PVR's operational performance was subdued with Ind-AS adjusted EBITDA loss of Rs1.2bn due to paucity of content and intermittent closures. However, with declining COVID cases, staggered re-opening is on the cards (13 states and 3 UT's have already given permission to re-open) and footfalls are likely to stabilize by 2HFY22. Though emergence of 2nd wave has delayed the recovery process prompting us to cut our footfall estimates by 31% to ~43mn in FY22 we remain constructive over the long term as content pipeline is strong which is expected to result in bunching up of releases post reopening. Further, we believe narrowing window gaps and higher distributor...