With lockdown in force for the majority of the quarter, revenue plunged 96%; however, a sharp 83% cut in opex cushioned EBITDA loss (pre-Ind-AS 116) to INR810m (better than est. INR1b). We cut our FY21E/FY22E EBITDA by a further 37%/6% factoring in the delay in the resumption of cinema operations across India reaching EBITDA of INR5.8b by FY22 (at FY20 levels, even after 12% capacity adds)....