Limited earnings support amid weak operating environment: JAGP reported a dismal performance in 1QFY20, in line with other print companies, due to weak market conditions and the limited benefits of softening newsprint prices. Consol. EBITDA declined 14% YoY to INR1.4b (28% beat), with the margin contracting 300bp YoY to 24.2% due to (a) lower revenue (-3% YoY with print ad/circulation revenue down 3%/1%) and (b) lower-than-expected newsprint price decline. Subsequently, PAT was down...