Ind-AS adjusted EBITDA loss stood at Rs855mn (excluding OI) versus our estimate of Rs737mn as rigorous cost cutting initiatives resulted in fixed opex burn of ~Rs250-300mn per month during the quarter. While 4QFY21 is more or less expected to be a replica of 3QFY21, removal of occupancy caps and expectation of big budget releases towards end of March indicate normalcy is expected to kick-in with the onset of FY22. Further, current trends on ATP (higher/similar to pre-COVID levels for fresh content) and SPH (down only 9.9% YoY from pre-COVID base) indicate no structural change in consumer...