News: PVR Inox (combined entity) performance was weak at operating levels given the content volatility and weak release pipeline in October/November amid World Cup. Reported revenue came in at ₹ 1546 crore, (up 6% YoY and down 23% QoQ) with box office revenue of ₹ 831 crore (up 14% YoY and down 26% QoQ). The footfalls were flat YoY and down 25% QoQ at 36.5 million and (Average Ticket Prices) ATP at ₹ 276 was down 3% QoQ. EBITDA (without impact of Ind AS116) was at ₹ 202 crore, down 3% YoY and 52% QoQ with margins at 13.1%.
Views: Near term monitorable is content performance consistency. 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.
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