Results below estimates; margin expands 290bp YoY: PVR's revenue increased 5% YoY to INR5,573m (est. of INR6,184m) in 3QFY18. EBITDA rose25% YoY to INR1,003m (est. of INR1,218m), with the margin expanding 290bp YoY to 18% (est. of 19.7%) due to a 90bp reduction in rent cost (to17.8% of net sales) and a 440bp reduction in administrative & other expenses (to 22.5% of net sales). Adjusted PAT stood at INR289m in 3QFY18(est. of INR403m) v/s INR239m in 3QFY17