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IDBI Capital Report
PVR Inox Ltd. reported strong quarter backed by super hits in hindi, regional and Hollywood. The company has seen revival in mid-scale films which bodes well for longer term growth.
Once the audience starts to come in we believe occupancy can see sustained momentum.
We expect Q3 and Q4 to be healthy (but lower than Q2) led by better content and festive season. In addition, we expect full scale improvement in footfall, advertising revenues and merger benefits to be visible in FY25E.
Hence, we now expect FY25E occupancy at 27% and margins at 19%.
We are revising our margin estimates upwards by 96 basis points in FY25E. As a result, we maintain 'Buy' rating on PVR Inox stock with a revised target price of Rs 2,015 (15 times on FY25E Ebitda).
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