Q1 2022 PVR Ltd Earnings Call Hosted by AXIS Capital Holdings Ltd
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For the conference is being recorded.
Good evening, ladies and gentlemen.
And my mom and dad moderator for the conference call.
Welcome to Q1, FY 'twenty 2 earnings conference call of PBR Ltd hosted by Axis Capital Limited.
As a reminder, all participant lines will be and the listen only mode.
And there will be and opportunity for you to ask questions. After the presentation concludes.
Should you need assistance during the conference call. Please signal and operator by pressing Star and then zero on your Touchtone telephone.
Please note that this conference is being recorded I would now like to hand over the floor to Mr.
The uncle 31, thank you and over to you Sir.
Thank you mom and dad.
And the trends and welcome to PBF Limited Q1, FY 'twenty 2 earnings call.
The call as usual will be initiated with a brief management discussion on the board of performance.
Followed by an interactive the Q&A session.
The management team a little bit of presented by Mr. A J P snee, chairman and managing director.
Mr Sanjiv commodity joint managing director.
Mr Gordon that the C.
E <unk> Ltd.
Mr. Campbell, Ghansham, Donnie chief of business spending and strategy on C E O B on pictures.
And Mr.
Promote Aurora Chief growth and strategy Officer, SPV Ltd and Mrs.
Net and sued CFO, you've got Ltd.
Over the you Mr. A J for the initial remarks.
Thank you very much.
Good evening, everyone I'd like to welcome you all of the earnings call to discuss the.
Unaudited results for Q1, FY 'twenty 2.
And the opportunity to review our presentation of results.
Uploaded on our website on the stock exchanges.
This call by expressing my sincere wishes for the well being of all of you and your families and these extremely challenging times.
We've got our focus during the quarter gone by 1 of the vaccination of all of our employees.
And I hope.
About the announced that we have achieved 100% recognition for all of our employees who've taken the DS 1 dose of the vaccine.
And in order to do welcome back on it tends to enjoy the cinemas and a safe environment as of.
And at 15 states and 3 you'll do that and beyond.
And also Colombo in Sri Lanka, which.
Yeah.
The about 526 screens or 63 per cent of her total portfolio have been permitted for the months haven't been the tool but.
The trading restrictions around capacity and timing by the history of governments are major market. However, like I'm allowed to and get along continue to remain shut.
Yeah the hopeful.
These markets are also open very soon.
And the marks of reopening of CIT and I suppose the second beep.
We've reopened about 200 odd screens today and this number will only increase over the next few weeks of.
Given the box office responses seen but debt pools globally.
And excited and optimistic.
About the Bollywood and Hollywood releases, which are lined up.
Global Studios have already announced the release dates of all of these like Mortal Kombat, which.
Which is today 30 of July.
And suicide squad to the fifth of Augusta, Georgia.
Which is on the 13th of August the film slate of a film slate.
And for Bollywood and diesel content also looks quite promising.
As soon as the key market somewhat I sent him and all of the upper limit it to reopen although newspaper articles they've already announced and ourselves are part of the opening of you expect even the Hindi films.
And we released a very shortly.
On the results. Please note that the numbers.
Sure the odd after the move and the impact of and this 116.
Relating to lease accounting and of different from the reported numbers will be submitted to the stock exchanges yesterday.
So a little bit about the results for the quarter ended June 2021.
Total revenue.
And he was for 71 gross and the EBITDA loss was the Huntington growth and tax loss was 142 growth compared to revenue of 13 kudos.
The same quarter of same period last year and EBITDA loss of 116 grows of the backlogs of 141 girls.
As you can see the business financials.
The performance was impacted.
Due to the Lockdown announced by the state governments to tackle the aggressive a second wave of COVID-19, and the first quarter.
The challenges the company continued aggressively controlling costs and maintaining sufficient liquidity the company has and.
Active discussions.
And with various landlords to seek waivers of discounts during the period for the Mas was shut and we're confident of the positive outcome.
Will it be achieved once business restarts.
And the current financially of the company also revealed and.
Additional borrowing of 200 growth under the <unk>.
GLA of scheme of the government of India. This was the has further strengthened the.
The liquidity position of the company as of <unk> June 2021.
The total liquidity of 850 growth, including the Undrawn sanction credit lines and.
Conclusion, I'd like to thank all of the stakeholders, including employees developers.
<unk> the.
For a ton of D bankers and investors for the continued belief and the business and the company and <unk>.
And the company will bounce back strongly.
And of the reopening is complete and content flow will become and when the current flow becomes normalized.
With these opening remarks on open out for any Q&A.
Thank you very much.
Thank you Chuck.
Ladies and gentlemen, we will now begin the question and answer session anyone who wishes to ask a question for me. Please.
Press Star and 1 on the telephone keypad.
Ladies and gentlemen, we will wait for the moment of my other question.
