PVR Q1 Review - Curtailed Opex To Limit Losses; Gradual Re-Opening In Sight: Motilal Oswal
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Motilal Oswal Report
PVR Ltd. reported Ebitda loss of Rs 1.3 billion (better than estimate), similar to Q1 FY21, as curtailed opex during the second Covid-19 wave led lockdowns restricted losses.
A strong pipeline of movie releases and the gradual lifting of restrictions, coupled with the quicker recovery seen in most retail segments, remain key for revival.
Nevertheless, the advancement of over-the-top and recent capital raise could be an overplay on PVR valuations.
Our FY23E numbers remain intact and factor 4%/5% above FY20 numbers.
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