Local advertisers one of the key drivers of growth continue to feel the heat of GST. Momentum in real estate and government ads too remains weak. However, national FMCG advertisers have started increasing ad spend, which provides some comfort. We estimate FY18 revenue/EBITDA growth at 12%/7%. Management expects the newer stations to breakeven by H1FY19. This should help MBL record healthy EBITDA growth of 35% in FY19. Over the longer term, management expects to outpace industry growth by 1-2%, continuing its trend of doubling revenues in five years....