PVR's performance was marred (revenue/Ind-AS adjusted EBITDA miss by 8%62% respectively) by weak content (only 2 movies viz; Tanhaji and Baghi 3 crossed Rs1bn in box office collections during 4QFY20 versus ~4/5 movies in 4QFY19) and COVID-19 led shutdown (loss of revenue for 15-20 days without complete rationalization of fixed cost). We have drastically cut our sales/EBITDA estimates for FY21 and FY22 as 1) occupancy in 1HFY21 is likely to be negligible with a gradual recovery in 2HFY21 resulting in ~60% decline in footfalls over FY20 2) cautious screen expansion strategy...