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PVR-INOX Q3 Review — Weak Quarter Despite An All-Time Blockbuster Release; Motilal Oswal Reiterates 'Neutral'
Improvement in occupancy, continued recovery in advt. revenue, and ramp-up of F&B business through ventures such as PVR Café and food courts remain the key growth drivers for PVR, says Motilal Oswal
07 Feb 2025, 10:36 AM IST 
PVR-INOX's consolidated revenue grew 11% YoY (+6% QoQ) to Rs 17.2 billion (3% beat).
(Photo: Yannis Papanastasopoulo / Unsplash)
PVR’s business remains highly sensitive to occupancy trends, which are dependent on the quality of content (not in PVR’s control). Although the management sounded upbeat about the FY26 content pipeline, we note that even a 200-300 bp blip in occupancy could derail the company’s screen economics.
