...