revenue grew 2% YoY (+10% QoQ) to INR6b (in- line), driven by radio and other operating revenue; print business revenue was flat YoY. Newsprint prices increased 10% YoY; however, a 4-5% decline in circulation copies and the use of old (low-priced) inventory restricted the rise in newsprint cost to a meager 3% YoY (+10% QoQ). EBITDA, thus, grew 1% YoY (+36% QoQ) to INR1.6b (in-line), with the margin down 15bp YoY to 27.1%. Print ad revenue was flat YoY at INR3.6b, led by an improvement in ad spends across FMCG, education and e-commerce categories. Circulation revenue grew 1% YoY to INR1.1b, driven by a 9-10% rise in cover price (not fully factored), partly offset by a decline in circulation copies. On the business front, Dainik Jagrans EBITDA was up 1% YoY, while other publications reported a sharp 55% YoY drop in EBITDA. (1) 9%/10% YoY increase in Dainik Jagran/Nai Dunias cover price led to a 4-5% drop in circulation copies.