PVR Q3 Results Review - Better Content To Drive Occupancy: IDBI Capital

PVR revenue increased by 37% QoQ in Q3 FY23 due to low base.

<div class="paragraphs"><p>People in a cinema hall watching movie. (Photo: Krist Luhaers/Source: Unsplash)</p></div>
People in a cinema hall watching movie. (Photo: Krist Luhaers/Source: Unsplash)

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IDBI Capital Report

PVR Ltd.’s revenue increased by 37% QoQ in Q3 FY23 due to low base. PVR’s occupancy is still below pre Covid level (due to hindi content underperforming).

This has led to lower Ebitda margin of 13.6% versus pre Covid and Q1 FY23 margins of 19%. We believe in near term there is still uncertainty on content and hence we are now keeping our occupancy levels below pre-Covid average of 35%.

In addition, we were expecting margins to surpass pre-Covid levels which we have revised to pre-covid level of 19%. Hence we now downgrade the Ebitda margin estimates by 185 bps in FY24E.

Click on the attachment to read the full report:

IDBI Capital PVR Q3FY23 Results Review.pdf
PVR Q3 Results: Profit Beats Estimates, But Lower Than Best-Ever June Quarter


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