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Nirmal Bang Report
PVR Ltd. and Inox Leisure Ltd. rose by 20% and 27%, respectively in Q2 FY22 in anticipation of return to normalcy in H2 FY22.
A national open-up post the second Covid-19 wave is currently underway, with Maharashtra (25-30% of multiplex revenue) opening up on October 22 among the last of the key multiplex markets to do so.
We think that Q2 FY22 will be a washout (though it will be much better QoQ on a very low base), with significantly lower revenue versus Q2 FY20 (down 85-90%) and Ebitda level losses that may be lower versus Q1 FY22.
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