PVR Ltd - Q2FY22 First Cut - ICICI Direct

(CMP - Rs. 1627, Market Cap - Rs. 9897 crore)

PVR reported a weak quarter, as expected, albeit better sequentially as multiplexes had opened in mid Q2. Losses were contained as it recorded rental waivers under other income.

Q2FY22 Earnings Summary

• Reported revenue came in at Rs. 120.3 crore, (up ~197% on washout base) against estimate of Rs. 101 crore. PVR reported box office revenue of Rs. 53.1crore and ad revenues of Rs. 7.7 crore.. The company reported Rs. 44.5 crore of F&B revenues and Rs. 5.1 crore of movie distribution revenues while the balance was other operating income
• EBITDA loss (without impact of Ind AS116) was at Rs. 115.4 crore against EBITDA loss of Rs. 121.5 crore in Q1. On reported basis, EBITDA loss was at Rs. 68.1 crore (our estimate: ~Rs. 65 crore loss)
• PVR has reported other income of Rs. 133.2 crore with respect to rental waivers received. Consequently, the reported net loss was lower at Rs. 153.1 crore vs. estimated loss of Rs. 215 crore, largely due to inclusion of rental waiver as income. The company reported net loss (without impact of Ind AS116) at Rs. 159.5 crore

PVR has has total liquidity of Rs. 713 crore (including credit lines) which will support opex in near term till complete footfall recoup is seen. With screens now open across states and amid strong content line up, footfall recovery is on the anvil, subject to content performance in Q3FY22. We will come out with an update post conference call.

Shares of PVR Limited was last trading in BSE at Rs. 1627.60 as compared to the previous close of Rs. 1661.75. The total number of shares traded during the day was 112443 in over 7618 trades.

The stock hit an intraday high of Rs. 1686.00 and intraday low of 1595.30. The net turnover during the day was Rs. 184790600.00.

Source : Equity Bulls

Keywords

PVR INE191H01014 Q2FY22 ICICIDirect