Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> / <a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> / <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> (Retail) / <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> / <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a> / <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> </p>
<p>We have separated the quotes to highlight<em><strong> Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Asian Paints (APNT IN) / PVR Ltd (PVRL IN) / Reliance Industries (RIL IN) (Retail) / Titan Co Ltd (TTAN IN) / Page Industries (PAG IN) / InterGlobe Aviation Ltd (INDIGO IN) 
We have separated the quotes to highlight Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>PVR restarted operations from 30th Jul'21, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep'21). The quarterly operating loss run-rate was contained at INR1.2b v/s an operating loss of INR810m YoY and INR1.3b QoQ, with revenue down 89% in 2QFY22 against preCOVID or 2QFY20 levels. A strong pipeline of movies to be released coupled with a fully operational network, despite some restrictions, should usher a revival.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PVR restarted operations from 30th Jul'21, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep'21). The quarterly operating loss run-rate was contained at INR1.2b v/s an operating loss of INR810m YoY and INR1.3b QoQ, with revenue down 89% in 2QFY22 against preCOVID or 2QFY20 levels. A strong pipeline of movies to be released coupled with a fully operational network, despite some restrictions, should usher a revival.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>PVR Ltd owns and operates multiplexes across 21 States and UT's with 846 screens (including 9 in Colombo). Major income segments for them are Box office, Food &amp; Beverage (F&amp;B;) and Advertisement (Ad). PVR reported revenue of Rs.59cr (Q4FY21-Rs.181cr) from core operations as Covid second wave impacted Q1FY22 operations significantly. 63% of total screens are permitted to operate with various restrictions...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PVR Ltd owns and operates multiplexes across 21 States and UT's with 846 screens (including 9 in Colombo). Major income segments for them are Box office, Food &amp; Beverage (F&amp;B;) and Advertisement (Ad). PVR reported revenue of Rs.59cr (Q4FY21-Rs.181cr) from core operations as Covid second wave impacted Q1FY22 operations significantly. 63% of total screens are permitted to operate with various restrictions...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVR Ltd: Cinemas Reopened; Third Wave Fear Persist

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>EBITDA loss (without impact of Ind-AS116) was at Rs 121.5 crore against EBITDA loss of Rs 127.7 crore in Q4 as it has provided for lower rental expenses (Rs 30.9 crore vs. Rs 70.9 crore in Q4) given they are under...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

EBITDA loss (without impact of Ind-AS116) was at Rs 121.5 crore against EBITDA loss of Rs 127.7 crore in Q4 as it has provided for lower rental expenses (Rs 30.9 crore vs. Rs 70.9 crore in Q4) given they are under...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>PVR's net loss came in at INR1.7b (in line), with operating loss at INR1.2b (est. loss of INR695m), as a recovery in occupancy levels was gradual at 8%, with 50% capacity limits. However, South Indian movies reached 50-60% of pre covid levels and overall ATPs touched 10% below pandemic levels at...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PVR's net loss came in at INR1.7b (in line), with operating loss at INR1.2b (est. loss of INR695m), as a recovery in occupancy levels was gradual at 8%, with 50% capacity limits. However, South Indian movies reached 50-60% of pre covid levels and overall ATPs touched 10% below pandemic levels at...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cost reduction / liquidity cushions lockdown impact

India

PVR INOX Limited operates cinemas. The Company owns and manages multiplex movie theaters.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pvr Inox (PVRINOX IN)

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

The edition focuses on key quotes from the earnings transcripts of Asian Paints / PVR Ltd / Reliance Retail / Titan / Page Industries /Indigo

Pranav Bhavsar

Recovery in occupancies key to growth

PVR restarted operations from 30th Jul'21, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep'21). The quarterly operating...

Motilal Oswal

PVR Ltd: Cinemas Reopened; Third Wave Fear Persist

PVR Ltd owns and operates multiplexes across 21 States and UT's with 846 screens (including 9 in Colombo). Major income segments for them are Box...

Geojit

PVR: Post Reopening Response Key Ahead

EBITDA loss (without impact of Ind-AS116) was at Rs 121.5 crore against EBITDA loss of Rs 127.7 crore in Q4 as it has provided for lower rental...

ICICI Securities Limited

Cost reduction / liquidity cushions lockdown impact

PVR's net loss came in at INR1.7b (in line), with operating loss at INR1.2b (est. loss of INR695m), as a recovery in occupancy levels was gradual...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)