comparison, industry ad-volumes were up 67% YoY. While our FY23 EBITDA estimates are broadly intact, we cut our FY22 EBITDA estimates by ~7% as onset of 2nd wave has derailed the recovery process since radio is an AND medium of advertising. Further, ad-volumes in high yield markets are still at suboptimal levels (~7-8% shortfall versus pre-COVID benchmark) which is likely to prolong the recovery. Nonetheless, MBL has fared well in this challenging environment with 1) volume market share of 21%...