Print ad performance, core business EBITDA below expectations UP elections/festive season to ensure strong 2H, raising FY17/FY18E EPS by 2-6% EBITDA (ex-Radio) and PAT miss estimates: EBITDA grew 15% YoY to INR1.54b against our estimate of INR1.57b. EBITDA (ex-Radio) grew 6% YoY to INR1.37b, 2% below our estimate of INR1.39b, as print advertising missed our estimate of INR3.59b by 2.6%. Opex grew 18% YoY to INR4.03b, ~1% above our estimate of INR3.98b. PAT grew ~17% YoY to INR0.84b, 4% below our estimate of INR0.87b. The PAT miss was largely a function of the operational miss flowing through,...