The Q assemblage.
Ladies and gentlemen, if you have any questions. Please.
Cash start and 1 on your telephone keypad.
First question from Brett say from Edelweiss. Please go ahead Sir.
Thanks, Michelle for me the other way.
My first question is on.
And when they go.
And maybe.
And all of a lot of Hollywood movies, I understand on the already debt.
And he's on the movies on also already of course, they didn't the lead time on marketing of the quest.
And I see 1 of the phase 1 Oh and.
Let me.
And you did see that in the Q4.
The really the movies was well below expectations initial expectations.
And so 1 is the.
I think that would be different this time given on the 1 can't rule out of it.
The leasing with the 1 the lack of cases almost all of the other thing the.
Japan and colon cancer for example.
Total takes me to the point of it for them so far.
And the producers place and equal launch because the if.
And again the mindset.
And again the problem of thinking.
For many of Hollywood movies and they need.
Taking all of this into account opens up the other thing what's in the yoga and no 1 can predict part of how would it work.
And so people will take the.
Oh come on and where do you like the 1 so that's because you know mostly about.
The flow of movies.
Sure sure so Alicia thanks for the good question.
We've been in touch with almost all of produce the partners on the phone and say does flow steepness of the insight.
The whole Newport.
Although were 2 of them to a day a lot of things have been released and the law.
And instead of the leasing and the U S and the other western market.
So do smoothed the news on the indeed, the pieces on the other day, indeed, the pieces and India as well.
And in terms of the leases so while no 1 can predict the third wave.
What when.
And so you know how severe the cadre of wood is is the.
This is the med broke and <expletive> children of lot of people.
Although of predicting the report no windows absolute short as to which month and if at all.
And if at all it bottomed and.
And how severe it will be and will it really leads to look those or Oh, and those city wise or the place Lockdowns and it's all up and the air So producers have been very forthcoming and they have for assured us that the lag that we saw.
After the first.
And when would you open and there was a big gap in terms of taking the foods the.
And then October and indifferent and started flowing in February 2021, whereas weird and off towards the end.
And you saw this time around and the producers of a deal.
And they want to stay.
Most of the leasing well.
Even if there is if the state and capacity cap for as long as the me just it's hard for me.
And maybe the students being modest true.
The daily.
The per dish.
Punjab Haryana for.
Essentially the and debate.
Star Trek and different space, where they tend to do well.
As long as these major states are operational and restrictions on the north below 50% capacity cap.
They are comfortable to go out and start releasing this and this.
And as the assurance that'd be part of.
And the producers that's what it used to be.
And so soon.
You Wouldnt after the first lockdown they will be to start for losing their phones at this time it would be no different and Rupert.
And there's still grew the Illinois in any case, we have permission to operate the 800 per cent level.
So there is no subsequent screen data in any case, they will start releasing foods.
In all of this.
And I'm allowed to be out of it.
And and not all sort of as soon as we get the permission to suffices.
Suffice it to say that producers would be able to release, even if there is a 50% and capacity cap. So in short the answer your question I think it would be on a steady supply of firms and.
And then could I there could also be a problem of plenty as we get into Q3.
But the producers on a 1 day release for them as quickly and.
We've free is playing on People's mind, even if it's playing on Oops, my and they've decided to go for it and release it.
And since.
And just wondering.
So come on to your point about and at least what you said about the U S and China and Japan.
That is a very very strong over there and also.
Those markets are still pretty.
UK, especially of the Hollywood dependent of the difference.
Between India and these markets of India. The local content is very strong.
Those markets are the only there is of Hollywood.
Content.
But there is some level of.
The lack of content, but yet with the content, which has got released and movies have done exceedingly well it's the.
With the least simultaneously.
On the OTT, which have got impacted black widow, being 1 but other than that of the movies, which of released only tactically and they've done exceedingly well.
Yeah.
1 quick follow up on what <unk> said.
1 of them.
And therefore since occupancy the allowance wonderful.
And currently there's no effects of need the because the number of movies and people and not really that simple.
And so what is driving the 101.
Oh and by the government and.
And do you see the standard.
The other state puzzle.
And so quickly because and deepen yourself and to keep us and mimic of the main part of it and long time and wonder.
And with that.
Right.
I think the some of the state governments of being more aggressive than the other state governments and do you have taken the conscious decision that economy and slashed business will have to coexist with the writers.
And we managed and fishing.
And that seems to be the art behind.
And for meeting 100% of capacity.
Our sense is that the most other states which are for.
We check with day notice friction off the same capacity cap.
With some other restrictions also and some of the state.
I would like to be with us.
All of it.
Restrictions as as soon as the.
And the latest situation for most of them to do a 2.
To do that and also speed, so far and lowering of a calibrated approach to reopening.
And it is okay.
And it's just countless failures down and they.
