concerts, sports leagues etc) which is boosting occupancy in lean periods (weekdays) 3) strong response to the newly launched loyalty program (~4mn patrons have already signed up in 2 months) which will result in consumer stickiness with no material impact on margins even in the near term and 4) strong screen addition pipeline (~1,018 screens are in fray to be opened post FY20E; as of 2QFY20 the figure was ~914 screens) which provides long term revenue visibility. While the stock has already appreciated by ~26% since our initiation report, we believe INOL's premiumisation approach and strategic...