The quarter saw the impact of the second wave that virtually led to a shutdown of theatres from the last week of April onwards due to lockdowns across most of India. Furthermore, most lined up releases were also postponed owing to the second wave. There also remains uncertainty on rental waivers this time around. We believe the waiver for second wave closures could be less generous than ~70% that was seen in FY21. The cash burn rate is also likely to increase during the quarter. We estimate EBITDA (ex-Ind-AS) loss of | 153 crore for PVR and EBITDA (ex-Ind-AS)...