the business will does well when box office collections does well. The business has rerated since earlier this year after a few commercial successes. There is also a direct correlation between the year before the elections and the ad spends. Govt ads increase the year before elections.
From a longer-term perspective if you look over last five-seven years the business has been stuck in that 500 cr range. I am not sure what growth challenges does the business face that it has not been able to scale over such extended period.
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