Reduced spending by select advertisers dents ad growth; PAT up 17% Ad rebound likely in 2H given UP elections/festive season; Maintain EPS estimates EBITDA largely in line, aided by lower employee/SG&A; expenses: Hindustan Media Ventures' (HMVL) 1QFY17 EBITDA grew 4.4% YoY to INR569m (largely in line with our estimate of INR561m) as lower-than-expected employee/SG&A; costs offset the impact of higher-than-expected RM costs. PAT of INR487m (+17% YoY) exceeded our estimate of INR469m, largely led by lower-than-expected...