PVR INOX raises curtain on new 7-screen multiplex in Bengaluru, stock gains

While most analysts are positive on the stock, caution is slowly creeping in as the company is dependent on good movie release for its fortunes

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Shares of PVR INOX Ltd gained more than 2 percent on June 5 after the company announced the launch of a new 7-screen multiplex in Bengaluru. With this, PVR INOX’s foothold in South India has increased to 530 screens in 95 properties.

The multisensory 4DX auditorium is housed in Global Mall located next to Nayandahalli Metro Station and has a seating capacity of 1189 with last row recliners, said the company in an exchange filing.

At 10:30 am, the stock was quoting at Rs 1,435 on the NSE, higher by 2.5 percent from previous close. Trading volumes at the time were 421,750 shares compared to 20-day average of 600,844.

Venturing into newer technologies, PVR’s Managing Director, Ajay Bijli said, “We are delighted to expand our presence in Bengaluru, one of India’s fastest-growing, accommodating, and cosmopolitan cities… As part of our merger synergies, we are aggressively looking at accelerating screen rollout across key markets and also tapping unexplored territories.”

The merged entity of PVR-Inox reported its first-ever quarterly numbers in May and it turned out to be a flop show with the multiplex chain sinking into a loss of Rs 333 crore for the quarter ended March 2023 and revenue from operations at Rs 1,143 crore.

Also Listen To: PVR-INOX: Time to check in? Moneycontrol Alpha

As part of its strategy, PVR-Inox has announced plans to close around 50 cinema screens over the next six months. These screens either operate at a loss or are located in malls that have reached the end of their life cycle. The company has accounted for an accelerated depreciation charge and written off the value of these assets. Merger-related expenses also weighed on the bottomline.

While most analysts are positive on the stock, caution is slowly creeping in as the company is dependent on good movie release for its fortunes. In April, Elara Securities downgraded the stock to a ‘reduce’ rating with a target price of Rs 1,510.

“The risk of lower EBITDA CAGR of 11 percent over FY20-25 (three-year CAGR, ex-Covid shutdown) versus pre-Covid CAGR (FY17-20) of 25 percent remains an overhang,” the firm said.

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