Revenues were at | 150.6 crore (up 4.9% YoY), higher than our estimate of | 147.9 crore. Despite Q3 being a festive quarter, growth was limited to single digits owing to the impact of demonetisation and radio being more dependent on regional advertising EBITDA came in at | 38.1 crore, slightly lower than expectations of | 39.9 crore owing to higher marketing & administrative expenses from newly launched stations. Hence, margins came in lower-thanexpectations at 25.3% vs. our estimate of 27.0% PAT came in at | 16.4 crore, lower than expectations of | 19.0 crore...