DBCL's circulation revenue is expected to grow faster than industry: DBCL's recent entry into Bihar and the efforts to strengthen its presence in the core markets will improve the circulation volume of the company. And also with the strong brand recall among its readers the company has been able to take several cover price hikes during the period FY09-15 registering 11.4% CAGR in its circulation revenue growth. We expect the company to continue on the same line and grow at 15% CAGR in FY16E-17E.