PVR's Ind-AS adjusted EBITDA loss of Rs1,159mn was better than our estimates of Rs1,344mn as rigorous cost cutting initiatives resulted in average fixed opex burn of ~Rs320mn per month in 1QFY21 against a guidance of Rs400-450mn given at the start of the lockdown. Further, management guided for a lower burn rate of Rs220-250mn per month in 2QFY21. With reopening timelines being highly uncertain and rising instances of producers opting for the OTT route, we expect FY21E to be highly unpredictable and a complete wash out. However, we expect normalcy...