pre IND AS EBITDA margin of 7.0% while PVR is expected to report a modest loss due to cost normalization. On the broadcasting side, ad-environment continues to remain a bit soft as FMCG ad-spends have been impacted by RM cost inflation. We expect ZEEL to report 6.4% YoY growth in domestic adrevenue coupled with a one-time fillip in income from theatrical success of TKF and Valimai (co-produced by Zee Studios). As far as luggage sector is concerned, demand environment continues to remain robust despite a minor hiccup in Jan due to Omicron. While RM environment continues to remain inflationary; VIP has taken a price hike of...