Despite Chaava's outperformance, movie exhibition space is likely to report weak numbers given some of the key Hollywood releases and Sikander performed below expectations. The brokerage estimates ~20% occupancy for PVR Inox in Q4 FY25E with near breakeven cash Ebitda.
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ICICI Securities Report
Advertising revenue could decline both QoQ and YoY for TV broadcasting space in Q4 FY25E. In our view, this is partly due to ad wallet recalibration into cricket (Champions Trophy and IPL). Also, our channel checks indicate brands pulled back spends in view of muted consumption in Jan'25.
Subscription revenue may remain at broadly similar levels. Decline in ad revenue for Zee Entertainment could be somewhat compensated by movie distribution revenue and IPL revenue (15% YoY growth) may support Sun TV.
Despite Chaava's outperformance, movie exhibition space is likely to report weak numbers given some of the key Hollywood releases and Sikander performed below expectations. We estimate ~20% occupancy for PVR Inox in Q4 FY25E with near breakeven cash Ebitda.
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