opex declined by 2.9% qoq (up 2.5% qoq adjusted for one-time cost of Rs600mn in Q4FY18), but 6% higher than our estimate. Strong Q1FY19 performance sets positive momentum, as major benefits of cost synergies from merger would reflect in the coming quarters. We continue to highlight that consistency in performance is key due to past baggage of underperformance. We raise EBITDA estimates by 4%/2% for FY19/20E, driven by higher ARPU assumptions. Cable TV distribution companies have corrected significantly with JIO's announcement to launch JIO Fibre and JIO TV while Dish TV has been stable due to ongoing open offer....