PVR's Q1FY19 result was a beat to our forecast as regards EBITDA and EPS. This was mainly driven by higher growth in footfalls and advertisement revenue vs. our forecast and a YoY decline in repairs & maintenance cost. Outcome of the PIL as regards allowing outside F&B; and news of risks from government interfering with pricing of F&B; weighs on the valuation of PVR in the near term. We believe that in case of a court process is followed multiplex players are on a strong footing. However, the timeliness of the outcome remains uncertain. While we fine tune our EBITDA and EPS forecast for FY19/20E, given the uncertainty...