Due to uncertainties in the economic climate, management decided to scale down its investments in Sugarbox for the foreseeable future. We remain optimistic on the stock, as company expects double digit growth in ads business, while OTT platform should support strong growth in the subscription business. We reiterate our BUY rating on the stock with rolled forward target price of Rs. 233 based on 13x FY23 adj. EPS. Ads and subscription revenue supports topline Consolidated revenue rose 0.8% YoY to Rs. 1,966cr, with Advertisement revenue...