PVR-Inox sheds 2%, but brokerages bet on 28% upside after well-rounded Q2 show

In the past three months, the stock of PVR-Inox has surged 21 percent as against 3 percent decline in the Sensex benchmark

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As investors took some money off the table, the PVR-Inox shares slipped 2 percent to Rs 1,707 on the BSE on October 20 after the multiplex chain’s July-September quarter (Q2FY24) performance beat the Street estimates.

The company swung back to a profit of Rs 166.3 crore in Q2FY24 as against a loss of Rs 81.6 crore in the previous quarter amid strong box office collections. The S&P BSE Sensex was down 243 points or 0.3 percent to 65,385 levels, as of 9:30am on October 20.

In the past three months, the PVR-Inox stock has surged 21 percent as against a 3 percent decline in the Sensex benchmark.

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PVR-Inox Q2FY24 revenue jumped 53 percent quarter-on-quarter (QoQ) to Rs 1,999 crore from Rs 1,304 crore. The company also reported highest footfalls at 4.8 crore, while the average ticket price (ATP) and spending per head (SPH) rose to Rs 275 and Rs 136. In the June-ended quarter, the multiplex operator had reported a footfall of 3.39 crore, ATP at Rs 246 and SPH at Rs 130.

Global brokerage firm HSBC shared a ‘buy’ call on the counter with a target price of Rs 2,200 per share. “The PVR-Inox September quarter results were ahead of consensus expectations. The company has registered record levels of ATP, SPH, and admits driven by blockbuster movies and playout of post-merger synergies. The stock offers multi-year growth opportunities at appealing valuations,” it said.

The cinema, screen, and seat counts of PVR-Inox grew by 6/9/6 percent on-year in Q2FY24, respectively. The company is also on track to open 160 screens and close 60 screens in FY24.

Also Read: PVR Inox looks to drive up business of smaller films with movie passport launch

Analysts at Kotak Institutional Equities maintained their estimate, retaining a forward value (FV) of Rs 1,850 apiece with an ‘add’ rating. “The Q2 marked the best-performance of PVR-Inox on several operational and financial metrics. The recovery in occupancy/footfalls partially eases concerns around structural risks,” they said.

Those at Nuvama Institutional Equities too reiterated a positive stance on the multiplex operator. “We maintain a ‘buy’ rating on the counter on PVR-Inox with an unchanged target price of Rs 2,210 apiece. A key risk that could be a major for the company is weak content performance,” they said.

That apart, the company’s net debt declined to Rs 1,100 crore in the September-ended quarter versus Rs 1,500 crore in Q1FY24 led by strong cash-flow generation.

Ad-revenues still below pre-Covid levels

The company’s advertising revenues too jumped by 32 percent QoQ led by recovery in box office hits. However, analysts said that it was still below pre-Covid levels.

The management expects ad-revenues to breach the pre-Covid levels next year, while it is expected to remain at pre-Covid levels at the end of this fiscal year. On the other hand, convenience fees rose 23 percent year-on-year (YoY), partly impacted by renewal of deal with BMS on revenue-share basis in Q1.

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