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Media, Education, Travel Q3 Results Preview- Demand Momentum In Luggage, Hotels Is Intact: Prabhudas Lilladher

Demand environment for luggage sector continues to remain robust.

<div class="paragraphs"><p>(Photo: Unsplash)</p></div>
(Photo: Unsplash)

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Prabhudas Lilladher Report

Media:

Backed by festivities and decent content performance multiplexes would report sequential improvement in performance. However, footfall recovery is still lagging pre-Covid base and we expect a shortfall of ~17%/9% for PVR Ltd. /Inox Leisure Ltd. respectively.

On broadcasting side, ad-environment continues to remain soft and we expect Zee Entertainment Enterprises Ltd. to report 6.0% YoY decline in domestic ad-revenue with Ebitda margin of 15.1%, due to continued investment in content.

Travel and tourism (luggage, online travel agencies, hotels):

Demand environment for luggage sector continues to remain robust and VIP Industries Ltd. and Safari Industries India Ltd. are likely to report topline growth of 33.0% YoY and 46.0% YoY respectively. Raw material inflation has also subsided a bit and hence we expect sequential improvement in gross margin of 140 basis points/70 bps for VIP Industries /Safari Industries respectively.

Education:

Navneet Education Ltd.’s top-line is expected to grow 12% YoY to Rs 2,629 million with an Ebitda margin of 18.0%, on account of strong growth in domestic stationary business. For S Chand and Co Ltd., we expect revenue growth of 17.0% YoY with gross margin of 60% and Ebitda loss of Rs 252 million, in a non-seasonal quarter.

Click on the attachment to read the full report:

Prabhudas Lilladher Media, Education, Travel Q3FY23 Earnings Preview.pdf
Opinion
Capital Goods Q3 Results Preview - Healthy Execution; Expected Margin Revival: Prabhudas Lilladher

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