PVR INOX’s gross box office collection from Hollywood movies increased 69 percent quarter-on-quarter to Rs 430 crore in the April-to-June quarter. However, gross box office collection from regional movies was a drag. It fell 16 percent quarter-on-quarter to Rs 1081 crore. CLSA has a buy rating on the stock with a target price of Rs 2015. The brokerage firm is bullish on the stock as PVR INOX’s management is optimistic on content line-up in future.
PVR INOX shares were up 1.31 percent at Rs 1,586 at 9.20 am after it reported a 32 percent increase in revenues year-on-year at Rs 1,324 crore in the April-to-June quarter.
HSBC has a buy rating on the stock with a target price of Rs 1,920. The brokerage firm said that the April-to-June quarter was disappointing, however sequential rebound augurs well for rest of FY24. HSBC said that Hindi box office has stabilised and Hollywood content saw an impressive rebound during the quarter.
CLSA has a buy rating on the stock with a target price of Rs 2,015. The brokerage firm is bullish on the stock as PVR INOX’s management is optimistic on content line-up in future.
Motilal Oswal has a neutral rating on the stock with a target price of Rs 1650. “Strong responses to recent big-ticket movies, along with a healthy pipeline, could drive a recovery in occupancy, which has been muted,” Motilal Oswal in a report dated August 2. It further said that, volatility in the performance of Bollywood movies and increased competition from OTT platforms could drag down profitability.
