monetization. Reduction in operating costs despite launch of Zee5 in Q4 (from 37.7% in Q1 as a % of sales to 36.8% in Q2) has led to strong margin performance at 34.2% up 230 bps qoq and 320 bps yoy. Even the other expenses and advertising costs as a % of sales along with employee costs have reduced, thus leading to superior margin performance despite original programming hours...