1HFY20 revenue/EBITDA grew (a) Subscription revenue should reach INR4,200-4,300m quarterly run-rate by 4QFY20, with INR1b digital revenues and 20m OTT subscribers from 11m currently. Also, content cost should remain high due to spends on OTT, the Bangla channel and increased spends to protect market share in We have cut TP to INR525 (v/s INR600 earlier) based on the cut in estimates, valuing it at 13x P/E on FY21E EPS of INR40. Broadcasting revenues were down by 53% YoY to INR80m International subscription revenues were down 15% YoY to INR410m Domestic cable revenues grew strongly by 40% to INR1.7b on account of DTH revenues grew by 4% YoY to INR2.3b Revenues from films stood at INR123m during the quarter Production expense rose by 96% YoY to INR1.7b on account of new launches in Bangla and high cost fiction program launches. Expect to make subscription revenue of INR1,000m on investment of INR1,500m Sun TV is confident of maintaining/increasing market share across languages.