Apr-Jun'21 Earnings Preview - Deja Vu for multiplex/travel/education sectors; broadcasters show resilience
corresponding revenue accretion. We thus, expect PVR and Inox to report Ind-AS adjusted EBITDA loss of Rs1.7bn and R1.2bn respectively in 1QFY22. While near term outlook is uncertain, recent big ticket Hollywood releases (Fast & Furious-9, A Quiet Place-2, The Conjuring-3) and strong Bollywood movie pipeline mitigates content risk post re-opening. Liquidity risk is also minimal until full recovery, given PVR/Inox have cash balance of Rs7.3bn/Rs780mn as of March. Recent fund raise of Rs3bn has further bolstered cash reserves of Inox. We expect footfall stabilization in 2HFY22 amid pick up in vaccination drive and maintain our...