PVR Inox trades lower despite opening a 4-screen multiplex

Since the merger, PVR INOX has opened 105 screens across 17 properties in 14 cities.

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Shares of PVR Inox traded marginally lower in early hours on September 11, despite being the largest multiplex operator in the country with the launch of a four-screen theatre at Smart City Mall at Dharwad, Karnataka.

At 9:25am, PVR INOX was quoting Rs 1,844.95, down Rs 2.90, or 0.16 percent, on the BSE.

PVR INOX has 1,708 screens across 361 properties in 115 cities in India and in Sri Lanka, according to a September 10 statement.

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Brokerage house Nirmal Bang in its September 9 report maintained the ‘buy’ rating as it has upgraded both its estimates as well as EV/EBITDA multiple to 13x from 12x earlier and assigned a higher target price of Rs 2,131.

Also, they have increased occupancy estimates for 2QFY24 as well as 3QFY24 while maintaining estimates for 4QFY24.

Also Read – PVR Inox expects blockbuster Q2 after record footfalls, collections in August

Since the merger, PVR INOX has opened 105 screens across 17 properties in 14 cities.

The company had reported a 32 percent increase in revenues year-on-year at Rs 1,324 crore in the April-to-June quarter.

In July, the company had launched 12-screen Superplex featuring the first ICE theatres format in South India at Forum Mall, Kanakapura Road, Bengaluru.