Adj. revenue/EBITDA disappoints with 125bp margin miss, broader story intact Subscription miss, unfavorable operating leverage lead to EBITDA disappointment: Dish TV (DITV) changed its accounting treatment of entertainment tax from gross to net. Adjusted for accounting changes, 1QFY17 EBITDA grew 1.4% QoQ to INR2.64b (5% below our estimate of INR2.77b). EBITDA miss was primarily led by lower-than-expected adj. subscription revenue and higher-than-expected adj. opex. Adj. revenue miss was primarily on account of lower subscription revenue, which grew 3.5% QoQ to INR7.67b...