Robust ad growth, guides for industry leading growth in FY20 Overall ad growth of 16% was driven by 17.7% growth in domestic advertisement, which was pleasantly surprising considering the NTO led disruptions during the quarter. International ad revenues, however, declined 9.6% YoY to | 60 crore. We note that the management reiterated its guidance of beating the expected industry ad growth of low double digit in FY20. However, it could be challenging amid the transitory NTO led disruption and soft commentary of consumer companies. We build in 13%...