CMP – Rs. 1103, Market Cap – Rs. 6083 crore
PVR reported a washout Q2FY21 as cinemas had been shut in the course of the quarter. PVR reported greater than estimated bills (owing to provision for CAM bills) whereas working efficiency was barely higher than estimates as a result of greater revenue by way of subsidiaries and lease concessions getting categorized as different revenue.
Q2FY21 Earnings Abstract
– Reported income got here in at Rs. 40.5 crore, (95.8% YoY de-growth) towards estimate of marginal revenues of Rs. 6 crore. PVR reported field workplace income of Rs. 60 lakhs (revenue from Sri Lanka property) whereas no advert revenue was reported. The corporate reported Rs. 3.7 crore of F&B revenues and Rs. 27.5 crore of film distribution revenues by way of its subsidiaries whereas the stability was different working revenue
– EBITDA loss (with out affect of Ind AS116) was at Rs. 81 crore towards EBITDA of Rs. 194.4 crore in Q2FY20. The corporate invoked Pressure Majeure resulting in no rental bills. Nonetheless, the corporate has supplied for CAM bills as negotiations with landlords are nonetheless underway. Equally, on reported foundation, EBITDA loss was at Rs. 84.2 crore (our estimate: Rs. 91.9 crore)
– PVR has reported lease concession of Rs. 64 crore as the opposite revenue following invocation of Pressure Majeure. Consequently, the corporate reported web loss (with out affect of Ind AS116) at Rs. 116.1 crore. The reported web loss was at Rs. 184 crore vs. estimated lack of Rs. 225.9 crore
PVR has managed to additional cut back month-to-month money burn marginally by way of layoffs/wage cuts and Pressure Majeure invocation. PVR raised Rs. 300 crore by way of rights concern in the course of the quarter resulting in whole liquidity of Rs. 550 crore which is able to assist opex in close to time period. Through the present quarter, cinema halls had been allowed to open from 15 October onwards offering main aid to multiplexes. PVR’s 575 out of 831 screens are allowed to reopen as per pointers. We search administration commentary on outlook forward because the preliminary occupancy development will probably be key monitorable. As large price range movies’ releases are nonetheless a number of weeks away, sustained occupancy numbers will probably be necessary. Movies with field workplace potential going the OTT route stays a priority. We are going to come out with an replace submit convention name.
Shares of PVR LTD. was final buying and selling in BSE at Rs.1102.55 as in comparison with the earlier shut of Rs. 1106.55. The full variety of shares traded in the course of the day was 70631 in over 7623 trades.
The inventory hit an intraday excessive of Rs. 1120 and intraday low of 1090.2. The web turnover in the course of the day was Rs. 77786132.