Ex-sports revenue rebounded (+23% YoY) to INR18.4b on a low base (3QFY17 was impacted by demonetization). Consolidated revenue grew 12% YoY (7.6% beat). EBITDA expanded 15% YoY to INR5.9b (8% beat). Ex-sports EBITDA increased 17% YoY ??? lower than revenue growth due to higher SG&A related to a) an increase in original number of hours of content, b) three movie releases and c) INR400m of one-off expense related to Zee???s 25-year branding. EBITDA margin improved 90bp YoY to 32.3% (in-line). PAT rose 29% YoY to INR3.2b. Investment in secured NCD of INR1.67b is overdue, while Zee is pursuing recovery options.