Ad volume improves QoQ; circulation seeing slower recovery Print ad revenue has improved sequentially and was at 87% of pre-Covid level during the quarter. Festive period in October and November saw ad spend at 95% of corresponding period in previous year. While ad volume was down 8-10%, ad yield was also down due to discounts offered. The management stated tier 2 and 3 cities saw faster recovery and they expect faster recovery in auto, education and FMCG segment, going ahead. We estimate print+digital ad revenue of | 1434 crore in FY23E with nil CAGR in...