revenue grew a meager 3% YoY (+11% QoQ) to INR6.1b (in-line), primarily due to weak print revenues. EBITDA at INR1.3b, witnessed a steep 19% YoY decline (9% miss, mainly due to miss on revenue) impacted by 15% YoY increase in RM cost. PAT at INR666m, down 22% YoY (+58% QoQ, 15% miss), was dragged by the EBITDA decline, partly offset by higher other income. For 9MFY19, revenue/EBITDA/PAT grew 1%/-14%/-19% YoY. (1) FY20 ad growth should range between 7-8%, (2) FY20 circulation revenue should witness full impact of the cover price increase, and (3) Expect 10-11% decline in FY20 newsprint cost as benefits from 10- 20% drop in newsprint price will be partly offset by 3-4% increase in circulation copies. We largely maintain our estimates; expect consol.