External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.</li><li>Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.</li><li>2) Company is entering capex sharing contracts with landlords to increase RoCE.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.2) Company is entering capex sharing contracts with landlords to increase RoCE.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>After reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).</li><li>Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.</li><li>However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorables</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

After reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorablesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVR - Occupancies Recover but yet Below Pre Covid Levels

<p>PVR restarted operations from 30th Jul'21, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep'21). The quarterly operating loss run-rate was contained at INR1.2b v/s an operating loss of INR810m YoY and INR1.3b QoQ, with revenue down 89% in 2QFY22 against preCOVID or 2QFY20 levels. A strong pipeline of movies to be released coupled with a fully operational network, despite some restrictions, should usher a revival.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PVR restarted operations from 30th Jul'21, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep'21). The quarterly operating loss run-rate was contained at INR1.2b v/s an operating loss of INR810m YoY and INR1.3b QoQ, with revenue down 89% in 2QFY22 against preCOVID or 2QFY20 levels. A strong pipeline of movies to be released coupled with a fully operational network, despite some restrictions, should usher a revival.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>EBITDA loss (without impact of Ind-AS116) was at Rs 121.5 crore against EBITDA loss of Rs 127.7 crore in Q4 as it has provided for lower rental expenses (Rs 30.9 crore vs. Rs 70.9 crore in Q4) given they are under...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

EBITDA loss (without impact of Ind-AS116) was at Rs 121.5 crore against EBITDA loss of Rs 127.7 crore in Q4 as it has provided for lower rental expenses (Rs 30.9 crore vs. Rs 70.9 crore in Q4) given they are under...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>PVR's net loss came in at INR1.7b (in line), with operating loss at INR1.2b (est. loss of INR695m), as a recovery in occupancy levels was gradual at 8%, with 50% capacity limits. However, South Indian movies reached 50-60% of pre covid levels and overall ATPs touched 10% below pandemic levels at...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PVR's net loss came in at INR1.7b (in line), with operating loss at INR1.2b (est. loss of INR695m), as a recovery in occupancy levels was gradual at 8%, with 50% capacity limits. However, South Indian movies reached 50-60% of pre covid levels and overall ATPs touched 10% below pandemic levels at...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cost reduction / liquidity cushions lockdown impact

India

PVR Inox is India's largest film exhibition company, operating a vast network of multiplex cinemas across India and Sri Lanka. The company generates revenue through movie ticket sales, food and beverage sales, in-cinema advertising, and also engages in film distribution and production. PVR Inox is headquartered in Gurugram, India, and was founded in 1991.

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PVR Inox (PVRINOX IN)

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox. Takeaways: 1) Rental cost may come down to 16...

ICICI Securities Limited

PVR - Occupancies Recover but yet Below Pre Covid Levels

Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the...

Motilal Oswal

Recovery in occupancies key to growth

PVR restarted operations from 30th Jul'21, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep'21). The quarterly operating...

Motilal Oswal

PVR: Post Reopening Response Key Ahead

EBITDA loss (without impact of Ind-AS116) was at Rs 121.5 crore against EBITDA loss of Rs 127.7 crore in Q4 as it has provided for lower rental...

ICICI Securities Limited

Cost reduction / liquidity cushions lockdown impact

PVR's net loss came in at INR1.7b (in line), with operating loss at INR1.2b (est. loss of INR695m), as a recovery in occupancy levels was gradual...

Motilal Oswal

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