Amidst liquidity pressures, declining subscriber base and lower ARPU, it is yet to be seen how the company will manage its debt servicing in the coming quarters. Given existing uncertainties, we remain cautious on the stock and maintain our HOLD rating with a revised target price of Rs. 7.0 based on 7.8x FY23E EV/EBITDA. Continued de-growth in subscribers and ARPU impacts topline Revenue fell 14.1% YoY to Rs. 9,152cr in Q1FY22 (-4.7% QoQ), on account of the slowdown in economic activity due to lockdown restrictions during the second wave...