Traction in Govt. ad spends to drive outperformance; Maintain BUY MBL reports revenue growth of 14.1% YoY led by Phase III stations in terms of volume and by legacy stations in terms of yields. EBITDA margin improved 1100bps YoY to 36.0% is also helped by better collection as no provision for RDD had a positive impact of 200 bps on the margin; balance of the margin improvement (+900bps) was due to absence of losses/launch expenses of new stations. We upgrade our EBITDA estimates by 7%/5% for FY19/FY20 led by better revenue growth in new stations, coupled with...