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PVR Ltd. key Products/Revenue Segments include Income From Films, Beverages & Food, Fees & Other Charges, Income From Advertisement, Other Operating Revenue and Income from Films Production & Distribution for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 1002.26 Crore, up 72.90 % from last quarter Total Income of Rs 579.66 Crore and up 982.94 % from last year same quarter Total Income of Rs 92.55 Crore. Company reported net profit after tax of Rs 53.16 Crore in latest quarter.
Investment Rationale
PVR is slated to report its best ever year on the back of bunched up movie releases, new screen additions and higher ticketing and F&B spends. In 1QFY23, PVR reported its best ever quarter both operationally and financially and the outlook remains extremely positive. Revenue came in at INR 9.8bn (+11% over 1QFY20; pre-Covid) on the back of INR 5.36bn of box office collections (+16%). Operationally, average ticket prices (INR 250: +23%) as well as spends per head on food & beverages (INR 134; +32% over 1QFY20) have increased significantly compared to pre-Covid levels while admits are recovering (25mn: still down 7% from 1QFY20). A strong multi-lingual theatrical release pipeline should further help increase admits to higher than pre-covid levels. Moreover, a recovery in advertising revenues and aggressive screen addition plans (FY23 target – 125) would drive growth over the medium term. The brokerage feels going forward multiplexes have a long runway for screen penetration and can enjoy higher profit pools. It tweaks estimates and factor in a stronger recovery, maintain ‘BUY’ rating on PVR with a Mar’23 TP of INR 2,220 (16% upside). Key risks: Covid wave and delay in merger
Promoter/FII Holdings
Promoters held 16.99 per cent stake in the company as of 30-Jun-2022, while FIIs owned 44.71 per cent, DIIs 18.04 per cent.
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