Highlights of the call:

The mgmt said that the improved in advertisement market will future help ad revenue growth. Excellent content will remain key for monetization.

On advertisement growth of 35%, the mgmt said that its not one off. On back of health growth in industry on advertisement front and increase in market share & new channel launches, it was able to grow by 35%. Ex- &TV growth ad growth was 26% yoy, which was primarily driven by yield improvement

Pricing growth possible due to market-share of the company, which helped top-line growth.

E-commence, FMCG, Telcos and Consumer Durables help ad revenue growth. Also good performance of channels helps ad revenue growth.

On increase in receivables, the mgmt said that it has grown in-line with business. There is rise of 2 – 3 days receivables in comparison to Sept last year. Receivables will normalized by end of year.

Domestic subscription revenue will grow in low teen for the year. Deals are getting done, including phase 3. THe mgmt said that it will review al-carte or RIO strategy, gng fwd.

There is no clarity on India – Pakistan cricket series, which was suppose to happen in November or December 2015. If India – Pakistan series not happen, sport business losses will be low. Losses will be less than Rs100 crore for FY16.

4 channels shut in last 1.5 - 2 yrs. These were small channels.

Carriage fees to be flat or marginally down, as the company will invest in new rural market. In present market, the company will bring carriage fees down.

The programming hours has been increased on existing channels as well, which also supported ad growth

Top channels inventory utilization stands at 100%

The management indicated that they are satisfied with the content deals for Phase I and II as well as deals signed in phase III market. If Phase III doesn't happen then subscription revenue would register growth of single digit

Ad and promotion cost up even on QoQ basis also, because &TV was key driver. Other factors like rural market is opening up, very soon will see rural rating. So the company is investing in rural region which was early not focus part of the company. Some of the expense is one time.

Staff cost decline QoQ because in Q1 excess provision was there and Q2 is normalized one.

The company has aggressive plans for music business and movie production business

On movie production, the mgmt said that in next 10 – 12 months, will have couple of films size of Jaazba and more of smaller films.

On content cost, the mgmt said that the base cost will be there and if big event like India - Pakistan series happen, it will be top of it. On margin guidance, will maintain it at 25%, considering all variables.

Tax rate 33% for FY16.