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With India in the grip of a second wave of the Covid-19 virus, we believe that the expectations from the investing community of Q1 FY22 being the start of return to normal business conditions have been dashed.
With Maharashtra, a key geography for the film exhibition industry, being shut for film exhibition for the entire April 2021, with potential for further extensions, we are now faced with short term uncertainty – around cost structures, screen openings, film release dates, movies going straight to over-the-top, etc.
Pararellely, we also have the vaccination program underway, which is going on in fits and starts, but which will hopefully gain significant traction in Q1 FY22.
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