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Prabhudas Lilladher Report
PVR Ltd,’s Indian-Accounting Standard adjusted Ebitda loss of Rs 1,268 million (excluding other income) was broadly in-line with our estimate of Rs 1,296 million as rigorous cost-cutting initiatives resulted in fixed opex burn of Rs 527 million per month in Q3 FY21.
Given prevailing occupancy caps and a dearth of fresh content, we expect next quarter to be more or less a replica of Q3 FY21 where the focus will be on cost management/liquidity.
Consequently, we expect Ind-AS adjusted Ebitda loss of Rs 4.3 billion in FY21E.
However, we expect normalcy to resume from FY22 onwards amid strong content pipe-line and gradual relaxation in occupancy caps.
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