4QFY18 is likely to be another weak quarter for Bharti and Idea. Tariff cuts in Jan-18, IUC rate cut on international incoming calls from 53p to 30p from 1st February, 2018 and ARPU down trading on account of increasing proportion of bundled plans subscribers to exert pressure on revenues of incumbents. Zee is well-poised for strong operating performance in the near term led by twin benefits of viewership gains and recovery in ad spends partly led by low base owing to demonetization. We expect Zee to report ad revenue growth of 27% YoY. Like-to-like ad revenue growth adjusted for sale of sports business to be ~20%. Subscription revenue growth is expected to be modest.