Higher RM cost dragged down PAT: Consolidated revenue grew 5.4% YoY (4.4% QoQ) to INR5.7b (3% beat). Adjusted for the INR104m one-off income (profit on the sale of Gitanjali Gems shares) in 2QFY17, revenue grew 7% YoY, led by increase in print revenue. Consolidated EBITDA declined 7% YoY (25% QoQ) to INR1.4b (7% miss); adjusted EBITDA declined 11% YoY (adjusting for music royalty provision reversal). EBITDA margin contracted 330bp YoY (675bp QoQ) to 24.6% (275bp miss). Adjusted margin shrank 490bp YoY, impacted by 9% YoY increase in RM cost and 20% YoY jump in other expenses. PAT fell 11% YoY (29%...