Ad revenue decline continues; recovery likely in FY22 The macroeconomic headwinds impacted ad revenues that fell sharply by 14.5% YoY. In the current quarter, ad revenue fell significantly in April during lockdown. While some rebound was witnessed in May & June, ad revenues are still at lower level. On the viewership front, all major channels extended their market share in the range of 7-10%. It benefitted from TV premiere of new movies. However, this did not result in better ad revenue generation. The management indicated a recovery in ad revenues is still one or two...