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Nirmal Bang Report
PVR Ltd. and Inox Leisure Ltd.'s stock prices were down by ~3% and ~4%, respectively in Q1 FY23, but outperformed the Nifty media index (down 21%). They also outperformed the NSE small cap 100 index (down 19%).
This is after a stellar Q4 FY22 when each of them delivered ~50% return. Q1 FY23 saw positive sentiments due to strong box office collections (especially from regional movies), addition of new screens and approval of merger (PVR-INOX merger) of the two players by Securities and Exchange Board of India and the two stock exchanges – NSE and BSE – without any objections raised thus far from Competition Commission of India.
Our interactions with the two players during the quarter indicate that Q1 FY23 has seen good traction post a Covid-19 hit H2 FY22, when only December 2021 and March 2022 were good months.
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