ICICI Securities Ltd | Retail Equity Research Revenues came in at | 649.9 crore (up 4.6% YoY) in line with our estimate of | 651.3 crore. As expected, there was a decline in both Hindi and English ad revenues at 6.8% and 9.5% YoY decline to | 168.8 crore and | 297.7 crore, respectively. Despite the quarter being a festive one, volumes were deeply hit in the last two months of the quarter owing to demonetisation. The lower Hindi ad revenue growth was also an outcome of the high base effect of Bihar...