Steady growth in overall Subscription revenue coupled with recovery from Advertising should support topline growth in the near-term. We remain optimistic of Zee's future growth prospects and reiterate our BUY with target price of Rs. 245 based on 14.5x adj. EPS. Ad spends push up topline, PAT improves sequentially Q2FY21 revenue grew 31.3% QoQ to Rs. 1,723cr (-18.8% YoY) primarily on account of growth strong recovery seen in Advertising revenue at Rs. 903cr (+114% QoQ), as Ad spends see gradual improvement. Subscription revenue also went up 7.5% QoQ...