INOL's Ind-AS adjusted EBITDA loss of Rs334mn (excluding OI) was broadly in-line with our estimates of Rs378mn as rigorous cost cutting initiatives resulted in fixed opex burn of ~Rs100-120mn per month during the quarter. We expect burn rate to increase in the initial few months post re-opening as fixed costs like rent, CAM, and employee expenses will rise (as compared to the levels prevailing in lockdown) without sufficient corresponding rise in footfalls amid 1) occupancy caps and 2) hesitancy to visit multiplexes. In addition, in the initial phase, ATP & SPH is likely to be lower due to...