Revenue fell by 2% YoY in Q2FY19 primarily due to weak print advertisement revenue (down 9% YoY) impacted by shift of the festive season to Q3FY19 coupled with lower spend by central government, automobile and education sector. EBITDA declined by 28% YoY and EBITDA margin contracted sharply by 647bps YoY to 18% in Q2FY19 impacted by weak operating performance of Dainik Jagran. We expect overall advertisement revenue to grow at a CAGR of 6% over FY18-20E led by...