Hindi ad revenues came in below expectations at 6.9% YoY growth (vs. our estimates 9.5% YoY) to | 177.7 crore. English ad revenues remained soft with de-growth of 1.4% YoY to | 272.8 crore as HT Media faced softness on the national advertising front. Radio advertisement continued to remain robust with 35.5% YoY growth to | 33.2 crore. Circulation revenues came in at | 77.2 crore (5.9% YoY growth) aided by higher net realisation rate per copy. ICICI Securities Limited continue to maintain HOLD, valuing it at 11x FY18E EPS of | 7.8, at a target price of | 86.Trendlyne has 7 reports on HTMEDIA updated in the last year from 4 brokers with an average target of Rs 98.5. Brokers have a rating for HTMEDIA with 1 price downgrades in past 1 Year.