They want to open with 250 per se, but based soon they want the caliber.
Great and you know the movies restrictions.
And as we move forward towards October and November the volume.
The share of period, that's the sense that we're getting from the states.
Last question.
The big.
Non.
On.
And again this is based on your own.
1 of the window company.
Right.
And you can meet them on Monday on the line.
The net.
And no doubt.
And of those on.
And the big 1.
And both of them as a big film.
Come on and the lead.
It's produced per.
With net new who's the prolific producer that's coming out on the 19th of August.
So in index since the Big film several of these doctors and their releases.
Some of the big releases be unexpected and would start coming towards the end of September. So we will have soon.
A lot of people, but the moat.
But like you said the big foods.
It is something which we would expect in the September and once we get into the festival season. The share. The Diwali was showed we will have massive block.
Blockbuster potential for them is coming out of it sounds like auto or the.
And I sneak on snap.
Thanks, Phil.
The suddenly love and so at least the mix will for sure and the festival.
We will have a blockbuster potential food and releasing.
Okay.
Okay.
Thank you Scott.
The next question comes from Mr.
The <unk> from.
Smith for limited. Please go ahead Sir.
Hi, and thanks for the opportunity.
Mike.
The shooting scenario.
Across the region.
So that's sort of being scenario like I mean.
And then back to normal equilibrium and saw.
And how is it.
And the goodness.
I mean, they're shipping abroad.
How would the shaping up.
It is almost back to near normal.
Producers are taking producers of permitted.
Sure almost across the country anyway.
Uh huh.
And the producers are taking a lot of us if he would really where because of the following these protocols.
Apart from the shooting southern progress almost every big at the whether it and the firms all of these nielsen's there for all of the chute.
They're also doing their forthcoming for them.
Okay.
Thank you. Thank you.
Okay.
Thank you Sir.
Participants are requested to limit to 2 questions.
During the initial range.
Thank you.
First question comes from Mr. Michele.
From IDB of capital.
Please go ahead Sir.
Yeah, Hi, this is the would've been from Haitong Securities.
And basically the question was.
For you and it was more of a structure.
The.
And we've seen that.
The movies, which win.
Okay.
The blind.
Theater and release.
Contend towards the really bad and they bring to the likes of Wow.
For me Bob and.
I put on tall oak.
Most of the top 2.
And.
And do it Oh and we have in the past said that's true from foods holds and movies, we might have to no or b with or you know thousands of mezz lender at basically on the win on both that would mean that the success of 3.2 will.
We will have to be even a.
Oh yeah.
So based on your debt.
Michigan and adult.
Is that a change of the mine the wood.
So focusing on a much better condition than it has been.
Yeah.
I mean.
To be honest with you.
The pace of 2 weeks.
And of <unk>.
And even.
Somebody earlier sort of problem of plenty of.
I think the vendor terms and also more than enough, but definitely if you look at.
And India has always had so much variety and the such a disparate market debt.
The movies are being made to cater to everybody's needs and.
So I feel that even to 100 and all movies are the reported no producers and so to make a movie which is not good for having said that what you've seen in the past few years.
The pandemic level of pre pandemic is that for every.
The only if it doesn't connect with the consumers it doesn't do well on the box office and there are smaller ones on medium sized ones, which makeup.
For the occupancy loss.
And what we call and our balance sleeper hit so.
Im actually very very happy with the quality of the content that is getting married and.
There are so.
Big more producers filmmakers actors.
Who are dead and.
And I really don't think there's going to be any compromise on the quality and of course in all of our interactions.
With the preliminary done the T V are always.
But you are getting the sense.
And that they're all pushing the envelope to make very high quality of movies, which.
So many of the consumers because of their money is also at stake and nobody sets out to get bad returns on the money that the invest in content.
They are all very very careful and.
And making sure the the quantity of the content is good and it connects with the consumers. So I think.
We're going to be seeing.
For.
And is coming to us and I'm grateful and makers and.
And that should that doesn't writing me at all needed the quantity nor the quality and I think what you said about this and we'll be shifting to OTT has really been an anomaly because of the pandemic since the cinemark, where the shot so to sort of announce a paradigm shift and the release strategies the bit early.
And we didn't have the choice, but to the least amount of OTT platform.
And now since it's in the matter of open day 1 itself.
And well bottom hedge and.
And his release and hitting the number of English moving separately announced the releases regional movies have announced the releases so by and large producers.
And on and other stakeholders has been bought and making a fair.
They want to watch the films on the big screen.
So many movies have and now until the lease data as soon as this in the months of opened.
Good day.
They are and will be coming back to the cinema.
In the coming months as and when more and more.
And the mazo opened up and more and more confidence of consumers to come back within the month start.
Sure. Thanks.
The English and 1.
On the.
And the non <unk>.
And then B <unk>.
