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IDBI Capital Report
PVR-Inox Ltd.'s revenue and profit were subdued during the quarter due to hindi content underperforming.
Further, PVR-Inox is shutting down 50 screens and has lowered its screen addition from 200 to 150-175 for FY24E and FY25E.
We believe in near term there is still uncertainty on content and hence we are now keeping occupancy levels at 25% (below pre-Covid average of 35%).
We believe that certain amount of occupancy loss can be managed by improving pricing and cost rationalisation. Hence, we expect margins to reach pre Covid levels of 18% in FY25E.
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