PVR-Inox shares gain 2% as it opens 6-screen property at Jio World Plaza Mumbai

In the past month, the stock of PVR-Inox has surged 8 percent as against a 6 percent rise in the benchmark Sensex

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Shares of PVR-Inox gained 2 percent to day’s high of Rs 1,755 per share on December 1 after the company opened its new 6-screen property at Jio World Plaza in Mumbai. With another Imax screen, the multiplex operator has taken the total tally of Imax screens to 4 in Mumbai and 22 in India.

In the past month, the stock of PVR-Inox has surged 8 percent as against a 6 percent rise in the benchmark Sensex.

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Apart from movie offerings, PVR-Inox has also opened a bar and lounge at Mumbai’s Jio World Plaza.

“F&B over the last couple of years has amplified across the merged company. Today we are saying you eat food while you are watching a movie. F&B contributes around 30 percent to the total revenue. Going forward we expect F&B’s share to increase,” said Alok Tandon, Co-CEO, PVR Inox.

In the September-ended quarter for the fiscal year 2023-24 (Q2FY24), PVR-Inox turned profitable at Rs 166 crore led by strong box office collections.

The company’s revenue for the second quarter, too, jumped 53 percent sequentially to Rs 1,999 crore in Q2FY24.

For FY24, the management had said that they would be opening a total of 150-160 new screens and would fund this growth through internal accruals.

ALSO READ: PVR Inox continues its bet on premium screens, says India at forefront in cinema innovation

Analysts at Anand Rathi remain very optimistic about the content line-up in various languages.

“We believe appealing content will be appreciated by everyone regardless of budgets and stars. Movies with good content are bigger than ever; those that don’t work have dropped more steeply.  We introduce FY26E and retain our Buy with a target price of Rs2,300 (13x FY26e pre-IND AS EBITDA),” the brokerage firm added.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.