On film manufacturing, it plans to spend ~Rs 10 bn over the subsequent two years. Q4FY21 income/EBITDA at Rs 7.8/ 5.5 bn have been largely in step with our estimates (Rs 8/5.4 bn) however above consensus (Rs 7.7/5.2 bn). Commercial income rose ~7% y-o-y (-11% vs Q4FY19), weaker than peer Zee (~9% y-o-y, -8% vs