We had recommended PVR Ltd in volume no. 33, issue no. 24 (dated April 3, 2017) when the scrip was trading at Rs 1457. Our recommendation was backed by its strong performance in FY16 and extensive expansion. On a consolidated basis, the company's revenue grew 13.15 per cent YoY in Q1FY18. Its EBITDA grew 7.7 per cent, but the margin declined from 18.5 per cent to 17.6 per cent YoY. IThe company's net profit increased marginally by 3.8 per cent. However, the menace of piracy and decreasing number of consumers visiting theatres are some of the issues which are affecting the business of entertainment industry. The GST rate on movie tickets is 28 per cent and this will have mixed effects on the company, depending on the state. We do not see much upside in the stock and hence we recommend our investors to EXIT the scrip.