revenue fell sharply by 7% YoY to INR5.4b (13% miss), mainly due to a 7% YoY drop in print ad revenue to revenue to INR0.7b aggravated the impact on revenue. EBITDA plunged 50% YoY to INR360m (54% miss). While RM cost rose 14% YoY, it was more than offset by savings in employee/SGA cost (down 21%/4% YoY). EBITDA margin contracted 540bp YoY to 6.6%. PAT stood at a meager INR12m (INR386m in 1QFY18). (1) Print business is facing turbulence; expect headwinds to continue for the next few quarters. (2) Newsprint cost to remain high for the next 2-3 quarters, post which it should start coming down. (3) The merger of the metro radio business of HTML with the radio business of Next Mediaworks (NMW) is under consideration.