Inox Leisure (INOL) reported a blockbuster Q4FY19. Revenue growth of 48% YoY was in-line with our forecast. EBITDA margin improved by a whopping 680 bps YoY to 20.3% and was ~60bps higher than our forecast. Further, Recurring EPS was aided by lower tax rate and grew by ~280% YoY to Rs5.2. After adding 85 screens (82 on net basis) in FY19, a all-time high, INOL targets to add 80 screens in FY20 (9 added YTD). It targets 80+ screens for FY21 as well. We have factored...