BUY with a TP of Rs 99 (9x Jun-20E EV/E). Dish TV (DITV) reported a healthy 8% QoQ revenue growth. This was led by 6.5% ARPU growth on account of higher HD contribution, lower discounts and price increases across recharge packs. Led by robust revenue growth, EBITDA adjusted for one-time merger expenses in 4QFY18 increased by 20.9% (reported 39%).