INOL's performance was better than our estimates (Ind-AS adjusted EBITDA loss of Rs376mn versus our estimate of Rs505mn) as rigorous cost cutting initiatives led to a reduction in fixed monthly opex burn by 25%. We expect 1HFY21 to be a period of liquidity management as occupancy would remain negligible (was NIL in 1Q and is expected to be at 2.6%% in 2Q) with gradual recovery in 2HFY21 (average occupancy expectation of 17.5%). While management cited that content pipeline is healthy with 14 Hindi and 53 regional language films ready for theatrical release, rising instances of...