EBITDA up 12% YoY: Standalone revenue grew 16% YoY to INR6.8b (in-line), led by 22% ad revenue growth and 16% domestic subscription growth. EBITDA grew 12% YoY to INR4.9b (4% miss), with 260bp YoY margin contraction to 72%. Production cost was high during the quarter due to shift from private to commission model, and high-value fiction content. PAT grew 11% YoY to INR4.1b (10% miss), below EBITDA growth, largely on lower other income. Board declared an interim dividend of INR2.5/share.Subscription, ad growth to fire: SUNTV remains a sweet spot, with both subscription and ad revenue firing on all cylinders. Management indicated that potentially 10-12m Tamil Nadu analog subscribers are likely to move to digital cable by FY19, offering INR3.5b incremental revenues. Of these, already 3m set top boxes are seeded by Arasu and other MSOs. Further improvement in rating across Tamil Nadu, Malayalam and Kannada channels is allowing healthy ad growth. We expect revenue/PAT CAGR of 16%/24% over FY18-20.