PVR Q4 Review - Well Capitalised To Weather The Headwinds: IDBI Capital

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IDBI Capital Report

Q4 FY21 was another quarter where PVR Ltd. demonstrated strong cost management amid partial reopening of cinemas and weak content.

It was able to limit the Ebitda (excluding-Indian accounting standard) loss at Rs 1,276 million, similar to Q3 FY21 levels and in-line with our forecast.

Amid the second wave of infections, cinemas have remained closed for most of Q1 FY22.

While we expect re-opening of cinemas in Q2, we expect meaningful content to be released only in Q3.

The company currently has liquidity of ~Rs 7.5 billion, enabling resolution to raise Rs 5 billion via on-convertible debentures and can raise another Rs 2 billion via the Emergency Credit Line Guarantee scheme.

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