PVR (with industry association) is in consistent dialogue with the government but there has been no confirmation on reopening yet. It remains hopeful of getting permission to reopen cinemas in Unlock 5 phase i.e. October. Capex plans have been put on hold currently and will be reviewed when the situation normalises. They indicated 30 screens are in the pipeline for FY21E while another 28 screens are under fit out phase with total capex of | 115 crore. We bake in 20 screens addition for FY21E and 65 screens addition in FY22E. Consequently, we build in marginal footfalls growth of...