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Buy Inox Leisure; target of Rs 495: ICICI Direct

ICICI Direct is bullish on Inox Leisure recommended buy rating on the stock with a target price of Rs 495 in its research report dated January 24, 2022.

January 31, 2022 / 11:55 AM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

 
 
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ICICI Direct's research report on Inox Leisure

Inox Leisure is the second largest player in terms of multiplex screen count in India. Currently, the company operates 667 screens in 158 cinemas in 70 cities in India with an aggregate seating capacity of ~1.51 lakhs seats. It is the only national multiplex, which enjoys a net debt free balance sheet.

Outlook

We maintain BUY rating on the company. We value Inox at Rs 495 i.e. 11.5x FY24E EV/EBITDA.