DB Corp's revenue for the quarter came in lower than our expectations on account of muted print ad revenues from some of its key sectors like automobile, education, lifestyle, etc. We note that the company did not disclose digital revenues separately and clubbed it with print revenues. (Print + digital) revenues came in at | 404.8 crore, down 4.4% YoY (steeper than expected decline of 3% YoY). Circulation revenues came in at | 131.4 crore, down 2.3% YoY, largely led by clamping down on some copies in key markets of Gujarat and Bihar. Radio revenues grew a strong 19% YoY....