declined 2%/4% YoY (5%/7% miss) due to the shift of the festive season to 3QFY19 and the weakness in the Solution business (non-FCT); margins contracted 40bp YoY to 22.3%. Core Radio business revenue rose moderately by 6.8% YoY. However, PAT grew 50% YoY to INR89m (4% miss), led by higher net finance income and relatively low tax (v/s 2QFY18). Adjusted for the festive season shift, revenue/EBITDA were up by 8%/20% YoY. EBITDA margin expanded 300bp YoY to 23%. (2QFY18 was impacted by GST), old stations revenue declined steeply by 9% YoY to INR1,000m, mainly due to the shift of the festive season to 3Q and muted ad spends across the M&E;, real estate and auto categories. A 1% YoY drop in pricing (off a high base) accentuated the impact. Consequently, margins contracted 110bp YoY to 25.