Network share drops to 17% due to disruption caused by lockdown and soft performance in markets like Hindi, Marathi and Tamil. We cut our EPS estimates by 20%/9% for FY22/FY23 respectively as recovery in domestic ad-revenues has been delayed (ad-revenues in FY22 can more or less be a replica of FY20 versus earlier expectation of double digit growth). Delayed recovery is likely to drag margins given the ongoing investment drive in digital, movies and linear TV (Hindi, Marathi and Tamil content to be...