SPI cinemas Pvt Ltd got merged into PVR Ltd with effect from August 17th, 2019 by allocation of 1.6mn shares for the balance 28.3% stake. F&B; spend per head grew by ~38% YoY while Ad income rose by 16% (YoY). We forecast F&B; to witness good momentum in FY21. SPI cinema posted an average performance while ATP increased (Rs 162 vs Rs 152) due to strong traction from Hollywood movies. PVR to continue paying tax under the regular tax rate (34.94%) till the utilisation of available MAT credit....