Pvr Inox Limited · NSE:PVRINOX
Pvr Inox — Q4 FY2024 Earnings Presentation
34 slides from Pvr Inox's earnings presentation, May 14, 2024
Slide 1: Exchange filing cover letter
14th May, 2024 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: 022-26598237
Slide 2: Investor Update: Q4 & 12M FY'24
INVESTOR UPDATE : INVESTOR UPDATE : Q4 & 12M FY’24 MAY 14th, 2024 Q4 & 12M 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 Box Office Update 8 Result Summary 10 Progress on Merger Synergy 16 Key Strategic Priorities 24 Growth Update 27 Content Pipeline 29 INVESTOR UPDATE : Q4 & 12M 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 12M FY’24 financials, previous year numbers are being presented on a Proforma basis for PVR + INOX. Previous period figures have been regrouped and rearranged wherever n
Slide 7: Key Financial Highlights
Key Financial Highlights EBITDA & (in INR Mn) TOTAL INCOME EBITDA MARGIN PAT Q4, FY’24 12,904 352 2.7% -901 (+11%) (+31%) Q4, FY’23 11,647 269 2.3% -2,857 12M, FY’24 62,037 8,087 13.0% 1,143 12M, FY’23 (1) (+17%) (+33%) 53,105 6,093 11.5% -2,122 (1) FY’23 numbers are Proforma for the combined entity
Slide 8: Key Operating Highlights
Key Operating Highlights ADMITS (Mn) ATP (INR) SPH (INR) Q4, FY’24 32.6 (+6.9%) 233 (-2.4%) 129 (+8.4%) Q4, FY’23 30.5 239 119 12M, FY’24 151.4 (+7.8%) 259 (+9.5%) 132 (+10.6%) 12M, FY’23 (1) 140.4 236 120 (1) FY’23 numbers are Proforma for the combined entity PVR INOX INVESTOR UPDATE : Q4 & 12M FY’
Slide 9: PVR INOX Box Office Performance
PVR INOX Box Office Performance Significant volatility observed in the Quarterly Box Office Collections Regional Hindi English (in INR Mn) 13,368 2,932 9,882 8,313 649 7,590 2,552 818 7,274 6,679 3,388 4,430 2,370 3,155 2,553 2,343 Q1 FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’24 The Kerala Story Jawan Animal Fi
Slide 10: Language wise mix (FY'24 vs FY'23)
Language wise mix (FY’24 vs FY’23) India Box Office PVR INOX INR Mn 1,06,280 1,19,974 +13% Others 11% 12% 2% 32,952 39,158 Kannada 7% +19% 14% 8% 8% 5% 2% Tamil 18% 9% 11% 18% 9% 9% Telugu 17% 18% 10% 20% English 12% 44% 56% Hindi 47% 34% (including dubbed) FY'23 FY'24 FY'23 FY'24 • PVR INOX box off
Slide 11: Result Summary (Consolidated) – Q4, FY'24 vs Q4, FY'23
Result Summary (Consolidated) – Q4, FY’24 vs Q4, FY’23 Q4, FY’24 Q4, 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 13,055 151 12,904 11,649 2 11,647 Expenses 9,780 -2,772 12,552 8,793 -2,585 11,378 EBITDA 3,275 2
Slide 12: Result Summary (Consolidated) – 12M, FY'24 vs 12M, FY'23
Result Summary (Consolidated) – 12M, FY’24 vs 12M, FY’23 12M, FY’24 12M, FY’23(1) Particulars (INR Mn) Ind-AS 116 Ind-AS 116 Ind-AS 116 Ind-AS 116 Reported Proforma Impact Adjusted Impact Adjusted Total Income 62,637 600 62,037 53,212 107 53,105 Expenses 42,970 -10,980 53,950 37,090 -9,923 47,013 EB
Slide 13: Key Operating Numbers
Key Operating Numbers For the purpose of comparing 12M FY’24 operating & financial numbers, proforma PVR INOX numbers have been presented for the corresponding period in FY’23 Particulars Units Q4, FY’24 Q4, FY’23 12M, FY’24 12M, FY’23 Reported Reported YoY Change (%) Reported PVR + INOX YoY Change
Slide 14: Revenue Analysis
Revenue Analysis Particulars (INR Mn) Q4, FY’24 Q4, FY’23 12M, FY’24 12M, FY’23 Weighted Average Screens (1) 1,674 1,605 4% 1,668 1,542 8% Reported Reported YoY Change (%) Reported PVR + INOX YoY Change (%) Financials (A) (B) (A / B-1) (A) Proforma (B) (A / B-1) Sale of Movie Tickets 6,353 6,016 6%
Slide 15: Expense Analysis
Expense Analysis Particulars (INR Mn) Q4, FY’24 Q4, FY’23 12M, FY’24 12M, FY’23 Weighted Average Screens (1) 1,674 1,605 4% 1,668 1,542 8% Reported Reported YoY Change (%) Reported PVR + INOX YoY Change (%) Variable Cost (A) (B) (A / B-1) (A) Proforma (B) (A / B-1) FHC (%) 44.4% 46.9% -248 bps 46.0%
Slide 16: Significant Fixed Cost Control over the last 4 years
Significant Fixed Cost Control over the last 4 years FY’20 4 Year CAGR FY’24 PVR + INOX PVR + INOX On per screen basis (INR mn) Proforma Weighted Average Screens(1) 1,371 5% 1,668 Occupancy Rent 6.2 4%(2) 7.2 Cost CAM 1.6 6%(2) 2.0 Manpower Cost 5.5 - 3% 4.9 Manpower Total Headcount 24,285 - 12% red
Slide 17: Progress on Merger Synergies
