EBITDA grew by a robust 65% YoY to INR284m, led by healthy 17% YoY standalone revenue growth to INR1,216m (in-line) and 400bp YoY margin expansion in the non- FCT business to 28%. Overall margin expanded ~690bp YoY to 23.3% (260bp beat). for one-offs (provision write-back), PAT grew 3.3x to INR72m (19% beat). Old stations recovered with a healthy 14% YoY revenue jump to INR999m, post the disappointment in FY18 when prices had increased and ad volumes subsequently declined (partly voluntarily). This drove a 62% YoY jump in EBITDA of old stations. The newly launched 17 batch-1 stations saw robust 70% YoY revenue growth, driving EBITDA of INR7m (v/s -INR44m in 1QFY18), partly offset by an INR9m loss on launch of some batch-2 stations. (1) Entire 22% YoY growth in radio revenue was volume- led. (2) Old/new stations average utilization at 80%/30%. (3) Remaining 16 of 21 batch-2 stations to be launched by mid-3QFY19.