Pvr Inox Limited · NSE:PVRINOX
Pvr Inox — Q2 & H1 FY24 Earnings Presentation
40 slides from Pvr Inox's earnings presentation, Oct 19, 2023
Slide 1: Exchange filing cover letter
19th October, 2023 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Corporate Relationship Department Plot No. C/1, G Block, 1st Floor, New Trading Ring, Bandra Kurla Complex, PJ Towers, Dalal Street, Bandra (East), Mumbai - 400 051 Fort, Mumbai - 400 001 Fax: 022-2659
Slide 2: Investor Update: Q2 & H1 FY'24
INVESTOR UPDATE : OCTOBER 19TH, 2023 Q2 & H1 FY’24
Slide 3: Disclaimer
Disclaimer This presentation has been prepared for general information purposes in respect of PVR INOX Limited (“Company”) together with its subsidiaries and joint venture (together, with the “Company”, the “Group”) only, without regard to any specific objectives, suitability, financial situations a
Slide 4: Disclaimer
Disclaimer This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, a
Slide 5: Index
Index Particulars Slide No. Key Highlights 6 Result Summary 12 Synergy Update 17 Balance Sheet & Cash flow 22 Growth Update 25 Content Pipeline 33 INVESTOR UPDATE : Q2 & H1 FY’24 4
Slide 6: Preamble
Preamble PVR INOX merger became effective from 6th February 2023 vide order of NCLT Mumbai. For a like to like comparison of Q2 & H1 FY’24 financials, previous year numbers are being presented on a Proforma basis for PVR + INOX. Previous period figures have been regrouped and rearranged wherev
Slide 7: Best Ever Quarterly Performance
Best Ever Quarterly Performance ₹ 20,196 Mn ₹ 4,473 Mn ₹ 2,073 Mn HIGHEST HIGHEST HIGHEST REVENUE HIGHEST EBITDA HIGHEST PAT HIGHEST ADMITS ATP SPH 48.4 Mn ₹ 276 ₹ 136 Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Leases’ INVESTOR UPDATE : Q2 & H1 FY’24 6
Slide 8: Key Highlights
Key Highlights EBITDA & (in INR Mn) TOTAL INCOME EBITDA MARGIN PAT Q2, FY’24 20,196 4,473 22.1% 2,073 Q2, FY’23* 10,818 163 1.5% -784 H1, FY’24 33,440 5,476 16.4% 1,633 H1, FY’23* 26,714 3,545 13.3% 639 * FY’23 numbers are Proforma for the combined entity PVR INOX Note: Above financial numbers are a
Slide 9: Highest Ever Box Office Collection of All Time
Highest Ever Box Office Collection of All Time 106% growth 13,358 8,790 8,303 6,481 7,263 PVR INOX GBOC (INR Mn) Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 29.6 37.1 30.5 33.9 48.4 Admits (Mn) +25% ATP (INR) 221 276 +15% SPH (INR) 118 136 Robust performance across all key parameters INVESTOR UPDAT
Slide 10: Hindi Box Office Sets New Record
Hindi Box Office Sets New Record PVR INOX Hindi GBOC (1) #1 #3 7,273 HIGHEST GROSSING HINDI MOVIES JAWAN (Hindi) OF ALL TIME GADAR 2 2,370 | 6,170 1,858 | 6,207 3,148 Blockbuster Performance by Mid Scale Movies INR Mn Q2 FY'23 Q2 FY'24 (1) Includes GBOC of Hindi Dubbed ROCKY AUR RANI OH MY GOD 2 DRE
Slide 11: Hollywood Films Continue to Outperform
Hollywood Films Continue to Outperform PVR INOX Hollywood GBOC Strong performance of Hollywood films in 2,928 Urban Markets & Special Formats OPPENHEIMER MI : DEAD RECKONING PART I 996 | 1,582 754 | 1,333 1,053 INR Mn Q2 FY'23 Q2 FY'24 BARBIE THE NUN II MEG 2 : THE TRENCH PVR INOX GBOC | India GBOC*
