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ICICI Direct Report
Q3 FY22 started on a strong note for multiplexes as major release like Sooryavanshi, Spiderman, etc, fared well. However, the second half of December saw weakness as releases saw a relatively tepid response as the Omicron scare surfaced. In terms of Q3 performance, we expect footfalls at ~9 million and ~13 million for Inox Lesiure Ltd. and PVR Ltd. which would be ~53% and ~50% of pre-Covid levels of Q3 FY20, respectively.
For broadcasters Q3 FY22 is likely to drive festive led ad growth on a benign base of Q3 FY21. The news segment is also expected to remain stable with healthy ad growth.
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