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Result Update – PVR Inox, ICICI Securities

Weak quarter owing to muted content performance

  • Revenue came in at | 1143 crore, (up 34% YoY, down 21% QoQ) on proforma basis. It reported box office revenue of | 602 crore (up ~21% YoY and down ~18% QoQ on a proforma basis) with footfalls (up ~21% YoY and down ~18% QoQ) at 30.5 million and Average Ticket Prices (ATP)at | 239 was up ~3% YoY, flat QoQ. Ad revenues was at | 90.7 crore, down 21% QoQ, reflective of weak content. Food & beverage (F&B) revenues were | 352 crore with spends per head (SPH) at | 119, up 13% YoY
  • EBITDA (without impact of Ind AS116) was at | 5 crore, with margins at 0.5% given the weak box office performance
  • Loss (ex- Ind AS-116) was at | 285.7 crore, also impacted by one-offs

Key triggers for future price performance

  • Strong content slate line up to drive recovery in footfalls/revenues
  • Merged entity will benefit from scale of expansion, faster growth trajectory and other revenues/cost synergy

Read the full report here –

BCS Bureau

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