Ad revenues witness decline; expect recovery in H2FY21 Macroeconomic headwinds impacted ad revenues that fell sharply by 10.7% YoY (in line with industry). We highlight the management sounded cautious in term of outlook and indicated that recovery would be seen by Q2FY21, Q3FY21. Among positives, the flagship Tamil channel has gained ~5-6 percentage points' market share gain in last seven to eight months to 47% currently. The company expects benefits of the same to kick in with a lag. Going ahead, given the challenging macroeconomic environment, we factor...