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Nirmal Bang Report
We hosted managements of PVR Ltd. and Inox Leisure Ltd. for meetings with investors recently. Incremental to the Q2 FY22 results season data points and commentary, we see a few more positives-
the capacity of seats in the system, which is available for commercial exploitation, is at ~85% and headed higher. When the opening up happened post the second Covid-19 wave, there were capacity constraints in almost every state. These have been gradually removed. As of date, only Maharashtra, Goa, Kerala, Madhya Pradesh and West Bengal have restrictions on capacity and a few others on timing. Maharashtra is the key state, which is still pinching the industry. There is also an issue with food and beverage consumption not being allowed inside the cinema halls in Maharashtra, which is a headache. These restrictions are expected to go away by the first half of Dec 2021 in most of these states.
another near term market concern around the share of box office revenue between film exhibitors and producers seems to be an exaggerated one.
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