28 June 2020 Slowdown in ad spend, a high base of movie revenues, and loss of IPL revenues have led to an overall drop in revenues and EBITDA, partially offset by strong growth in subscription revenues. Ad revenue is expected to drop 20% going ahead in FY21E, while subscription revenues would grow at 12% in FY21E. Revenues were lower by 17% YoY at INR7.3b (in-line), largely attributed to a fall in ad revenues by 15% YoY, a high base of movie revenues in the corresponding quarter, and nil revenues from IPL games (INR570m) as the season has been postponed on account of the COVID-19 crisis. EBITDA, thus, fell 17% YoY to INR5b (in-line), whereas EBITDA margins stood firm at 68.5% (flat YoY). Depreciation charges were higher due to high amortization charges for movie premiers; thus, PBT fell 25% YoY to INR3.2b. FY20 revenues/EBITDA fell 7%/13% YoY to INR34b/INR22b, and margins contracted by 430bps to 65.7%.