The Zee stock has been an underperformer recently, falling ~40% in the last four months due to cash-flows and balance-sheet concerns. We believe management's focus on cash-flow and cleaning the balance sheet is positive. At the ruling market price, the risk-reward is favourable. We maintain our Buy rating with new target price of `220. Revenues were largely inline, operating profit impacted due to one-offs. The sharp drop in ad revenue pulled down Zee's revenue 3.4% y/y to `19.51bn in Q4FY20. Domestic ad revenue slid 15.1% y/y. On the new tariff...