Strong 2Q core performance and OTT metrics; 2H growth to be softer Zee reported yet another strong set of results; 2QFY19 consolidated revenues (+25% yoy) were c.6% [INR 1.1bn] ahead of our forecast, led by c.10% [+540mn] beat on subscription (+21.3%), 2.4% [280mn] beat on ad (+22.7%) and c.19% [250mn] beat on Other revenues. 2Q EBITDA (+37.6%) was 13.5% [800mn] higher; EBITDA margin of 34.2% [235bps ahead] was the best-ever for Zee despite OTT losses. Normalised 2Q PAT was 6% higher; effective tax rate was 38.8% vs. our 35.0% forecast. Zee reported strong user and engagement metrics for Zee5; Sep-18 MAUs [monthly active users] of 41.3mn were up 190% from Apr18, while average time spent per user was 31 minutes per day. Zee5 climbed to the #2...