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IDBI Capital Report
PVR-INOX Ltd.'s revenue and profit were subdued during the quarter. However, going forward the company is witnessing improved traction in occupancy mainly led by better hindi content and higher occupancy in Hollywood movies.
Hence, we expect PVR-INOX to report 28.5% QoQ growth in Q2 FY24E. Thus, despite a subdued Q1, we have just marginally lowered our FY25E Ebitda estimates by 2.2%.
In addition, we expect advertising to improve from H2 FY24E onwards (led by the company negotiation with top clients).
Further, we expect synergy benefits due to merger with Inox to start playing out from Q2 onwards (visible in Q1 led by 10% improvement in spends per head despite subdued occupancy).
Hence we maintain 'Buy' rating on the stock with a revised target price of Rs 1,805 (15 times on FY25E Ebitda).
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