Item: PVR Ltd.
Rating: 5
Author: Motilal Oswal

Sharp cost measures cushion loss; status of reopening remains unclear

Buy: PVR Ltd.

Target

Motilal Oswal

PVR has opened cinemas in Sri Lanka and has seen good response, with ATP Pending capex of INR400m would be put toward the completion of 30 screens (in the final stages) and of INR750m toward 28 screens (in the fit- PVRs near-term profitability and business scale would be affected as cinemas would be the last to open and would operate with a much reduced capacity and Rental waivers come as a great relief for the company; however, other operational charges, such as sanitization costs, would increase post the reopening of the cinemas, along with expected decline in revenues in the high- PVRs remains comfortable in terms of liquidity, with INR5.5b in cash (INR3b proceeds from rights issue) and INR1.6b in undrawn credit lines available from The recent shift in movies to OTT platforms and increased viewership raises concerns regarding increased competition from the OTT medium.

Comment

Name	Companies Held
Hitesh Ramji Javeri	50
Mahendra Girdharilal	50
Sangeetha S	50
Dheeraj Kumar Lohia	45
Globe Capital Market Ltd	42

Name	Companies Held
Hdfc Trustee Company Limited	112
Reliance Capital Trustee C...	103
Birla Sun Life Trustee Com...	72
General Insurance Corporat...	60
President Of India	56

Name	Returns(%)
Name	Week	Month	Year
Quant Active Fund - Reg - G	-0.25%	0.77%	15.31%
UTI - Equity Fund. - Reg - G	-0.90%	3.94%	11.15%
HDFC Multi-Asset Fund - Reg - G	-2.17%	0.82%	8.52%
Edelweiss Equity Savings Fund - Reg - G	-0.45%	0.85%	6.74%
IDFC Focused Equity Fund - Reg - G	-2.12%	1.69%	6.64%

Name	Returns(%)
Name	Week	Month	Year
DHFL Pramerica Midcap Opportunities Fund - Reg - G	-2.21%	0.27%	27.98%
DSP Small Cap Fund - Reg - G	-0.70%	1.23%	17.54%
Union Small Cap Fund - Reg - G	-1.80%	-0.25%	15.20%
Kotak Small Cap Fund - Reg - G	-0.55%	1.63%	14.06%
UTI - Mid Cap Fund - Reg - G	-0.56%	0.41%	13.19%

Name	Returns(%)
Name	Week	Month	Year
Parag Parikh Long Term Equity Fund - Reg - G	-2.14%	-1.08%	18.67%
DHFL Pramerica Diversified Equity Fund - Reg - G	-1.63%	2.41%	13.69%
Quant Mid Cap Fund - Reg - G	0.05%	0.19%	13.41%
Taurus Ethical Fund - Reg - G	-1.10%	0.85%	12.17%
Baroda Mid-cap Fund - Reg - G	-0.71%	0.41%	12.16%

PVR Ltd.

Sharp cost measures cushion loss; status of reopening remains unclear

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