revenue declined 4% YoY to INR6.1b (9% miss) due to weak print ad growth (-5% YoY) and lower circulation revenue (-2% YoY). EBITDA increased 4% YoY to INR1.8b (14% miss), benefiting from a PAT declined 4% YoY to INR937m (22% miss) owing to (a) lower other income and (b) reallocation and higher cost of depreciation/interest cost of INR92m based on Ind-AS 116. Radio segment performance was the only silver lining with healthy revenue/EBITDA growth of 19%/84% YoY. (c) The focus on cost reduction will continue against the backdrop of weak revenue performance. Given weak ad spending by both national and local advertisers, management refrained from providing any guidance. Yet we build in revenue/EBITDA growth of 3%/16% for the year in view of low newsprint cost and the strong focus on reducing cost. Despite the cut in earnings, PAT is estimated to grow at 12%/19% in FY20/21, given the sharp reduction in opex.