HMVL posted strong top line growth of 13.7% above our estimates of 9.0%,mainly boosted by advertisement revenues which grew by 18.0% and circulation revenues grew by 7.6%. Bihar election revenues & pricing initiatives have helped the company to post strong ad revenues. Q3FY16E is expected to be strong on the back of festive season and pick-up in ad spends by automobile and banking sectors which are seeing uptick in the recent quarter after sluggish quarters.