PVR-Inox Q4 Results Preview - Much Worse Than We Anticipated: Nirmal Bang

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Nirmal Bang Report.After Q2 FY24 turned out to be the best quarter in the Indian multiplex history, Q3 FY24 saw a sharp QoQ dip (despite a strong December 2023) and believe that the trend continued in Q4 FY24 on a QoQ basis as content (both Bollywood and Hollywood) was not strong enough to pull the audiences in. While we were expecting a weak Q4 FY24 the numbers were likely much weaker. We believe that Q4 FY24 occupancy was likely ~21-22% compared to 32.3% in Q2 FY24, 25.2% in Q3 FY24 and ~22% in Q4 FY23. The key Bollywood movies for the quarter included ‘Fighter’ (~Rs 2.6 billion GBOC), ‘Shaitaan’ (~Rs 1.65 billion), ‘Article 370’ (~Rs 900 million) and ‘Teri Baaton Mein Aisa Uljha Jiya’ (~Rs 700-800 million). In the regional genre ‘Hanu-man’ (Telugu and Hindi versions) at ~Rs 1.65 billion and ‘Manjummel Boys’ (Malayalam and Tamil) at Rs 1.5 billion delivered strong numbers. Hollywood content did not fire. ‘Dune: Part 2’ and ‘Kung Fu Panda 4’ delivered GBOC of ~Rs 350-400 million each. We had highlighted that due to the strike by Hollywood writers and actors, film production had come to a halt in H2 2023 and that would hit availability of Hollywood content in H1 2024. We think this weak Hollywood content situation will continue in the June 2024 quarter too before improvement in H2 2024. PVR-Inox Ltd. has a much higher share (~50-70%) of Hollywood box office revenue in India compared to Bollywood (30-40%) and regional movies (10-25%)..Click on the attachment to read the full report:.Capital Goods Q4 Results Preview - Execution, Margin To Be Key Monitorables: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

PVR-Inox Q4 Results Preview - Much Worse Than We Anticipated: Nirmal Bang

PVR Inox has been conservative in capital deployment with just 38 net screens added in FY24 (with 10 in Q4 FY24).

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