Progress on Merger Synergies • In February 2023, post merger completion, the company had guided for annual EBITDA level synergies of INR 2,250 mn expected over 12-24 months from the core Exhibition business Synergy • INVESTOR numbers are presented for the core Exhibition business UPDATE : Q4 & 12M F
Slide 18: Box Office Revenue Synergy
Box Office Revenue Synergy ATP Growth Organic Y-o-Y Implied Synergy Box Office Synergy FY’23 to FY’24 A ATP Growth B A-B FY’24 Growth +9.5% 3.5% - 4.0% 5.5% - 6.0% ~INR 890 mn to 970 mn INR 22.5 INR 8.3 to 9.4 INR 13.1 to 14.2 259 236 x 151.4 mn admits Box Office In FY’24 EBITDA Synergy* FY'24 FY'23
Slide 19: F&B Revenue Synergy
F&B Revenue Synergy SPH Growth Organic Y-o-Y Implied Synergy F&B Synergy FY’23 to FY’24 A SPH Growth B A-B In FY’24 Growth +10.6% 7.5% - 8.0% 2.6% - 3.1% ~INR 340 mn to 400 mn INR 12.7 INR 9.0 to 9.6 INR 3.1 to 3.7 132 120 x 151.4 mn admits F&B In FY’24 EBITDA Synergy* FY'24 FY'23 *Net of GST and F&
Slide 20: Manpower Cost Synergy
Manpower Cost Synergy (Personnel, House Keeping, Security) Manpower Cost YoY Wage Savings due to Manpower Cost Synergy per Screen A Inflation B Synergy A-B In FY’24 +2.7% (1) 7% to 7.5% 4.3% to 4.8% INR 200k –223k ~INR 330 mn to 4.79 4.66 Savings / screen 370 mn FY'24 FY'23 x 1,668* screens INR Mn *
Slide 21: Other Overhead Synergy
Other Overhead Synergy Overhead Cost Normal Y-o-Y Savings due to Overhead Cost Synergy per Screen A Increase B Synergy A-B In FY’24 -0.4% 5% to 6% -5.4% to -6.4% INR 174k – 206k ~INR 290 mn to 3.23 3.22 Savings / screen 340 mn FY'24 FY'23 x 1,668* screens INR Mn *Weighted Average Screen Count for FY
Slide 22: Synergy Summary for FY'24
Synergy Summary for FY’24 Box Office INR 890 mn to 970 mn FY’24 Food & Beverage EBITDA Synergy INR 340 mn to 400 mn INR 1,850 mn to Manpower Cost Synergy 2,080 mn INR 330 mn to 370 mn Other Overhead INR 290 mn to 340 mn Significant merger synergies realized within 12 months of merger completion. Ful
Slide 23: Balance Sheet
Balance Sheet Consolidated INR Mn Particulars (INR Mn) March 31, 2024 March 31, 2023 Gross Debt 17,927 17,177 Total Shareholder funds 73,232 73,295 Equity Share Capital 981 980 3,623 Other Equity 72,254 72,322 4,237 Non-Controlling Interest -3 -7 Total Debt 17,177 17,927 Long Term Borrowings 10,474
Slide 24: Free Cash Flow Generation in FY'24
Free Cash Flow Generation in FY’24 FY’24 EBITDA(1) 8,087 Capital Expenditure 6,269 Cash InFlow 9,219 Interest Paid 1,792 Working Capital Movement 1,132 Free Cash Flow (2) 1,158 (1) Pre-IndAS 116 EBITDA (2) Free Cash Flow has been calculated before changes in debt & equity Generated free cash flow of
Slide 25: Key Strategic Priorities
Key Strategic Priorities Sharp Focus on enhancing return on capital and driving free cash flow generation 24
Slide 26: Operational Excellence to Improve Performance of Existing Circuit
Operational Excellence to Improve Performance of Existing Circuit Customer Acquisition and Retention Initiatives Enhance • Passport program: Driving cinema visitation and consumption behavior Revenue • Cinema Lovers Day: Flash sales at frequent intervals Through • Alternate Content: Film festivals a
Slide 27: 'Capital Light' Growth Model & Debt Reduction
‘Capital Light’ Growth Model & Debt Reduction Transition Change Growth Model by reducing capex intensity towards ‘Capital- • Reduce overall capex in FY’25 by ~25% over FY’24 • Partner with developers to jointly invest in new screen capex light’ growth • Very selective in new screen additions - plan
Slide 28: Screen Growth Update
Screen Growth Update # Property name Opening Date Screens # Property name Opening Date Screens 13. PVR Elan Mercado, Gurgaon 27-Oct-23 5 1. INOX NCS Square, Guwahati 16-Apr-23 3 14. PVR Utkal Galleria Mall, Bhubaneswar 12-Nov-23 4 2. INOX Vishal Cinemas, Delhi 1-May-23 6 15. INOX Maison, BKC, Mumbai
Slide 29: Diversified Screen Network of 1,748 Screens across 112 Cities
Diversified Screen Network of 1,748 Screens across 112 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 8% 21 cinemas | 93 screens 29 cinemas | 145 screens SOUTH (1) DELHI JHARK
Slide 30: Content Lineup
CONTENT LINEUP
Slide 31: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY’24 30
Slide 32: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY’24 31
Slide 33: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY’24 32
Slide 34: Content Lineup
The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY’24 33