The company reported a topline of | 173.6 crore, which was ahead of our expectation of | 164.5 crore driven by strong TV broadcasting revenues (aided by Gujarat elections) of | 167 crore (grew 21% YoY). The growth was also aided by favourable low base of demonetisation. We note that while the broadcasting revenue growth was lower than Zee Media Corp, which reported growth of 46.5% YoY during the quarter, it was better than TV18's (business & general news) revenue growth of 14% YoY. The radio business revenues also came in...