PVR Ltd - Q1FY22 First Cut - ICICI Direct

(CMP - Rs. 1356, Market Cap - Rs. 8239 crore)

PVR reported a washout Q1FY22 as cinemas were shut from second-third week of April, 2021 onwards owing to second wave of Covid.

Q1FY22 Earnings Summary

- Reported revenue came in at Rs. 59.3 crore, (67.3% QoQ de-growth) against estimate of marginal revenues of Rs. 50.3 crore. PVR reported box office revenue of Rs. 22.7 crore and ad revenues of Rs. 2.21 crore.. The company reported Rs. 18 crore of F&B revenues and Rs. 8.3 crore of movie distribution revenues through its subsidiaries while the balance was other operating income

- EBITDA loss (without impact of Ind AS116) was at Rs. 121.5 crore against EBITDA loss of Rs. 127.7 crore in Q4. The company has provided for lower rental expenses (Rs. 30.9 crore vs. Rs. 70.9 crore in Q4) as they was under negotiation with landlords for waivers, which led to lower EBITDA losses. On reported basis, EBITDA loss was at Rs. 90.9 crore (our estimate: ~Rs. 113 crore loss) due to lower salary and other costs

- PVR has reported other income of Rs. 21.7 crore with respect to rental waivers received till June 30, 2021. Consequently, the company reported net loss (without impact of Ind AS116) at Rs. 141.9 crore. The reported net loss was lower at Rs. 219.4 crore vs. estimated loss of Rs. 245 crore, largely due to inclusion of rental waiver as income

PVR has managed to cash burn lower amid closure. PVR raised Rs. 200 crore of debt under ECLGS scheme and thus has total liquidity of Rs. 850 crore (including credit lines)which will support opex in near term. We seek management commentary on outlook ahead We expect the recovery to be a function of speed of vaccination and response to new content when the screen opens over the next few weeks. We will come out with an update post conference call.

Shares of PVR LTD. was last trading in BSE at Rs. 1401.5 as compared to the previous close of Rs. 1360.3. The total number of shares traded during the day was 145899 in over 6607 trades.

The stock hit an intraday high of Rs. 1409 and intraday low of 1363.7. The net turnover during the day was Rs. 202794963.

Source : Equity Bulls

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