Impact of Demonetisation Led to Drop in Ad Volumes Duringthe Quarter; Outlook Continues to Remain Positive HMVLs revenue witnessed a drop of -4.2% to Rs.2303 Mn in Q3FY17 fromRs.2404 Mn in Q3FY16 mainly on account of the effect of demonetisation. The ad revenues dropped to the tune of -7.0% to Rs.1688 Mn in Q3FY17 fromRs.1816 Mn in Q3FY16 mainly due to the decrease in the ad volumes, however circulation revenue witnessed a growth of 4.3% during the quarter to Rs. 561 Mnfrom Rs. 538 Mn in Q3FY16. EBITDA during the quarter decreased by -32.2% to Rs.409 Mn from Rs.604 Mn in Q3FY16, mainly on account of increase in the otherexpenses due to the scheme of transfer of Multi-Media Content Management to the HDTSL (HT Digital Streams Ltd) on slump exchange basis.