PAT impacted by new station cost: Revenue declined 3% YoY to INR1.3b (inline) due to the impact of GST, demonetization-led weak ad market, and inability to drive volumes at steep price hikes. EBITDA rose 23% YoY to INR284m (7% beat), led by a 44% YoY plunge in marketing expenses (the base quarter had a new station launch-related peak ad cost), partly offset by a 20% YoY rise in employee cost (related to new stations). PAT declined 24.5% YoY to INR60m (9% miss) on higher depreciation and lower interest income related to new stations launch. Steep price hikes fail to drive growth at legacy stations: ENIL's intentional...