PVRL's Q1FY20 result (Adj. for AS-116 impact) was in-line with our forecast with a slight beat on consolidated EBITDA margin front, which was driven by the beat in the Movie distribution segment. Standalone exhibition revenue grew by 10.6% YoY and Adj. EBITDA margin declined by 215bps to 17.1%, in-line with our forecast. PVRL has added 36 screens YTD and has maintained its FY20 target of addition of 80+ screens (100+ currently under fit-outs) despite the slowdown in real estate market in general. PVRL expects Q2/Q3FY20 to be better than Q1 given the healthy movie slate. We largely maintain our FY20/21 forecast. We also maintain ACCUMULATE with TP of...