comparison, industry ad-volumes were up 49% YoY. We cut our FY23-FY24 EBITDA estimates by ~5% as yields which are at ~4045% discount as compared to pre-COVID levels may take longer to recover. However, ad-volumes in high yield markets have shown signs of improvement (~7-8% shortfall versus pre-COVID benchmark has narrowed a bit) which is encouraging. We believe MBL has fared well in this challenging environment with 1) volume market share of 20% (highest amongst peers) in...