Redeye thinks the Q2 report was slightly better than expected - being in line with consensus estimates on sales but beating estimates on adj. EBITDA by 5%. The key highlight, in Redeye's view, is the impressive growth in Subscriptions (+29% y/y and 3% above consensus estimates). The advertising market in India was unchanged in Q2. Redeye will likely raise its estimates somewhat for recurring revenues and make a small upward revision of its fair value range. Redeye expect the shares to trade up in today's market.
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