Advertising revenues back on track, while Zee 5 is gaining traction Zee's Q3 FY21 numbers were broadly in line with expectations in the festive third quarter of FY21. Advertising revenues grew by 5.8% yoy and 44% qoq as economy revived and the effect of pandemic faded off in the latter half of the quarter. Subscription revenues grew by 18% yoy and 5.2% qoq as Zee 5 business gained momentum. The core subscription revenues would have remained flattish on uncertainty related with NTO2.0. However, there was a one-off syndication revenue element of 5.51 bn on sale of certain content inventory in international business. Excluding this, total revenues grew by 6.3% yoy. EBITDA margins adjusted for this revenue stream...