NTO impacts ad revenues; cautious outlook in near term The company indicated that advertisement revenues were impacted as key advertisers had pulled down ad volumes ahead of NTO implementation led uncertainty while there was also some ad shifting from GEC to sports genre due to IPL. The management sounded cautious in terms of outlook in the near term and guided for ad growth recovery from H2FY20 onwards. We highlight that the company has not seen an improvement in market share in key genres of Tamil, Telugu and Kannada and is looking to launch fictional...