BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
With lockdown in force for the majority of the quarter, PVR Ltd.’s revenue plunged 96%; however, a sharp 83% cut in opex cushioned Ebitda loss (pre-India-Accounting Standard-116) to Rs 810 million (better than estimated Rs 1 billion).
We cut our FY21E/FY22E Ebitda by a further 37%/6% -- factoring in the delay in the resumption of cinema operations across India -- reaching Ebitda of Rs 5.8 billion by FY22 (at FY20 levels, even after 12% capacity adds).
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