Another good set of results; strong ad-growth outlook Zee reported yet another set of good results; 1Q consolidated revenues [+15.0% yoy] were marginally below our forecast, but EBITDA [+16.8%] came in c.2% higher, thanks to lower content and employee expenses. Normalised 1Q PAT was 10% lower, driven by higher depreciation, lower interest & other income and higher tax rate (37% vs. JMe 35.0%). Domestic ad revenue growth was strong at 22.3% yoy, and management shared a bullish outlook based on higher TV ad-spend growth than initial forecasts (made by Agencies) and continuing gains in viewership share for Zee led by Regional GECs. We believe a 20% ad...