Steep decline in government category leads to revenues drop The company has alluded to weak economic growth for its revenue decline and the same was seen across media segments. Ad volumes were down 20% while realisation were up 3% in 9MFY20. The higher realisations, in our view, are merely owing to a steeper decline in the government category, which are lower yielding. The company indicated that given fiscal stretch, central government category remained muted while non-government ad category has not shown a major improvement in festivities apart from auto...