Earnings beat led by strong recovery in ad revenue growth: DBCL's 1QFY17 revenue grew 31% YoY to INR5.7b (3.7% above our estimate). EBITDA grew 48.7% YoY to INR1.81b (17.6% above our estimated INR1.54b), albeit on a low base. The EBITDA beat was primarily led by strong recovery in print ad revenue. PAT grew 56% YoY to INR1.04b (21% above our estimated INR0.86b). Ad bounce-back underpinned by strong ad volume/market share recovery: Post a dismal FY16, 1QFY17 marked a recovery in ad volumes and market share. Print ad revenue grew 20% YoY to INR3.73b (3.6% above our estimated...