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ICICI Securities Report
PVR-INOX Ltd.'s beat revenue estimates in Q1 FY24, helped by flow through of merger synergies (+9% QoQ in spends per head and +3% QoQ in average ticket price).
Admits also increased 11% QoQ despite flattish occupancy (+10 basis points QoQ) led by an increased number of shows per screen.
We believe this is commendable given the muted performance of some big budget movies in Q1 FY24. Now that ‘movie-going' has gathered momentum among premium viewers aided by ‘MI7', ‘Oppenheimer' and ‘Barbie', we believe Q2 and Q3 could be breakthrough quarters for PVR- INOX, given its strong content line-up (OMG 2, Gadar 2, Jawan).
The stock had corrected meaningfully from its historical multiples owing to investor concerns around the relevance of movie exhibition amidst OTT disruption.
We believe these concerns are not warranted and re-iterate 'Buy' on this stock.
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