ICICI Securities Ltd | Retail Equity Research Revenues were at | 582.5 crore vs. our estimate of | 610.3 crore. Though subscription revenues grew 12% YoY to | 241.9 crore (in line with expectations of 12.3% YoY growth), the company continued to disappoint on the advertisement revenue front. From this quarter onwards, the company reported advertisement revenues inclusive of broadcast fees. On a combined basis, advertisement revenues posted a steep decline of ~6.7% YoY to | 292 crore, which is far...