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Nirmal Bang Report
With Indian government about to embark on a large scale vaccination exercise, we believe that by Q2 FY22 the film exhibition industry should achieve a semblance of normality.
While many other sectors have been able to get their revenues back to almost pre-Covid-19 levels, the Indian Film exhibition sector has borne the brunt of the pandemic and will likely be among the last to get back to normality.
Consequent to the vaccine news, we have tweaked our estimates, resulting in FY23 Ebitda being largely unchanged. But, FY21 is going to be far worse than anticipated.
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