PVR: Strict Covid-19 Norms Continue To Hurt Q3 Earnings, Says Motilal Oswal
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Motilal Oswal Report
PVR Ltd.’s Q3 FY21 Ebitda loss increased 34% QoQ to Rs 1.1 billion (versus our estimate of a loss of Rs 537 million), despite reopening of cinemas as 50% capacity restrictions and lack of fresh content, led to meager (approximately 1%) occupancy.
We roll forward our estimates to FY23E and revise down our FY22E Ebitda/profit after tax estimates by 3%/12% on the back of slower recovery, thriving over-the-top market, and changing consumer behavior that could pose a risk to long term occupancy and business economics.
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