Growth in F&B;/Ad rev. lead to a healthy performance PVR reports revenue growth of 11.6% YoY on back of F&B; and strong ad. revenue. EBITDA margin declined 135bps YoY to 17.6% due to higher other expenses. We expect Q2FY18 to be strong on the back of a healthy content pipeline led by release of some big Hindi Movies. We believe GST (service tax reversal) will lead to an improved EBITDA margin and expect benefits of the same to kick in towards H2FY18. Further, PVR is trading at fair valuations of 13.3x/11x based on FY19/FY20 EV/EBITDA which largely...