In Q2FY21, PVRL continued to demonstrate strong cost management amid the shutdown of Cinemas. Its EBITDA (ex-Ind AS) loss of Rs842 mn was lower than our forecast of Rs954 mn and was ~27% lower on QoQ basis. Yesterday, the Maharashtra government joined the 16 states and UTs which have permitted Cinemas to restart operations with an occupancy cap of 50%. PVRL has 151 screens in Maharashtra and reopening being allowed in the state would mean that ~87% of its screens can be reopened. Reopening of Cinemas in most of the key states would enable release of few small-mid budget movies around Diwali and would work...