SPI Cinema's amalgamation was approved by NCLT. PVR allotted 1.6mn shares for acquiring the balance 28% stake. ~Rs800mn available as of 30th Sep 2019. This was an excellent quarter for PVR with top-line increasing 37.3% YoY to Rs9,732mn (PLe of Rs8,832mn) buoyed by strong content (4/5movies crossed Rs1bn in box office collections). Ind-AS adjusted EBITDA margin expanded 250bps YoY to 20% and is the best ever margin performance since 1QFY16. Given 1) strong content pipeline 2) leadership position (~28% screen market share) and 3)...