PVR-Inox Q3 Results Review - A Modest Performance: Prabhudas Lilladher

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.In a quarter marred by paucity of content due to cricket world cup, PVR-Inox Ldt.'s reported modest performance with footfalls of 36.5 million (our estimate: 36.3 million) and pre IND AS Ebitda margin of 13.1% (our estimate: 11.1%).Though ad-revenue has shown signs of recovery volatility may persist unless occupancy stabilizes as 60- 65% of the business is on spot deals. In order to address concerns surrounding occupancy, PVR-Inox is likely to launch a pan-India subscription plan soon.Nonetheless, we expect footfalls to remain a bit soft in near term as content pipeline for Q4 FY24 does not inspire much confidence. We cut our Ebitda estimates by 1-4% over next two years and expect footfalls of 168 million/181 million with pre-IND AS Ebitda margin of 16.8%/17.8% for FY25E/FY26E respectively.Retain ‘Accumulate’ on the stock with a target price of Rs 1,719 (earlier Rs 1,923) as we cut our target enterprise value/Ebitda to 13 times (earlier 14 times) amid rising volatility in flow, acceptance and predictability of content..Click on the attachment to read the full report:.Budget 2024: India Takes Aim At ‘Net-Zero’ Target With Fresh Green Initiatives.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

PVR-Inox Q3 Results Review - A Modest Performance: Prabhudas Lilladher

Higher capital has been ear-marked for PVR pictures and growth is expected to pick in FY25E.

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PVR-Inox Q3 Results Review - A Modest Performance: Prabhudas Lilladher

Higher capital has been ear-marked for PVR pictures and growth is expected to pick in FY25E.

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