ICICI Direct: PVR Q1 Review - Cost Rationalisation A Positive; Reopening Holds Key
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ICICI Direct Report
PVR Ltd. reported a washout Q1 FY21, on expected lines, given the complete closure of cinemas throughout the quarter.
Revenue came in at Rs 12.7 crore (98.6% YoY de-growth).
While no box office and advertisement revenues were reported, the company reported Rs 1.4 crore of food and beverages revenues and Rs 2.9 crore of digital rights revenues through its subsidiaries whereas other operating income of Rs 8.3 crore was reported.
The company invoked Force Majeure leading to no rental expenses. Ebitda loss (without impact of Indian-Accounting Standards 116) was at Rs 116 crore.
The company accounted for Rs 28.1 crore of rent concession as other income.
Consequently, PVR reported a net loss (ex-Ind-AS 116) at Rs 141 crore. On a reported basis, net loss was at Rs 225.6 crore.
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