Revenue grew 14% YoY (flat QoQ) to INR759m, in line with our expectation, led by (1) volume growth at new (Phase III) stations, and (2) volume and yield growth at legacy stations. (1) In FY19, EBITDA margin should be higher than 33% (FY18); (2) 8-10% yield improvement likely in FY19; (3) After empanelment on DAVP list, revenue from Phase III stations should grow; (4) EBITDA margin for Friends 91.9 FM should increase to 30% (from current 20%), driven by increase in national advertisers share (through network efficiencies) and growth in listenership (led by content integration). EBITDA should grow at a CAGR of 26%, with EBITDA margin reaching 39% by FY20, led by (1) inherent operating leverage play, (2) higher contribution from new stations (which turned EBITDA breakeven in 4QFY18), and (3) fillip in EBITDA margin of Friends 91.9 FM, driven by revenue and cost synergies.