Media, Education, Travel Q3 Preview - Recovery Evident But Omicron Fear Looms Large: Prabhudas Lilladher
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Prabhudas Lilladher Report
After being into losses for six quarters, we expect PVR Ltd. and Inox Leisure Ltd. to be Ebitda positive in Q3 FY22 aided by strong content and gradual relaxation in occupancy caps. However, just when the operating environment was showing signs of improvement, rising Omicron cases have de-railed the recovery process and dampened near term sentiments.
On travel front, especially rail passenger traffic, Omicron impact is still not fully evident. As far as luggage sector is concerned, demand environment continues to remain robust and the recovery momentum witnessed in Q2 FY22 is likely to continue.
In October 2021, TV ad-volumes witnessed a growth of 11%/23% over Oct-20/Oct-19 respectively driven by the festival demand. However, in the month of November, ad-volume growth was slightly subdued and stood at 4%/32% over base of Nov-20/Nov-19 respectively.
On education front with declining Covid cases, schools across India gradually started to re-open in a phased manner during Q3 FY22.
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