PVR Inox Q1 Results Review - This Quarter To Be The Bottom; Expect Growth From Here: Nirmal Bang

Nirmal Bang Report

PVR Inox Ltd.’s Q1 FY25 revenue declined by 8.8% YoY and missed our as well as street estimates. Ebitda loss at Rs 378 million too was higher than our as well as street estimates.

This was one of the worst impacted quarters for the Film Exhibition Industry due to IPL, T20i world cup, general elections in India (lasted for 44 days), heat waves across the country, disappointing content and low number of releases from Hollywood (due to residual impact from strikes by the writers and actors.).

All these factors led to lower number of releases in Q1 FY25 (down 13% YoY) as well as reduced footfalls and occupancies. This led to some movie releases getting pushed to Q2 FY25 and we believe Q1 FY25 will be the bottom with the rest of FY25 being stronger.

The writers and actors strike in Hollywood ended in Nove,mber 2023 and a normalized flow of releases is expected June-24 onwards.

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