PVR's operational performance was broadly in-line with our estimates with pre Ind-AS EBITDA margin of 6.2% (PLe 7.4%) aided by strong content (5 movies crossed Rs1bn mark). ATP/SPH at Rs239/Rs129 was 14%/28% higher than 3QFY20 (comparable pre-COVID quarter) indicating that recovery has been sharp. While onset of 3rd wave has delayed the recovery process and prompted us to re-align our FY22 reported EBITDA estimates (loss of Rs467mn versus break-even earlier) we keep our FY23/FY24 EBITDA estimates broadly intact amid 1) less severe nature of the virus and 2) pick up...