Further cost optimisations, coupled with higher ARPUs backed by higher prices, and a probable equity infusion is required to support company's survival in the coming months. We reiterate our HOLD rating with a revised TP of Rs. 9.3 based on 7.3x FY22E EV/EBITDA. EBITDA rises, bottom-line continues to be in red on provisions Q1FY21 revenue dropped 5.4% YoY to Rs. 10,659cr, primarily due to erosion of subscriber base and the consequent decline in ARPU. On the other hand, EBITDA grew 12.3% YoY to Rs. 4,098cr, as EBITDA margins expanded 540bps YoY to 38.4% owing...