One-off write-off along with losing market leadership in key markets of Marathi and Bangla languages is a concern. While ad volumes improved QoQ owing to fresh content, ad realisation remains low. Full recovery in ad pricing ahead of festive season will be the key. Potential implementation of NTO 2.0 and impact ahead also remains unknown. We will turn buyers once ad recovery, improved cash flows & related parties mess eases. We maintain...