And if it's on.
Maybe Q1 might not.
And have seen.
Meaningfully and elimination of the team, but if you could.
For some light as for what is the plan for the next.
Uh huh.
The rest of the yard and however, the I O program.
The band.
And they can I request for someone to answer that it's and then.
Terrific.
Taken by bottom the docs and.
Bottom of your on the call right, Yes, yes, yes, yes, so actually.
This delivery business will coincide with the cinema opening we've already mapped out.
Most of us and the Mas and not.
And in Salt the V.
West region will start.
And about wheat, and this time once the cinemas opened and stabilized. So in all we will have close to about 90 odd cinemas delivering food outside and we've also had have of seal document with the mantle on on.
And on a contract on home delivery so.
All of that the stepped up and we believe that as soon as the cinema stabilize.
Which is within the next 3 to 4 weeks. This business will also take off but.
I must put in place that this is going to be on the beta trial and it would take a couple of months.
And for Us to go back and forth and see how where the the food the pricing and the consumer responds how is that shaping up.
And then we begin to sort of for scale better.
Sure. Thank you and on the base.
Thank you Scott.
The next question comes from Swati of Goundou from interest you Donny. Please go ahead.
Hi, Thank you for the opportunity.
So Kenny young Lisa.
Yes, yes.
Okay.
And it didn't know like Oh, yeah like from last year of the same.
Has it been directed the improved but compared to last year. It has not.
I just wanted to know what are you on expense taken in the coming 9 months for 12 months.
And so on.
The second the next phase of moving food or other income.
Okay.
So I.
And this is also not the.
Last year was a complete lockdown and we.
And we had and all patients in Q1 FY 'twenty 1.
And then my itself instead of 'twenty, 1 we had some operations of revenue accordingly of high and obviously this is <unk>.
Michigan's lower than our typical quarter.
But yes.
And let me add operations for a certain timeframe and the month of the brunt of the revenue.
We are not in a position to give any guidance for the future Peter and cause.
And we don't give any guidance, but given the uncertainty on the pandemic. It is difficult to give any guidance for net portion of it yet can you and production maiden base for the base case in case.
The good like there is other bodies are nowhere in fact of course, the Colgate total wave or something on the.
Basket of wash gets an ideal.
No sorry, the Saudi are.
And you don't give forward looking guidance as it is for Andy.
And if each of the basket and so on and where to give you the number.
Okay alright, thank you.
And.
Thank you.
The next question from Sanjay <unk> from ICIS Securities. Please go ahead Sir.
Yeah, and just and for my peers here, thanks for taking the for sure.
The question first.
For instance, like and you think of Vietnam and in terms of renegotiating debt income for the quarter go and buy every choice for them.
And most of the countries lockdown.
What are the expectation and the.
And per day.
And what kind of extra you shouldn't or what is the negotiation we got half of your.
And therefore, the quarter to read again, and it looks like it wont be of political.
Okay.
A lot of strength hopefully what maybe.
Permission for the fifth, particularly for the Occupancies and so thats the freshwater.
The second 1 again on a renegotiation with the producers and.
And the initial period.
And we're doing the 1 there is and uncertainty on the moving good collection and the limitation in terms of occupancy and the there could be some urgency from the producers for Vuzix movie all good evening, who share our towns of 8 week window to a release on the OTT platform of even looking dirt on me.
Peter Gobs of.
Pressures on people on board.
And number for any change and the revenue share.
Yeah.
And the 10 and you want to take this question because it covers every day.
Yes, so I left for them will answer the first part of the question from other sitting with me and then.
For the second question to come into the company.
Hi, Sanjay.
Thank you and in terms of the negotiations with the development partners. It is working progress and.
And we do see debt during the lockdown.
Minimal expense toward the output in terms of suggesting.
And then for the 50% variable piece of it.
50% of occupancy and get in touch with the developers to see of short term leases on the minimum guaranteed zone and we are very confident that the you know we would be able to manage that.
We are not seeking any long term the states you just the short term leases.
<unk> until such time, the government have given the strength did.
The occupancies are restricted and the cinema during the time of year seeking some more levered to coming from the developers and vehicle pull that we will get a substantial part of that and I.
I hope that the answer of your operating the operating.
The 1 follow up on the rental.
I think it's a pretty long they have been very supportive of <unk> and.
And they have compromised on day.
Okay.
Hum.
And the spending that in the future when things normalize and we will compensate the something.
And the future is there any understanding or debt completely off the table.
And so that is completely off the table. If you look at the treatment on the balance sheet and it'll be.
Equally be what it is the way, we're coming and that we will raise of Veeva. It does not mean that there is an extended timeline to be the this would remain aviva and any short term leases.
Research and doesn't need to get rebates and that's how old. The this is the time, which we are.
We take the time, which has gone by and what they will get a lead gets finished and this year. This financial year and of course, there there is no treatment to give.
