PVR Ltd - Q3FY22 First Cut - ICICI Direct

(CMP - Rs. 1541, Market Cap - Rs. 9390 crore)

PVR reported better than expected topline led by higher than expected footfall. Losses were also contained as it recorded rental waivers under other income.

Q3FY22 Earnings Summary

• Reported revenue came in at Rs. 614.2 crore, (up ~4x QoQ on weak base) against estimate of Rs. 491 crore. PVR reported box office revenue of Rs. 300.2 crore and ad revenues of Rs. 40.9 crore. The company reported Rs. 180.5 crore of F&B revenues and Rs. 55.5 crore of movie distribution revenues while the balance was other operating income. The footfalls were up 3.5x QoQ at 14.5 million and ATP at Rs. 239 was up 18% QoQ owing to slate mix. SPH at Rs. 129 was flattish QoQ
• EBITDA (without impact of Ind AS116) was at Rs. 38 crore(margin 6.2%) against EBITDA loss of Rs. 115.1 crore in Q2. On reported basis, EBITDA was at Rs. 164.9 crore (our estimate: ~Rs. 152 crore)
• PVR has reported other income of Rs. 67.4 crore with respect to rental waivers received (net of rent paid). Consequently, the reported net loss was lower at Rs. 10.2 crore vs. estimated loss of Rs. 64 crore, largely due to inclusion of rental waiver as income. The company reported net loss (without impact of Ind AS116) at Rs. 21.9 crore

PVR has has total liquidity of Rs. 742 crore (including credit lines) which will support opex in near term amid lean Q4 owing to Omicron spread. With expect footfall recovery given the strong line up, once the Omicron led restrictions ease. We will come out with an update post conference call.

Shares of PVR Limited was last trading in BSE at Rs. 1535.90 as compared to the previous close of Rs. 1562.25. The total number of shares traded during the day was 279628 in over 9256 trades.

The stock hit an intraday high of Rs. 1589.35 and intraday low of 1512.30. The net turnover during the day was Rs. 435188042.00.

Source : Equity Bulls

Keywords

PVR INE191H01014 Q3FY22Results FirstCut ICICIDirect