PVR Q4 Review - Recovery Delayed But Structural Story Intact: Prabhudas Lilladher
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Prabhudas Lilladher Report
PVR Ltd.’s operational performance was broadly in-line with our estimates.
Emergence of second wave has delayed the recovery process (all screens are currently shut) and footfall stabilisation is expected in H2 FY22 given rising instances of localised lockdowns prompting us to cut our FY22E Ebitda estimates by around 43% odd.
Nonetheless, we keep our FY23E estimates broadly intact and remain constructive 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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