PVR broke even at the EBITDA level, at INR136m (est. INR327m), for the first time since the COVID-19 outbreak, led by: a) a strong 26% ATP increase, which resulted in a revenue of INR5.9b, 36% below pre-COVID or 3QFY20 levels, and b) fixed opex contained at 13% below pre-COVID levels. Achieving footfalls over pre-COVID levels by the last week of 3QFY22 reflects positively. With the expectation of a swift recovery from the third COVID wave and a healthy ATP growth, we revise our FY23E/FY24E EBITDA estimate by 4.6%/13.3%. The advancement of OTT platforms and shrinking...