revenue declined 2% YoY (-8% QoQ) to INR5.5b (6% miss), primarily due to muted print ad revenue. EBITDA declined 28% YoY (-39% QoQ) to INR1.0b (21% miss, mainly led by a 6% increase in opex), with the margin contracting 650bp YoY to 18.0% (360bp miss). Although RM cost increased by 9% YoY, it was lower than our estimate (by 3%) and also relatively benign compared to peers. Consequently, PAT declined 39% YoY (-51% QoQ) to INR421m (36% miss). Revenue was flat YoY, while EBITDA/adj. EBITDA margin shrank 310bp YoY to 22.8%.