Inox' theatres continue to remain shut in Q2FY21E till date as cinemas were not allowed to reopen in Unlock phase 2 & 3. The management expects to receive permission to reopen theatres in Unlock phase 4. Inox maintained a guidance of 41 screens addition (86% of the work is complete) while we bake in 20 screen addition for FY21E and 70 screens addition in FY22E. Consequently, we bake in footfall growth of 2.8% CAGR in FY20-22E to 70 mn (69% decline in FY21 followed by sharp growth thereafter) coupled with 3% CAGR in net ATP to lead to 6.9% CAGR in FY20-22E (68% decline in...