ICICI Securities Ltd | Retail Equity Research Overall revenues at | 598.6 crore (down 4.6% YoY) were much below our estimates of | 633.8 crore. Print advertisement revenues came in at | 377.5 crore, down 5.8% YoY, below our estimate of 1% YoY growth. We note the print ad decline is disappointing considering that HMVL reported ~5% growth in Q3FY18. The radio ad revenue was also weak with decline of 7.4% YoY (| 33.6 crore) vs. our estimate of 12% YoY growth. Digital revenues, which declined 4.9% YoY, were...