24 January 2019 DBCL continued to see pain due to higher newsprint prices; though the pain was lower-than expected. revenue grew 10% YoY to INR6.6b (+13% QoQ, 2% beat) led by healthy 11%/3% YoY growth in print ad/circulation revenues and strong 39% YoY growth in radio revenue. This coupled with lower other operating cost helped EBITDA to remain flat YoY (+51% QoQ, 31% beat) at INR1.4b, even as newsprint cost spiraled 34% YoY. (1) Healthy 11% ad growth in 3QFY19 was driven by 2% election related advertisement while rest was due to a favorable festive season.(2) In FY20, ad growth should be better due to high contribution from election ads as well as due to the government rate hike. (3) Against the peak of USD750/ton, newsprint prices are down to USD560-565/ton and are likely to decline further due to capacity addition globally in Russia and China; we expect 23-24% fall in prices but the benefit will be seen from 1QFY20.