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Business EYE JANUARY 15, 2021 | The Indian Eye 39

BUSINESS BRIEFS

Pvr reports huge indian apparel

loss and film industry exports to be on growth

suffers path

ultiplex player PVR crore as compared to Rs 307 ndia’s apparel exports are ex- pace of one to two per cent per
Cinemas on Friday re- crore year-on-year. Even as the pected to revert to a growth annum in the near to medium
Mported a consolidated government allowed movie the- Itrajectory in FY2022 with a term in line with the past five
recovery in demand in key mar- years. Growth in the near term
net loss of Rs 49 crore for the atres to re-open with 50 per cent kets of the United States and is likely to be driven by volumes
October to December quarter occupancy, PVR Cinemas said it the European Union, according as realisations may decline amid
against a profit of Rs 36 crore is yet to re-open 56 screens in 13
in the year-ago period. In the cinemas as certain rental nego- to investment information firm softer raw material prices, down-
previous quarter (July to Sep- tiations are currently ongoing. ICRA. trading, and shift in preference
The export demand will towards lower-value apparel.
tember), it had reported a loss partly benefit from the low base On the other hand, said ICRA,
of Rs 184 crore as the outbreak the company said these effect and is likely to be support- domestic apparel demand is es-
of coronavirus and lockdowns negotiations helped in ed by the increasing the focus timated to have reverted to pre-
hit cinema halls and retail joints. reducing rental and com- of large buyers on diversifying Covid levels in recent months
Revenue for the December their sourcing base beyond Chi- supported by pent-up demand
quarter totalled Rs 45 crore mon area maintenance na. But the risk of a fresh wave and festive buying.
against Rs 915 crore year-on- (caM) expenses by rs 444 and surge in infections remains, Even as sustained recovery
year and Rs 40 crore quar- crore as compared to the said ICRA. Following a contrac- in offline retail to normal lev-
ter-on-quarter. Consolidated nine-month period ending tion in the calendar year 2020, els may take longer, domestic
earnings before interest, taxes, december 31, marking a global apparel trade is expected apparel players are expected
depreciation, and amortisation reduction of 80 per cent. to revert to pre-Covid levels in to report a healthy recovery in
(EBITDA) loss came at Rs 78 CY2021 and grow at a muted FY2022.

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