revenue increased 13% YoY to INR20.1b on account of strong 47% domestic subscription growth, partly offset by subdued 4% domestic ad revenue growth. While the implementation of NTO improved channel pricing and supported subscription growth, it also hurt ad growth due to weak viewership and the conversion of FTA channels into pay channels. Nevertheless, EBITDA grew 17% YoY, led by a 100bp margin improvement to 32.9%. Adjusting for the fair value gain, PAT was up 33% YoY to INR4.6b (13% beat). (a) Domestic subscriber revenue is likely to grow by mid- 20% in FY20. (b) Ad growth was soft, but is likely to revive in 2H. The upward reset in subscription revenue due to better channel pricing in NTO is likely to drive healthy 26% subscription growth in FY20. Our channel checks indicate that the ad market remains weak but should revive from the festive season. Revenue/PAT CAGR is estimated at 14/16% over FY19- 21.