Dainik Jagran with its long-standing presence and focus on providing local content has enabled it to command a dominant position in the country's Hindi speaking regions. JPL's advertisement revenue excluding Radio grew at a CAGR of 8% over FY13-17 driven by better yields and increased volumes. We expect overall advertisement revenue to grow at a CAGR of 7% over FY17-20E. Given its leadership position, we expect Radio business to register a strong CAGR of...