For 3QFY2018, TV Today Network Ltd (TTNL) posted results in-line with our
expectations on both top-line as well as bottom-line fronts. Revenue grew by
~23% yoy to `174cr driven by higher growth in ad revenue segment. On the
operating front, margins improved by 320bp yoy, which resulted in strong PAT
growth of ~36% yoy to `36cr.

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