PVRL's Q3FY20 revenue was in-line while EBITDA margin (adj. for AS-116 impact) was a beat to our forecast. Consolidated revenue of Rs9,127 mn grew by 8.6% YoY. Consolidated EBITDA margin of 19.7% grew by 20bps YoY vs. our forecast of 18.9%. PVRL has added 67 screens YTD and is confident of adding 90-100 screens for FY20. It targets to add 75+ screens in FY21 as well. We now factor addition of 80 screens (vs. 70 earlier) for FY20 and maintain our forecast for addition of 70 screens for FY21. We largely maintain our FY20/21 revenue/EBITDA forecast. We maintain ACCUMULATE...