Buy PVR; target Rs 405: ICICIdirect.com
ICICIdirect.com is bullish on PVR and has recommended buy rating on the stock with a target price of Rs 405 in its research report dated August 1, 2013.
August 03, 2013 / 11:17 IST
ICICIdirect.com's report on PVR
"PVR reported its Q1FY14 numbers, which were higher than our expectations. The company reported a topline of Rs 335.2 crore against our expectation of Rs 312.4 crore on the back of higher-than-expected footfalls, which increased to 15.1 million against our expectation of 14.8 million. The company reported a consolidated EBITDA margin of 17.7 percent while the EBITDA for the quarter stood at Rs 59.4 crore, growing 76 percent YoY. However, exceptional item on account of write-off of CWIP towards discontinued projects and provisions for items under litigation, marred PAT, which came in at Rs 13.6 crore. The property expansion in this quarter has been impressive along with remarkable increase in ATP. We build in 48 more screens to be launched in this fiscal and continue to rate the stock as BUY with a revised target price of Rs 405.""We have revised our estimates upwards to account for higher-than-expected increase in footfalls. The increase in footfalls was all the more encouraging coming in the backdrop of IPL season 6. We expect the operating performance to remain robust on account of a good movie line up in the next few quarters. We raise our target price to Rs 405 and rate the stock as BUY," says ICICIdirect.com research report.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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