Slide 12: Regional BO Demonstrates Stable Performance Across Languages
Regional BO Demonstrates Stable Performance Across Languages TAMIL PVR INOX REGIONAL GBOC (1) 3,155 2,269 INR Mn Q2 FY'23 Q2 FY'24 (1) Based on Played Language of Content MARATHI PUNJABI TELUGU TELUGU JAILER BAIPAN BHARI DEVA CARRY ON JATTA 3 KUSHI BRO 678 | 3,937 285 | 907 186 | 443 138 | 781 126 |
Slide 13: Result Summary (Consolidated) – Q2, FY'24 vs Q2, FY'23
Result Summary (Consolidated) – Q2, FY’24 vs Q2, FY’23 Q2, FY’24 Q2, FY’23* Particulars (INR Mn) Ind-AS 116 Ind-AS 116 Ind-AS 116 Ind-AS 116 Reported Proforma Impact Adjusted Impact Adjusted Total Income 20,237 41 20,196 10,832 14 10,818 Expenses 12,931 -2,792 15,723 8,216 -2,440 10,655 EBITDA 7,306
Slide 14: Result Summary (Consolidated) – H1, FY'24 vs H1, FY'23
Result Summary (Consolidated) – H1, FY’24 vs H1, FY’23 H1, FY’24 H1, FY’23* Particulars (INR Mn) Ind-AS 116 Ind-AS 116 Ind-AS 116 Ind-AS 116 Reported Proforma Impact Adjusted Impact Adjusted Total Income 33,535 95 33,440 26,747 33 26,714 Expenses 22,455 -5,509 27,964 18,330 -4,839 23,169 EBITDA 11,0
Slide 15: Key Operating Numbers
Key Operating Numbers For the purpose of comparing Q2 & H1 FY’24 operating & financial numbers, proforma PVR INOX numbers have been presented for the corresponding period in FY’23 Particulars Units Q2, FY’24 Q2, FY’23 H1, FY’24 H1, FY’23 Reported PVR + INOX YoY Change (%) Reported PVR + INOX YoY Cha
Slide 16: Revenue Analysis
Revenue Analysis Particulars (INR Mn) Q2, FY’24 Q2, FY’23 H1, FY’24 H1, FY’23 Screens* 1,708 1,569 9% 1,708 1,569 9% Reported PVR + INOX YoY Change (%) Reported PVR + INOX YoY Change (%) Financials (A) Proforma (B) (A / B-1) (A) Proforma (B) (A / B-1) Sale of Movie Tickets 11,193 5,361 109% 18,138 1
Slide 17: Expense Analysis
Expense Analysis Particulars (INR Mn) Q2, FY’24 Q2, FY’23 H1, FY’24 H1, FY’23 Screens* 1,708 1,569 9% 1,708 1,569 9% Reported PVR + INOX YoY Change (%) Reported PVR + INOX YoY Change (%) Variable Cost (A) Proforma (B) (A / B-1) (A) Proforma (B) (A / B-1) FHC (%) 46.4% 45.4% 98 bps 46.1% 45.3% 78 bps
Slide 18: Merger Synergy Update
Merger Synergy Update 17
Slide 19: Box Office Revenue Synergy
Box Office Revenue Synergy ATP Growth Organic Y-o-Y Implied Synergy Box Office Synergy H1 FY23 to H1 FY24 A ATP Growth B A-B In H1 FY24 Growth +13.2% 3.5% - 4.5% 8.7% - 9.7% INR 750 mn to 840 mn 264 INR 31 INR 8 to 11 INR 20 to 23 233 Box Office x 82.3 mn admits In H1FY24 EBITDA Synergy* H1 FY'24 H1
Slide 20: F&B Revenue Synergy
F&B Revenue Synergy SPH Growth Organic Y-o-Y Implied Synergy F&B Synergy H1 FY23 to H1 FY24 A SPH Growth B A-B In H1 FY24 Growth +13% 7.5% - 8.5% 4.5% - 5.5% INR 310 mn to 380 mn 134 INR 15 INR 9 to 10 INR 5.3 to 6.5 118 82.3 mn admits F&B x EBITDA Synergy* In H1FY24 H1 FY'24 H1 FY'23 *Net of GST an
Slide 21: Overhead Cost Synergy
Overhead Cost Synergy (Personnel, House Keeping, Security) Overhead Cost Normal Y-o-Y Savings due to Overhead Cost Synergy per Screen A Increase B Synergy B-A In H1 FY24 +2.6% 7% to 8% 4% to 5% INR 104k – 128k INR 170 mn to 2.44 Savings / screen 210 mn 2.38 H1 FY'24 H1 FY'23 x 1,656* screens INR Mn
