PVR Q2 Review - Recovery In Occupancies Key To Growth: Motilal Oswal

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Motilal Oswal Report

PVR Ltd. restarted operations from Jul. 30, 2021, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep. 2021).

The quarterly operating loss run-rate was contained at Rs 1.2 billion versus an operating loss of Rs 810 million YoY and Rs 1.3 billion QoQ, with revenue down 89% in Q2 FY22 against pre- Covid or Q2 FY20 levels.

A strong pipeline of movies to be released coupled with a fully operational network, despite some restrictions, should usher a revival. However, advancement of OTT platforms, shrinking of the exclusive window to four weeks for cinemas, and recent capital raise could overplay on valuations.

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