EBITDA growth and partly offset by higher taxes. For FY19, revenue/EBITDA/PAT grew 9%/17%/19% YoY. Concall highlights: (1) Opportunity from the MBL-RBNL deal is not in crossselling' to advertisers, but in increasing utilization for RBNL acquisition (currently at 50-60%). (2) Cost synergies to be in the range of 2-3% of revenue. (3) Dividend policy will not change due to the acquisition. Moderation in revenue yet strong growth: Given the moderation in revenue growth seen in the last two years, we have reduced our revenue estimates by 2-3%. Yet, the inherent operating leverage should ensure steady PAT CAGR of...