PVR reopened its screens everywhere except for Rajasthan and Jharkhand. However, limit to occupancy and lack of new releases meant footfalls did not pick up as envisaged. ATP during the quarter was at |164, down 22% YoY while SPH was at |95, down 5% YoY. The management informed ATP for fresh content has been equal or higher compared to that of pre-Covid level. We believe flow of new releases will be necessary for operating metrics to reach normal levels. We bake in 70 screens addition in FY22E and 90 screens addition in FY23E. Consequently, we build in footfalls growth of...