Reiterate BUY with revised TP of Rs 468 (vs. Rs 492 earlier) at 30x Jun-20E FCFE per share. Music Broadcast Limited (MBL) 1QFY19 was in-line with 8% revenue, 18% EBITDA and 25% PAT growth YoY. Revenue growth was bit soft. Stringent control on costs led to healthy EBITDA and PAT growth.