PVR Q3 Results Review - Better Content To Drive Occupancy: IDBI Capital
PVR revenue increased by 37% QoQ in Q3 FY23 due to low base.
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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.
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