Anand Rathi's research report on PVR Inox
After a muted Q1, PVR Inox is set for sequential improvement from Q2FY25. Plus, advertising income, which has been lagging pre-Covid levels should get a boost. Ahead, Q3FY25 is expected to be a good quarter for PVR-Inox, backed by many franchise movies. PVR’s Q3 performance may surpass its best quarter, Q2 FY24, (release of Gadar2, OMG-2 and Oppenheimer). Besides, measures to pare debt (by monetising three properties in Mumbai, Pune and Vadodara), and improve operational efficiencies by adopting an asset-light model augur well for earnings growth outlook and stock re-rating.
Outlook
We introduce FY27e and retain our Buy with a raised TP of Rs2,065 (13x FY27e pre-Ind-AS EBITDA).
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