Revenue growth of 17.3% YoY was led by robust advertisement revenues, which grew 19.0% YoY to | 911.9 crore (vs. estimate of | 902.6 crore). Subscription revenues were up 14.0% YoY with strong traction in international subscription. The beat in revenues can be attributed to other operating revenues, which came in at | 131.5 crore owing to outperformance of the movie Sairat vs. our estimate of other operating revenues of | 95.0 crore • EBITDA came in at | 453.2 crore vs. our expectation of | 386.7 crore benefiting from high operating leverage. The beat was due to relaxation on the content costs front. Zee also benefited from positive EBITDA in the sports business of | 17.1 crore. Consequently, EBITDA margins came in higher at 28.8%, up 512 bps YoY • PAT came in at | 217.0 crore (vs. expectation of | 302.9 crore) with Ind-AS resulting in a hit of | 113.2 crore passed through the P/L. The amount is mainly with respect to the change in fair value of preference share (now classified as debt) as well as change in fair value of investments and other financial instruments. ICICI Securities Limited value the company at 32x FY18E EPS of | 17.0, at a revised target price of | 545. They have a BUY rating on the stock.Trendlyne has 10 reports on ZEEL updated in the last year from 4 brokers with an average target of Rs 519.8. Brokers have a rating for ZEEL with 1 upgrade,4 price upgrades in past 6 months and 6 price upgrades in past 1 Year.