Multiplexes: Recovery seen but new restrictions risk persists Q3 started on a strong note for multiplexes as major release like Sooryavanshi, Spiderman, etc, fared well. However, the second half of December saw weakness as releases saw a relatively tepid response as the Omicron scare surfaced. In terms of Q3 performance, we expect footfalls at ~9 million and ~13 million for Inox and PVR which would be ~53% and ~50% of pre-Covid levels of Q3FY20, respectively. While ad revenues would much lower at 25-30% of pre-Covid levels, we expect strong growth...