Q1FY20 revenue grew by ~27% on a YoY basis owing to better box office and F&B; collections while Average Ticket Prices (ATP) witnessed a de-growth of ~6.5% YoY . Adoption of IND AS 116 for leases has brought immediate impact on key figures and ratios which will get normalised in coming years. F&B; spend per head grew by ~8% YoY while Ad income rose by 28% (YoY). We forecast F&B; to grow at ~11% for FY20&21. SPI cinema posted a decent 8% QoQ growth compared to a weak...