Key sectors remain weak dragging down print ad Print ad continues to be hit sharply as ad spend of the central government for 9MFY20 has declined 40-50%, given no major schemes were launched. For Q3FY20, overall government (state+ central) and auto sectors fell 810%. On a positive note, the management said their market share of ad volume has increased 15-20% in all states in the last two years. We note that the company has refrained from guiding on print ad growth given the overall uncertainty. Going forward, post a washout FY20 (decline of ~7% YoY), we are baking in print and digital ad growth CAGR of 5% in FY20-22E to | 1659...