ICICI Direct's research report on PVR
Revenue growth of 7.4% YoY was maintained owing to upbeat performance in the F&B segment wherein the Spends Per Head (SPH) grew 12.0% YoY to Rs 83.0 driving the total F&B revenues to Rs 134.9 crore, up 19.0% YoY. The after effects of demonetisation led to lower net box office collections which came in at Rs 269.2 crore, lower than expectations of Rs 275.0 crore.
Outlook
We continue to remain positive on the Indian multiplex Industry given the demographics, rising income levels and the benefits that could accrue from GST. We maintain BUY at 14x FY19E EV/EBITDA, arriving at a revised target price of Rs 1475.
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