ICICI Securities Ltd | Retail Equity Research Revenues came in at | 1838.1 crore (vs. our estimate of | 1767.6 crore). Beat on the topline was led by advertisement revenues that on a lower base of demonetisation, witnessed 25.8% YoY growth to | 1202 crore and was higher than our estimate of 18% YoY growth. Adjusting for sports (now exited) and RBNL channels (acquired recently), domestic ad revenue growth was 25.7% YoY. Subscription revenues came in at | 501.7 crore, down 15.5% YoY mainly due to...