Recovery in Ad revenues, new movie releases to lift up FY22 performance Q3 core businesses disappoint, numbers up due to IPL Sun TV's Q3 FY21 numbers came slightly below our expectations as Ad revenues declined by 10.7% yoy, while growing sequentially by 26% in a festive quarter. The sequential growth was on the back of opening of economy, normalcy coming back and advertisers increasing their Ad spend, however there was a yoy fall in advertisements from retail advertisers, local jewellers as demand for their products is still not fully recovered due to pandemic. Also due to absence of any movie releases, the advertising revenues have bore the brunt. Additionally there has been some market share loss in its...