Give it back or anything like that.
Alright.
1 more of a breakdown there.
The last year.
Some of the Sydney Horsemanship too.
The revenue sharing model that could be 1 of the rate of recon for the sake.
And it was a radar.
The renegotiation of the home minutes any thoughts will be on and off on this.
So for sharing the arm out of the total of our portfolio of rehab.
The Sandy you know how we basically on making the move is that there are the leases which have been registered these registered leaves us something there and we are not seeking any long term leases they remain as the world except for this short term.
On the state where the pandemic hits EBITDA for the time, there was locked down or for the time there are restricted occupancies and so these contracts otherwise remain valid and on all the new contracts are for the new signings that have been done.
Speaking of.
We are working towards making it a more revenue share sort of entertainment and.
Kind of the light model, it and some sort of.
Some sort of fit out cost is borne by the developer, but that's work in progress and as we move forward, we will be able to see some movement on that.
Uh huh.
My the second part of that could be really helpful. Yeah, So net and if someone can.
And then of take the second question.
Sure.
The windows have been of long standing to be beneficial system.
In and out of business, not just sit and debit globally.
We are big supporters of sort of windows.
Uh huh.
The looks.
And so the practical.
The challenges that.
The producer partners have been facing because of the delayed Jesus.
And so the deal with respect.
Oh, the leaf for on the short term basis decided to the scene and they agreed to a reduction and windows.
And that all the way.
But I must clarify that this is the short term.
The agreement.
We remain fully confident that soon and we will go back to <unk>.
And the system, most of and dose which was E X for.
Subscription and broadcasting platforms and <unk>.
2 weeks for transaction Vod.
The tons.
We expect for the word back to the system.
And actually it is.
The next financial year.
Yeah.
Great and you're sharing with the the documents.
6 of them.
But as the initiating with the distributors there could be minor fluctuations over the next 2.3 months.
But revenue sharing with the word to normal.
The fairly quickly.
We'll definitely be back to normal within this financially.
Yes over the next.
And she made months, but there could be minor fluctuations not very meaningful, but somebody and those fluctuations over the next 2 to 4 months.
Thank you for thank you for it on sitting on the question of Sufficiency and.
And best of luck.
Thank you Sir.
The next question from Mr. Praful.
For the for some.
And in Asia.
Go ahead Sir.
And I forget what the unity just 1 question.
Alright.
On a fully kind of you.
So just 1 small question.
And well.
The capital D.
Really cool.
Okay.
And we have sufficient.
Liquidity is the updated at the beginning of the pod and.
On 13th of June we have 850 crores of liquidity and form of cash.
Cash and then and Undrawn credit lines. So we believe we have.
Sufficient liquidity and we don't require any kind of per capital raise.
Thank you for all the best standard.
And you saw.
The next question from Mr. Vikram Ramalinga for me back of capital. Please go ahead Sir.
Thank you for the opportunity.
My question is like.
The only other pockets of things.
Regarding the excuse them and build between them.
The other set of models.
I guess the EBIT.
Globally the exhibition companies on it.
And exhibition industry.
Come back more on tobacco from all of those people are not the extent, but it's also.
And as the clamor for increasing the exclusive windows other than that.
And I'm asking because of the lungs.
Oh duration the damaged.
How do I read this isn't because of is it going back the.
The crowd as Albert.
And because people wanted and what is the routing.
All of those at the games.
And there's a window of her to the news too much on them.
And I'm, asking because I'm not the image of saline, Michigan.
And how do I do.
Definitely.
Can you repeat the question.
Yes no.
And then.
You said that the reported on.
The global market Global exhibition market is the weak given the state of the leases, but the report also carry on.
Exactly.
The debt is a clamor.
Most of our increasing the rig.
The exclusive window, so like you said.
And in Mexico.
For the longer duration of effect.
Exclusive of renewal.
Because of the cinema because of that asking that and mark.
And how do I mean.
And I was just for the crowd is being.
For the first few weeks itself most of the people used for what's the movie.
Should I read exactly the army.
Okay.
The reason I think the broadwell and people.
People are coming back.
And that's why they wanted to have a bigger share of the content.
Alrighty.
I think the best way to read this as the exhibitors.
Field and a lot of producers to do.
The agree and then broke and work the list of markets at this point.
But when you release of fin on another platform quickly after the other capital relief.
At the.
The other platform and Duke and <unk> revenue.
And sometimes the cannibalization.
All such debt.
The revenue from the platform on which released the for.
Of the capital relief is not sufficient meet the.
Ooh and Ah full food or to fill the deficit, which has been created because often the early release. So there is cannibalization of revenue and most.
And is the dose.
Oh, Gee and producers to go back to the Australia Windows.
The which which used to be between the window of 3 months in U S, which is the most mature market and the world.
