Motilal Oswal's research report on PVR-Inox
PVR-INOX’s EBITDA (pro forma) at INR808m (miss) improved QoQ but fell significantly YoY due to a 17% decline in revenue. ATP/SPH grew 2%/10% YoY to INR246/INR130. Occupancy declined notably YoY to 22.4%. Strong responses to recent big-ticket movies, along with a healthy pipeline, could drive a recovery in occupancy, which has been muted.
Outlook
However, volatility in the performance of Bollywood movies and increased competition from OTT platforms could drag down profitability. We reiterate our Neutral rating with a TP of INR1,650.
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