Ad recovery to be function of pandemic tail The management expects ad revenues to witness double digit growth (over FY20 levels) provided the Covid second wave tapers soon. The company also indicated there would be some weakness in ad revenues in Q1 due to second wave and original programming for broadcasting business is remaining only for a few days for both Hindi as well as regional channels. We bake ~23% CAGR in ad revenues in FY21-23E on a depressed base of FY21 wherein ad revenues declined 20%. The company expects...