Shares of PVR Inox traded nearly 2 percent higher after the multiplex chain reported highest ever daily and weekend admissions and box office collections.
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Over the weekend, PVR Inox reported that the chain had entertained around 33.6 lakh guests and earned a box office revenue of more than Rs 100 crore. The company reported that it achieved the highest ever admissions and box office in a single-day across its circuit on August 13, 2023 with 12.8 lakh guests and a gross box office revenue of Rs 39.5 crore. This weekend saw strong box office performances from Gadar 2 (Hindi), Jailer (Tamil) and OMG2 (Hindi).
Brokerage firm Prabhudas Liladher has retained a 'buy' rating on PVR Inox with a target price of Rs 1,797. "The four releases have earned around Rs 3.5 billion in the opening weekend itself. With movies like Dream Girl-2, Jawan and Salaar due for release in 2QFY24, we expect a sharp improvement in box office performance this quarter," the report said.
For the quarter ended June 2023, the company on August 1 declared a 31.7 percent rise in on-year revenue at Rs 1,266.6 crore. It reported a net loss of Rs 44.1 crore for Q1FY24 as against a net profit of 68.3 percent for the same quarter last fiscal. According to the management, during a recent earnings call, the first quarter of this fiscal started off on a slow note due to weak content in April.
The box office picked up pace in May with hits across Indian and Hollywood releases. The momentum continued into June.
As of 11am, the shares were trading nearly 3 percent higher than August 11 close at Rs 1,638.80. The volume was 1,089,631, lower than the 20-day average volume of 959,376.
Earlier this year, multiplex giants PVR and INOX completed a merger, bringing the combined presence to 1,708 screens across 361 properties in 115 cities.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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