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Motilal Oswal Report
PVR-Inox Ltd. reported a subdued quarter, with 22.6% occupancy and 0.1% Ebitda margin. Revenue declined 19% QoQ, led by weak ticketing and ad revenue, which, coupled with an increase in movie distribution and other expenses, led to Ebitda of Rs 12 million (big miss).
The 2024 general elections and T20 Cricket World Cup are likely to weigh on the Q1 FY25 movie pipeline, which could lead to lower occupancy. Hence, we cut our Ebitda estimates by 24%/13% for FY25/FY26.
Continued fluctuation in occupancy could remain a key monitorable, as the business remains highly sensitive to occupancy, and even a 200-300 basis points blip could derail the screen economics.
Reiterate Neutral with a target price of Rs 1,400.
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