revenue increased 7% YoY to INR6.3b (in-line), mainly led by 7% YoY growth in print business. Recovery in FMCG and education category adspend drove modest 5% YoY growth in print ad revenue. Circulation revenue grew at a healthy 10% YoY to INR1.3b, driven by higher circulation copies, while radio revenue grew at a muted 2% YoY. However, rising newsprint prices, coupled with higher circulation copies, led to an increase in RM cost by 28%, pulling down consol. EBITDA to INR1.7b (-10% YoY, 10% miss). EBITDA margin shrank 490bp YoY to 26.6%. PAT declined 11% YoY to INR976m (15% miss). 2QFY19 ad revenue should increase led by a low base. (2) FY19 circulation revenue should grow in double-digit.