revenue grew 18% YoY to INR21.7b (in-line), driven by robust ad/subscription growth. Domestic ad revenue increased 21% YoY, led by contribution from ZEE5 and a higher network viewership share. Domestic subscription revenue grew 29% YoY, led by a favorable base and monetization of phase-III subscribers. EBITDA, thus, grew 27% YoY to INR7.5b (5% beat), with the margin expanding 250bp YoY to 34.8%. This, coupled with higher other income and fair value gains, led to PAT growth of 50% YoY to INR5.6b (+26% YoY adjusted for fair value gains). (1) ZEE expects to deliver better-than-TV industry ad revenue growth and low-teens subscription revenue growth in FY20. (2) FY20 margins are guided at 30%+, despite investments in ZEE5. (3) The company is confident of announcing the buyer for promoter stake by Mar/Apr19 (as guided earlier).