recovery in 2H 2) digital business has started gaining momentum (revenue up 17% QoQ) on the back of engaging content catalogue and 3) uncertainty surrounding boardroom decision risks is expected to reduce given the impending merger with SPNI (due diligence has started and is expected to be complete within stipulated timeline). Maintain BUY with a revised TP of Rs399 (Rs405 earlier) valuing the stock at 23x FY24 EPS of Rs17.3 (inclusive of merger synergy benefits). Near term pressure on margins and subscription revenues due to implementation of...