Consolidated EBITDA grew 24% YoY to INR425m (our estimate: INR418m); EBITDA (ex-activation) declined materially to INR59m (in line), as Phase III digitization-led subscription uptick remained elusive, courtesy the pending court stay orders on DAS implementation. Subscription growth optically low, as SITINET moves to net billing in Kolkata: SITINET moved to net billing in Kolkata (and is likely to replicate this in Mumbai and Delhi). Consequently, subscription revenue and related distribution costs for the quarter were netted off. While reported subscription income grew 8% YoY to...