Media Q2 Preview- Highest-Ever Quarter For PVR Inox; Sequential Improvement For Broadcasters: ICICI Securities

ICICI Securities Report

We estimate PVR Inox Ltd. to report its highest-ever quarterly performance, estimated revenue grater 1.2 times from previous all time high (pro-rated)- led by a strong comeback of Hindi movies with continued support from English and regional movies. While the stock has de-rated over the past month, post the high of Gadar 2 success, we think strong profit improvement in Q2 FY24 could potentially drive re-rating.

We expect broadcasters to see sequential improvement in ad revenues from the lows of Q1 FY24, as fast moving consumer goods media buyers start re-investing into brands, despite the fact that a sizeable share of the spends would have been taken by sports channels given Asia Cup was held in Q2 FY24. However, both Zee Entertainment Enterprises Ltd. and Sun TV Network Ltd. are likely to benefit from strong movie production revenues Gadar 2 and Jailer.

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