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ICICI Direct Report
Q3 was a decent quarter with a box office recovery aided by movies such as Avatar 2, Drishyam 2 and Kantara. Thus, multiplexes are expected to witness ~35-40% QoQ growth in box office revenues with a footfall recovery (up 22-30% QoQ) and average ticket price growth at ~7% QoQ for Inox Leisure Ltd. and PVR Ltd.
PVR, relatively will witness less QoQ growth of ~22% QoQ in footfall as its Q2 base was better. Advertisement remains at ~60-64% of pre-Covid for Inox, PVR, respectively. We expect both PVR and Inox to witness a recovery in profitability with 14% and 13%, ex-Ind AS margins versus losses in Q2. With a decent content line-up ahead, we expect box office collection momentum to remain healthy.
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During Q3 FY23, general entertainment broadcasters are expected to witness a weak quarter with YoY ad decline owing to exit of free to air channel by Zee Entertainment Enterprises Ltd.; weak ad spending by fast moving consumer goods as well as key sporting events such as T20 World Cup, Football World Cup etc. garnering higher ad share.
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