PVR's reported a strong Q4FY19, in-line with our forecast. While, SPI Cinemas' performance was a slight miss, it was more than offset by the standalone exhibition business. Consolidated revenue/EBITDA grew by 43%/70% YoY in Q4FY19 and EBITDA margin improved by a strong ~300bps YoY to 19.2%. In FY19, PVR added 66 screens on standalone basis and 4 screens in case of SPI Cinemas. For FY20, it targets to add 80+ screens on standalone basis (13 added YTD) and 10-12 screens in case of SPI Cinemas. Our forecast is conservative and factors addition of 70 screens on standalone basis and 8 screens for SPI Cinemas....