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Nirmal Bang Report
PVR Ltd. and Inox Leisure Ltd. declined by ~20% and ~10%, respectively in Q3 FY22, owing largely to the emergence of the Omicron variant of Covid-19 and expectation that it would hit Q4 FY22 financial performance.
Pre-Omicron, the industry was shaping up very well in Q3 FY22, with each succeeding month delivering better operating and financial metrics compared to the previous one.
Despite what we think would be a transitory and mildly painful phase in Q4 FY22 (unlike wave one and two), some of the post-pandemic concerns surrounding the film exhibition business have been laid to rest. Like consumers' response (that they would not venture into the theaters), over-the-top affecting film exhibition business, etc.
The strong bargaining power of the players and the earlier than-expected return of advertising revenue by Dec-21 indicate that the industry is ready to bounce back with vigour.
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