PVR's Q1FY20 topline beat was aided by better-than-expected growth in F&B; and advertisement. F&B; revenues at | 260.4 crore, up 28.4% YoY, were higher than expected 15% growth led by SPH growth of 17% YoY. Advertisement revenues grew 28% YoY, better than our expectation of 25% YoY. EBITDA (without impact of Ind-AS116) came in at | 158.7 crore, with margins of 18%, largely in line with our estimates. On a reported basis, EBITDA was at | 279 crore. Margins of 31.6% as rent are now charged under depreciation and interest under Ind-AS 116. PAT (without impact of IndAs116) came in at | 44 crore, a tad better than our expectation of | 39.9...