Slide 22: H1 FY'24 EBITDA Synergy INR 1,240 mn
Synergy Summary for H1 FY’24 Box Office INR 750 mn to 840 mn H1 FY’24 EBITDA Synergy Food & Beverage INR 1,240 mn INR 310 mn to 380 mn to 1,430 mn Overhead Cost Synergy INR 170 mn to 210 mn On course to deliver significant portion of merger synergies in FY’24 INVESTOR UPDATE : Q2 & H1 FY’24 21
Slide 23: Balance Sheet: Reduced Net Debt by 3,276 mn
Balance Sheet Reported INR Mn Particulars (INR Mn) September 30, 2023 March 31, 2023 Total Shareholder funds 74,343 73,292 Gross Debt 17,927 16,848 Equity Share Capital 981 980 Cash 3,618 Other Equity 73,366 72,319 5,815 Non-Controlling Interest -4 -7 Total Debt 16,848 17,927 Lease Liability 64,706
Slide 24: Focus on Free Cash Flow Generation
Focus on Free Cash Flow Generation H1 FY’24 EBITDA(1) 5,476 Capital Expenditure 3,683 Cash InFlow Interest Paid 918 7,689 Working Capital Movement (2) 2,213 Free Cash Flow (3) 3,088 (1) Pre-IndAS 116 EBITDA (2) Includes INR 1,248 mn of Changes in Advance & Security Deposit received from Online Ticke
Slide 25: In Summary
In Summary 1 Best ever Quarter with highest ever EBITDA margin of 22.1% 2 Significant progress made on Merger Synergies 3 Significant Net Debt reduction of INR 3,276 mn in H1 FY’24 4 On track to be Free Cash Flow Positive for FY'24 INVESTOR UPDATE : Q2 & H1 FY’24 24
Slide 26: Growth
GROWTH
Slide 27: Net Screen Additions
Net Screen Additions Screens Opened # Property name Opening Date Screens 1. INOX NCS Square, Guwahati 16-Apr-23 3 2. INOX Vishal Cinemas, Delhi 1-May-23 6 Q1 3. PVR Global Mall, Bengaluru 4-June-23 7 4. INOX Pacific Mall, Jasola, Delhi 30-June-23 10 Net Screen Addition in H1 FY’24 Screens 5. PVR Sat
Slide 28: Diversified Screen Network of 1,702 Screens across Cities
Diversified Screen Network of 1,702 Screens across 115 Cities PUNJAB JAMMU & KASHMIR 16 cinemas | 83 screens 2 cinemas | 5 screens East CHANDIGARH UTTARAKHAND 3 cinemas | 15 screens 2 cinemas | 10 screens HARYANA UTTAR PRADESH 9% 21 cinemas | 83 screens 31 cinemas | 154 screens SOUTH* DELHI JHARKHAN
Slide 29: PVR Forum Kanakapura, Bengaluru – 12 Screens
PVR FORUM KANAKAPURA, BENGALURU – 12 SCREENS (3 LUXE, 1 4DX, 1 ICE & 1 P[XL])
Slide 30: INOX KP Mall, Patna – 3 Screens
INOX KP MALL, PATNA – 3 SCREENS
Slide 31: INOX Paras Cinema, Delhi – 1 Screen
INOX PARAS CINEMA, DELHI – 1 SCREEN (1 IMAX)
Slide 32: INOX Smart City, Dharwad – 4 Screens
INOX SMART CITY, DHARWAD – 4 SCREENS
Slide 33: INOX Himalaya Mall, Ahmedabad – 5 Screens
INOX HIMALAYA MALL, AHMEDABAD – 5 SCREENS (1 INSIGNIA)
Slide 34: Content Lineup
Content Lineup
Slide 35: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q2 & H1 FY’24 34
Slide 36: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q2 & H1 FY’24 35
Slide 37: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q2 & H1 FY’24 36
Slide 38: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q2 & H1 FY’24 37
Slide 39: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q2 & H1 FY’24 38
Slide 40: Investor Update: Q2 & H1 FY'24
The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q2 & H1 FY’24 39