PVR Q4 Review - Cost Reduction, Liquidity Cushions Lockdown Impact: Motilal Oswal

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Motilal Oswal Report

PVR Ltd.’s net loss came in at Rs 1.7 billion (in line), with operating loss at Rs 1.2 billion (estimate loss of Rs 695 million), as a recovery in occupancy levels was gradual at 8%, with 50% capacity limits.

However, South Indian movies reached 50-60% of pre-Covid-19 levels and overall average ticket prices touched 10% below pandemic levels at Rs 184 due to the lockdown caused by the second Covid-19 wave, reflecting pent up demand.

The second Covid-19 wave has pushed back the business recovery to FY23E.

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