PVR Q3 Results Review - Healthy Recovery; Content Performance Key Ahead: ICICI Direct
On expected lines, PVR reported a strong recovery QoQ led by improved content performance in Q3.
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ICICI Direct Report
On expected lines, PVR Ltd. reported a strong recovery QoQ led by improved content performance in Q3.
Revenue came in at Rs 940.7 crore, (up 37% QoQ) and ~3% higher than pre Covid levels in Q3 FY20. Box office revenue was at Rs 436 crore (up ~33% QoQ) with footfalls up ~22% QoQ at 22 million and average ticket price at Rs 244, up ~9% QoQ owing to content performance and movie slate mix.
Ad revenues were at Rs 79.2 crore, at ~65% of pre Covid levels. PVR reported Rs 288 crore of food and beverage revenues, up 25% QoQ, with spends per head at Rs 133, up 3% QoQ.
PVR's Ebitda (without impact of Ind-Accounting standard 116) was at Rs 128.3 crore, with margins at 13.6%, given the box office performance and higher distribution revenues. On reported basis, Ebitda was at Rs 288.8 crore (margin of 30.7%).
Profit after tax (excluding Ind AS 116) was at Rs 25.2 crore versus losses in the base quarter.
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