Robust ad revenue drives EBITDA: Ex-sports revenue grew 21% YoY to INR17.3b (5% beat), led by robust ad growth (+24% YoY to INR10.5b). Subscription revenue rose 14% YoY to INR5.5b. However, a 44% surge in SGA cost (launch of Z5) limited EBITDA growth to 8% YoY (INR5.1b, 17% beat). Consol. revenue/EBITDA grew 13%/8% YoY, while consol. margin shrunk 135bp YoY to 29.3%. Adj. PAT fell 42% YoY to INR2.3b (38% beat), led by higher taxes. Domestic ad revenue (excl. sports, RBNL and IWPL) jumped 22% YoY, led by healthy ad spend across categories. Domestic...