We upgrade our rating on the stock to BUY with a revised target price of Rs. 245 based on 15x FY22E Adj. EPS Topline falters on lower Ad spends, PAT sees a massive fall Q1FY21 revenues fell by 34.7% YoY to Rs. 1,312cr, impacted by significant decline in advertising revenues (-64.5% YoY to Rs. 421cr) as the business took a hit during the months of March and April owing to pandemic. On the contrary, subscription revenues grew by 5% YoY to Rs.744cr, aided by surge in online viewers. Revenues from other sales and services rose by 30.3% YoY to Rs. 147cr, backed by sale of movie rights to...