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ICICI Direct Report
For multiplexes, the top contributor to collections were KGF 2 (~Rs 435 crore – Hindi), Bhool Bhulaiyaa 2 (~Rs 185 crore), Doctor Strange (Rs 127 crore) and RRR (residual collections during April). Furthermore, Vikram (in Tamil) did stupendous business. Thus, we expect net box office collections in Q1 FY22 to be largely similar to pre Covid (Q1 FY20) with strong movies such as Avengers: Endgame, Kabir Singh, Bharat, De De Pyar De like hits in the base.
Q1 FY23 is again expected to reflect a divergent performance among broadcasters with Zee Entertainment Enterprises Ltd. relatively underperforming in ad growth amid impact of free to Air channel pullout from DD Free Dish.
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