GST led transition affected Advertising growth while competitive intensity in core markets dented Circulation revenue growth. EBITDA decline was restricted to 10% yoy owing to strict cost-control initiatives. Total expenditure was 10% lower than our estimate. Ad revenue decline of 8% yoy was led by 20% yoy drop in UP on account of a higher base. Bihar and Jharkhand recorded marginal growth. Ad volume was down 12% yoy while yield...