Subscription revenues are likely to grow at 16% CAGR over FY18-20, led by digitization in Tamil Nadu. We believe there is further upside, driven by higher market share of DTH players, growth in MSO-led subscription revenue following TRAI's tariff order requiring price parity, as well as growing HD penetration and ARPU increase. Higher viewership on the back of content rejig coupled with shift to commission model should help SUN TV capitalize on potential ad revenue growth. Given the low base of FY17, we expect 14% CAGR over FY 18-20. Near doubling of IPL revenue to INR2.8b, driven by substantially higher auction of media rights and fresh inventory driving the radio business bodes well. Steady movie investments should lead RoCE to reach ~33% by FY20