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News: PVR Inox (combined entity) performance was better than expected at operating levels. Reported revenue came in at | 2000 crore, (up 53% QoQ) with box office revenue of | 695 crore (up 61% QoQ). The footfalls were up 43% QoQ at 48.4 million and (Average Ticket Prices) ATP at | 276 was up 12% QoQ. EBITDA (without impact of Ind AS116) was at | 428 crore, up 5x QoQ with margins at 21.4%, up 16 percentage points, aided by strong footfalls and some synergy led benefits in foods and beverages.
Views: Near term monitorable is big ticket content performance recovery, which has been robust in recent months. For the medium to long term, key trigger will be synergy benefits (management has guided for EBITDA synergy benefit of | 225 crore over 12-24 months) and already achieved half of it in H1.
Impact: Positive