Ad volume grows YoY; yield recovery lagging The radio business continued to report revenue de-growth in Q3FY21 as ad pricing dropped. We note that ENIL's core radio revenue decline of 36% in Q3FY21 was lower than the listed competitor in the industry. Radio revenue decline was mainly owing to revenue dip of 45-50% (18% volume dip) in top eight markets. Also, ad pricing was down 28% YoY. The management said pricing recovery lags volume recovery and is expected to reach near normal by August. Accordingly, we revise our estimates and expect radio revenues...