PVR Inox surges 25% in 3 months; CLSA suggests buying the stock, sets TP at Rs 2,015
PVR Inox share price: PVR Inox witnessed a record sale of tickets and box office collections on August 13. It said that a record 12.80 lakh tickets were sold on August 13, while the collection amounted to Rs 39.50 crore.
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02:21 PM IST
PVR Inox share price: After a lull, PVR Inox shares have shown an impressive recovery. The stock, which was hammered badly during the COVID-19 pandemic, the period that also saw the merger between PVR and Inox Leisure, has been on a recovery path as life returns to normalcy. A strong content pipeline from Hollywood, Bollywood, and the regional film industry makes the multiplex operator's shares an attractive buy.
PVR Inox witnessed a record sale of tickets and box office collections on August 13. It said that a record 12.80 lakh tickets were sold on August 13, while the collection amounted to Rs 39.50 crore.
Between August 11 and 13, the company sold a total of 33.6 lakh tickets, while the gross box office income during the same duration was more than Rs 100 crore.
The company is high on the response movies such as Gadar 2, Jailer, and OMG 2 are receiving from the audience.
PVR Inox shares: What CLSA says
Global brokerage CLSA has maintained a "BUY" rating on the stock with a target price of Rs 2,015. It said the success of the latest Hindi films will likely help address concerns about under-delivery. It noted that PVR INOX on August 13 achieved its highest-ever admission and gross box-office collection (GBOC) in a single day. Besides, the industry had its biggest revenue weekend ever, with the highest admissions in 10 years.
The brokerage forecasts the company's occupancy to rise from 22 per cent in Q1 FY24 to 30 per cent by FY26.
In its August 14 note, analysts at Prabhudas Lilladher said that four movies (Gadar 2, Jailor, OMG-2, and Bhola Shankar) collectively netted Rs 3.5 billion in the opening weekend itself. Further, with movies like Dream Girl-2, Jawan, and Salaar due for release in 2Q FY24, they expect a sharp improvement in box office performance this quarter.
The brokerage has retained a 'BUY' call on PVR-Inox with a target price of Rs 1,797.
PVR Inox Q1 Results
The multiplex chain operator reported a consolidated net loss of Rs 81.6 crore for the June quarter of the current fiscal (Q1FY24) against a net profit of Rs 53.4 crore logged in the corresponding quarter of the previous fiscal.
It posted a revenue of Rs 1,304.9 crores for the current quarter against Rs. 981.4 crore revenue logged in the year-ago period. The total income for the company stood at Rs 1,329.8 crore and total expenses at Rs 1,437.7 crore, for the reported quarter. The company logged an increase of 11 per cent in the total number of people visiting cinema halls during the three-month period, on a quarter-on-quarter (QoQ) basis, as per a PTI report.
PVR Inox share price
Shares of the company have risen 25 per cent between May 18, 2023 and August 18, 2023. In comparison, the Nifty50 index has gained 6.4 per cent.
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