PVR Q2 Results Review – Weak Box Office Performance: ICICI Direct


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PVR Ltd. reported a weak performance. The company’s reported box office revenue of Rs 326.8 crore (down 38% QoQ) with footfalls down ~28% QoQ at 18 million and avverage ticket price at Rs 224 down~10% QoQ owing to weak content performance and promotional discounts during the quarter.

Ad revenues was at Rs 57.2 crore, down 9% QoQ and at ~61% of pre-Covid levels.

PVR reported Rs 230.3 crore of food and beverages revenues, down 29% QoQ, with spends per head at Rs 134, down 4% QoQ, given the weak offtake of F&B due to low footfall.

Ebitda loss (excluding Ind-Accounting standard 116) was at Rs 9 crore, given the tepid box office performance. On a reported basis, Ebitda was at Rs 153.7 crore (22.4% margin).

The reported loss was Rs 71.2 crore. PVR reported a net loss (without impact of Ind-AS 116) at Rs 56.6 crore.

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