PVR Q1 Review - Staggered Re-Opening On The Cards: Prabhudas Lilladher
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Prabhudas Lilladher Report
PVR Ltd.’s operational performance was subdued with Indian-Accounting standard adjusted Ebitda loss of Rs 1.2 billion due to paucity of content and intermittent closures.
However, with declining Covid-19 cases, staggered re-opening is on the cards (13 states and three union territories’ have already given permission to re-open) and footfalls are likely to stabilise by H2 FY22.
Though emergence of second wave has delayed the recovery process is prompting us to cut our footfall estimates by 31% to ~43 million in FY22 we remain constructive on PVR over the long term as content pipeline is strong which is expected to result in bunching up of releases post reopening.
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