The current is knee and 1 of for Luna.
The different sectors, where we have.
And decided to release.
<unk> foods, but lose simultaneously on the OTT.
Once the loan with the theatrical release, so that's the other extreme and.
In terms of experimentation with respect windows, which has been going on and U S market.
The base knee.
For the food, which released the.
Last Friday of film culture, and Luke Who's Here's the lost food and wish Disney is released on the platform along with the theatrical release and the subsequent firms Shang Chi and <unk>.
And the Guy and a couple of other phones that day.
The other leasing they will follow.
But you know of and.
And off of about 45 days, so exhibitors lodging requesting for producers to go back to the window because the.
This quick release on other platforms of cannibalizing into the revenue and producers are all true agreeing with the contention because they're.
And the beauty.
The news from the platforms is not sufficient.
The losses that the.
On the deficit and revenue and cost to the theatrical platform.
So that's the way to read it that you know ultimately produces and exhibitors wanted to maximize the.
And the new and shorter window is looking.
At cross purposes and theatrical.
The platform is requesting producers to go back to the lowest weighted windows.
And there is a different situation all of this that I've shared with you the main for U S market and there's a very different model.
Revenue for lower very different over and looked at this so I don't want to confuse the 2.
That's the way you should be reading them.
Okay.
Actually that answers my question.
My second question and this is just the.
Uh huh.
So now.
And again I'm sure on it.
On the coming years.
Yeah.
Okay.
Is that it is that of park in any of the dispatch.
And this time and stock only some of the properties because you've got a half day.
And kind of capital.
And then as the module.
Good day and expect to do.
And anything okay.
Is that a part of that.
And in some properties.
On the liquidity and the ability to raise capital.
No we are not really thinking about moving any of the properties will remain in the late Martin.
Of the newer properties that will come on maybe on the revenue.
And Martin but of you're not really looking on seeking at making investment into the properties.
On my and my own the reason.
And of course because.
The idea of going back again, I think the proper.
And do you want us to be nimble.
And of course, you're right.
It might just mean the trend.
Thanks for the on.
And that's it on my side.
Thank you Sir.
And the last question for the call comes from Mr. Denise Doshi from W. P.
Please go ahead Sir.
And I have a bookkeeping question.
For the pain.
And George.
What day.
And the unusually higher than the other thing.
Is it back to Vietnam.
For the Mackenzie.
And.
Yeah.
On the gas on Secam isn't actually expense switches and got them most of the real estate developer.
To keep and maintain.
The property is the cost of the staff that the deploy to manage them on so while we expect significant production and Cam expenses, because the extra D and conditioning of tech travel would be shaq.
But there is a minimum expense or just still in the current 2 upkeep maintain the property even during the timeframe that.
It is true.
<unk> as you mentioned and our norms.
And we added and discussions with landlords and seek discounts and veeva, but on a conservative basis, we have provided for this expense and outerwear.
Thanks.
On the other infant like we mentioned a debt.
The reasonably confident of getting put.
And the flavors for the beta of the cinema, Russia.
You indicated that and the management commentary the advisor discussions are ongoing the current.
<unk> financials, and assume that we will be able to get and until we reverse for the theater the property's, Russia, So and began scenario what's the right.
The Pos on expenses the loser.
And that's something which we would be the path on expenditures on connected load charges or the charges being 1 of them.
And the money's being spent to keep the modeled on needs in terms of safety and security or the housekeeping expenses. During the time of Lockdowns for those of parts on expenses, which we shall be angry other than that.
The Cam maybe discounted by a substantial on during the Lockdown free.
Okay.
Another question on the BP.
And that day.
Cash provision I know you mentioned back and he has deep includes mostly with the deal.
And like the backups.
I'm Don the sanction of the 19th so I want the net cash positioning for the district.
Sure.
Yeah. So on net debt of about 750 crores has affected too.
Okay. Okay.
It sure seems to be holding of.
Right of way and it's more of it's compatible with the pre COVID-19 level.
And so is it because of the I would say there can be revenue neutral.
We've got to get income for food at the.
The difference which is the.
The over here.
And that could even write the future.
Hyatt on even on the like for like basis.
Net and an improvement on the skin.
Right.
See we are very bullish on the food side and a lot of changes that we've been doing but largely speaking we believe that of Sps story's intact, but to your point of the food that is being delivered out of the cinemas is being punched in the cinema sales, but that is.
Very small currently so that as of.
Nothing to do with these numbers.
So that's what it is.
Okay very good. Thank you. Thank you.
Thank you Sir.
For the next question from Mr. <unk>.
From Axis capital. Please go ahead Sir.
Yeah, Hi, its debt.
A couple of questions throw on my side.
So well first of you know if you can comment on the the simultaneous or at least the Doctor has seen for example of Disney and Warner The as you mentioned.
