Ad?revenue growth of ~19% yoy was ahead of our and consensus estimates. Industry? leading ad?revenue growth was driven by market share gain in regional markets 9 Subscription growth of 14% yoy was ahead of our estimates 9 Sports business reported EBITDA of Rs 171mn (we saw an EBITDA loss of Rs 200mn) 9 EBITDA margin was higher than estimated because of higher ad and other sales revenue 8 PAT growth was lower than EBITDA growth due to routing of MTM loss on investments and change in price of preference shares through P&L account (because of migration to Ind?AS accounting norms).Phillip Capital maintain BUY rating with a TP of Rs 540 (vs. earlier Rs 475) due to robust ad revenue continuing in FY17.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.