Muted ad and circulation revenue growth pulled down overall revenue by 4% YoY (+12% QoQ) to INR6.3b (5% miss). However, EBITDA increased 22% YoY (+29% QoQ) to INR1.3b (est. of INR1.0b), led by the company's cost-restructuring initiatives. Margin expanded 450bp YoY (+290bp QoQ) to 21.5%. This coupled with a) 20% YoY reduction in finance cost and b) 17% YoY rise in other income (led by INR311m gain on sale of Land & Building) led to overall PAT growth of 36% YoY (+88% QoQ) to INR1.2b (est. of INR0.6b) English business ad revenue declined 8% YoY, led by a lower-double-digit decline in ad volumes, partly offset by yield improvement. Hindi business ad revenues recovered, growing 5% YoY (3% volume and 2% pricing), as the impact of GST-related uncertainty subsided. Circulation-wise, both English and Hindi saw a sharp 14-15% YoY decline, as volumes and pricing were impacted by intense competition in the legacy markets. However, rising newsprint prices may compel industry players to increase cover prices, partly mitigating the adverse impact