What has been you know if you can share some feedback.
And the collections on those movies.
Had it been meeting the expectations of the respect of.
Producer.
Probably it may not be as big of an experiment.
The simultaneous release accounts.
And with just traveling only and U S.
And some.
The market. This is north of the applicable doing day of the market.
For both of our node as well as for Disney in fact, well know HBO Max.
That's 1 of them is the already when available and India.
The Disney has this and inflows heart stuff in India, but b, we have been the screening from.
Our model of doing at the end of the lease.
And theaters and OTT platforms.
And then.
On the OTT platform and India.
And just a correction.
My question was more specific to us I understand and and there it is not applicable.
And how do they fit into.
The.
All of them vitamin.
And while in.
Very limited information is available on public funds.
I think broadly.
The most of the analysis of pointing out to kind of blow vision of overall revenue for studios has and.
The sum of.
The next part for the being greater than what you know worked out and then.
And we're doing the final release, followed the window between the theaters and will advance the relief.
Is the rate.
Revenue would have been more than what they have on that.
And that seems to be the overall analysis, but like I said.
The north sufficiently.
We shouldn't data available on public cloud.
I think 1 code.
And for the from the fact that Disney has.
Stop this experiment with jungle cruise, which is the loss for him to have released on Disney plus and theaters and Lilly.
Of all from the next film and <unk>.
Which is going to reshape Chi, which will come out in September they will have a renewal of 45 days between the theaters and the the OTT platform and.
And thereafter, the flu and switch will fall over and also continue to have the same window and it is also publicly.
Oh No statement this experiment of a little relief.
We'll continue to the end of 2022 of 2021 sorry.
The calendar year.
And in frozen and 22 from the beginning of the calendar year. It will revert back to the new system. So I think that also signals the.
The fact that studios and northern entirely happy with the results they've got over the last 1 year and what has happened in the last 1 year.
Shouldn't be seen as an aberration and experiment.
And that's what we have to sales.
So that's the thing.
And question on the debt.
It would be the you know screen and get in India.
So and he any feedback on that.
Gotcha, and you would have been the produce oh and have been the feedback.
And having these calls.
You know deals of the OTT players of 1 there's only a desperate move and you know the people not really unheard.
And the happy about it all day and happy that you know the interest of alcohol et cetera, blood and has gone to the and probably next next time on wood, obviously because of the demand up Griffin and I mean, you know the informal and formal discussions of went out there.
Well clearly a lot of producers.
All of this in place and cell phone and stored and platforms for the directory.
Released because of the financial constraint and the uncertainty with respect to Covid.
And in some cases OTT platforms also.
The went out and bid for films and a very aggressive fashion.
But I think the conclusion that 1 of us getting also in India.
None of the stakeholders are happy.
And the calendars north happy when they sit down and I mean, the actors directors the creative force behind the film.
They're north of happy with these releases because they're finding and the experience is not the same.
And the film releases and send the most of different experience, even and average fill and the people.
And 1 more.
And because of the overall experience.
And there is also a small value really the cell.
And then you just look at the numbers that you get.
The comparable numbers for the Boston and that the possible and sort of the directors. So there is a lot of.
Intangible value that.
Producers get a.
Apart from the commercial benefit of.
When they do a day.
Please enter your.
The other tenant.
Unhappy with whats going on and in fact, you would of Red Sky.
Scarlett Johansson and the mainly and like we do have the.
And in fact price.
All of the case against Disney.
Objecting to the fact that the film was released the simultaneously in theaters.
And the Disney plus which impacted her oh credentials and her spending as the as a free.
The bridge talent within the industry so Alan.
And then there's clearly north.
And happy producers are also finding the commercial benefits that GAAP when you release it on the platform versus when you take it out and get tricky.
The sky's the limit and try to fulfill and hurts the blue side as well at the box office you can run it for 6 weeks and weeks you can make an enormous amount of return on their capital.
And of course, even the OTT platforms and the very counter intuitive fashion of finding that you know photos for them do they just over the consumers for the for them to be well marketed.
Tactical relief is an important component of the entire value chain and net net I think everyone is moving.
Conclusion that you need to have windows.
Theatrical and needs to be there for us.
For them to be a you know where the film gets exposed and then thereafter, you need to follow it up for the other platforms that seems to be the conclusion of it seems to be falling and please.
Great and just 1.
What's the secrecy and Oh, if I go back maybe 5.7 years you know the the.
And the movies that the let's see what nicely.
Pretty concentrated among the big.
The big bunch of you know production of wholesale.
And over the last let's say 3 to 5 years, the hygiene of lot of them.
The mall.
And last movies like doing pretty good on the box office.
Hum.
The concentration of and I think he was among the top sort of gone sort of and I was like they'd be like doing the Nazis.
And 1 of the.
