During Q3FY18, consolidated revenue declined by 13% QoQ as voice and data rates plunged 24% and 26% QoQ, respectively impacted by sharp cut in IUC and ARPU downtrading leading to fall in realization. EBITDA margin continues to remain under pressure and fell by 130bps QoQ to 18.8% due to pricing pressure and IUC cut. With the merger process expected to be completed by H1CY18, we expect synergies to start accruing from FY20E at Rs2,048 crore (nil FY19E) leading to an expansion in EBITDA margin to 28.4% in FY20E for the combined entity....