PVRL has demonstrated strong cost management in Q1FY21 amid the shutdown of Cinemas. Its EBITDA loss of Rs1.16bn was lower than our forecast of Rs1.3 bn. PVRL expects the cash-burn in Q2FY21 to be even lower QoQ. Further, it is confident that part of the cost optimization initiatives to be sustainable. PVRL is hopeful of Government providing the date for reopening of Cinemas towards the end- September in Open-up 5.0'. It is hopeful of Cinemas being allowed to be reopened in October. We factor shutdown in Q2FY21 and addition of 24 screens in FY21 vs. 40 earlier. We factor addition of these towards the end of Q4FY21 and factor utilization of additional...