Zee Entertainment surprised positively, with 3% beat on revenue and 9% on EBITDA. The beat was driven by higher revenue as costs were in-line with estimates. PAT was impacted by higher tax outgo. Like-to-like domestic ad revenue grew at a healthy rate of 21.5% yoy. Domestic subscription revenue was 6% ahead of estimate while in FY18 growth of 12% was lower than expectation due to delayed monetisation in phase-III amid ongoing uncertainty around the implementation of TRAI's tariff order. spends, increased programming hours and market share gains. These factors are expected to aid Zee's outperformance on Ad growth vs. industry....