Good news for us in terms of fresh content and you know when I think of it open for.
The.
For the audience at non.
And with this pandemic the debt.
Are you seeing any changes and that structure, and so well where I'm coming from is a build the continue to see bad debt was sort of and oakmont and with each and a movie they didn't come on and 2000 and articulate the on.
The 200 and even higher.
And in terms of for the look and feel on the target audiences.
And so what are the are there any changes happening.
And then big and small for them.
And then you're right the lessons, which come with the massive production budgets big at the us and typically they're expected to do well at the box office or the useful format of the minimum of certain minimum.
Minimum level.
Oh, the smaller films come with lesser expectation, where that experience has been that ultimately is the box office, which.
And the debate, whether the film as big of a small or medium.
While it's difficult to predict future, but our sense looking at what's happening in the U S for what's happening in China Korea, Japan.
And the other markers first day of the must have.
And for a while.
Not much has changed the small and medium budget films for the.
The content of compelling.
The new to do we'll do well at the box office and in fact somewhat exceeding expectations.
Our sensors and they will not be.
Any of the friends are also when we open.
And he will bring and cinema after the first.
Lockdown.
And when we looked at the numbers of the Donaldson's if you've got the same response, whether it's the media and with a small budget of the content is compelling.
Like the material terms of tree.
The.
And the booster.
They would come and watch it irrespective of and it's quite a big star or doesn't have a big star, but definitely having a big star of bigger production value is definitely helpful.
But we don't see this.
Balance of.
You know small and medium since performing well at the box office.
And the content is compelling and we don't see that changing as we move forward.
Sure Sir that's helpful. Thank.
Thank you.
Thank you Sir.
Ladies and gentlemen.
Last question and it's.
From Mr.
Please go ahead Sir.
Yeah.
And so.
And that's true.
I had just 2 questions.
And I just wanted to get slightly better.
The.
And we know that you guys spoke about chosen.
On the top.
And so well see.
Most of them.
So it's true.
And kind of incentivize them to the mark on it.
And the fact, it's on the standard.
Yeah.
Producers Association that look for the next for the 5 months.
The investments to allow you to probably moving back up.
And other times of what al.
And with that comes available so there's no risk of interest.
And then.
All of the negotiation up and simple to principles of we deal with producers directly.
The commercial tons of all of the.
And what aspects with respect to which the commercial in nature of our discuss with producers and north with any of association.
So you saw agreement and with respect to Windows.
Short term in nature, they would be free.
And depending on when the system is releasing.
Because our goal and.
And our stated goal in all of the conversation with the producers.
And it's extremely clear that we won't do the work back.
It would be less weighted windows and the earliest possible.
So that's that's what we're doing and negotiating with the producer on for them to film business.
The second question was on the cost side.
A quarter ago.
And of these accidents.
Right.
Good day.
And on the cost side the.
Stripping EBITDA loss.
And our goals.
The teams go export.
And over the next the 17th.
And so you do see reopening the bidding.
And back to the tide and the Zip.
Gradually pick up in occupancy of the peso.
You know is it safe to say that June quarter and losses.
And probably be the peak level and 1 of things could or should only improve from here I'm not asking for abated and the thing and Directionally if things are better for the glass for what's the thinking as of day.
Could you just see a slightly.
Yeah.
Yeah, So you're right I think if things remain the way they are and your team on unlocking happening and cinema.
Beginning to reopen until the release at the beginning to happen and it would be.
And don't run into and part D clearly I think and.
The back of the worst behind Us and I think the subsequent quarters incrementally should look significantly better.
So.
So and within the subsequent quarters and lean quarter to quarter 2 itself.
The quarter toy and I would say we're already.
Beginning of August.
Yeah.
And we should have seen losses definitely.
Coming down as they reopen and visa visa, but yes, I think the real impact will be visible on lean Q D.
Yeah I agree.
And you open up and got back in times of day and it anymore.
Yes, and it would be.
Scott.
And the video fun and there'll be some time lag between when needed and Youll fund and the same type of gene.
The real impact when a lease on getting visibility.
Got it that's it for the time and all the best.
Thank you Sir.
I'd now like to handle the the flow to Mr. <unk>.
For clothing.
Okay.
Yeah, Hi, and thank you everyone for.
Being on the conference and you know has been get weighted to make it more interactive of Gautam of and it didn't really like to add any closing comments.
Yeah, just like to thank everyone for taking the time for the call and hopefully.
And we do this next call for the next quarter.
And I hope all of you had the chance to visit the cinemas and.
Got some movies and the pizza.
So look forward for that thank you once again share.
And.
Thank you Scott Thank you.
Ladies and gentlemen, this concludes the conference.
By the for today. Thank you for your participation and for using do you Suppose conference call. You may all disconnect. Your lines now thank you and have a good evening everybody.
Your conference is no longer being recorded.