Consol. revenue declined 14% YoY (-12% QoQ) to INR2b (16% miss). Ad revenue fell 15% YoY to INR1.5b, primarily due to a high base (4QFY17 ??? due to UP elections). Circulation revenue was down 11% YoY to INR0.5b, mainly due to lower yields. Consol. EBITDA fell 54% YoY to INR264m (59% miss), with the margin down 11.1pp YoY to 13.1%. Yet, PAT fell by a meager 5% YoY (-18% QoQ) to INR403m (27% miss), aided by a 54% YoY jump in other income. For FY18, revenue/EBITDA declined 6%/12% to INR8.8b/INR1.8b (4%/18% miss), while PAT fell 8% to INR1.8b (8% miss).