ENIL saw a stellar 3QFY19, with revenues growing 36% YoY to INR2b, backed by healthy mix of growth in old and new stations, shift in the festive season to 3Q, and contribution from mega-international artist concerts (healthy F&B; revenue). Yet, EBITDA grew 14% YoY (in-line) to 7 February 2019 INR404m, with a 400bp margin contraction to 20.1% due to losses incurred from mega concerts. Ex-international concerts, revenue grew 20% YoY with a strong 37% YoY growth in EBITDA. PAT at INR160m grew 22% YoY (in-line). For 9MFY19, revenue /EBITDA/PAT grew 18%/18%/55% YoY. (3) The company is following up with MIB for approval on the acquisition of TV Today radio stations. We largely maintain our estimates; expect strong 41% EBITDA CAGR (on a low base) over FY19-21, primarily on the back of healthy 17% revenue CAGR. Potential gains from the acquisition of three TV Today radio stations (pending approvals) could provide further upside.