INOL's operational performance was subdued with Ind-AS adjusted EBITDA loss of Rs1bn due to paucity of content and intermittent closures. However, with declining COVID cases, staggered re-opening is on the cards (31% of the screen portfolio is already operational) and footfalls are likely to stabilize by 2HFY22. Though emergence of 2nd wave has delayed the recovery process warranting a substantial cut in our FY22 EBITDA estimates we remain constructive over the long term as content pipeline is strong (~25 Bollywood & equal number of Hollywood movies are ready for release) which is expected...