PVR Inox share price jumped 3% to Rs 1,614.10 today even after the company swung into a net loss in Q1FY24, as its revenue from operations jumped 32% on-year to Rs 1,304.90 crore. Analysts at Prabhudas Lilladher and Emkay have maintained a ‘Buy’ rating on the stock and have raised their target prices. PVR Inox shares have risen over 16% in the last one month and have fallen nearly 27% in the past one year.
PVR Inox reported a fiscal first-quarter net loss of Rs 82 crore against Rs 53.2 crore net profit in the same quarter a year ago, as expenses rose. The company reported a 56% rise in expenses at Rs 1,437.70 crore against Rs 917 crore in the year-ago period.
Should you buy, sell or hold PVR Inox stock?
Prabhudas Lilladher: Buy – Target Price: Rs 1797
“After the recent success of “Barbenheimer” and MI-7, Bollywood has an interesting pipeline with movies like Oh My God-2, Gadar-2, Jawan and Dream Girl-2 lined up for release in the next 2 months. Even the regional pipeline is healthy with movies like Jailor, Bhola Shankar and Salaar gearing up for release in 2QFY24. We expect footfalls of 154mn/166mn with pre-IND AS EBITDA margin of 16.2%/17.8% for FY24E/FY25E respectively. Retain ‘BUY’ on the stock with a TP of Rs1,797 (earlier Rs 1,704) after assigning EV/EBITDA of 14.5x as we roll forward to FY25E.”
Emkay: Buy – Target Price: Rs 1820
“While recent performance of Bollywood movies has shown some initial signs of recovery, we believe consistency remains key for PVR Inox’s fortunes. Q2 is off to a solid start, led by Hollywood movies and a strong movie pipeline, even as audience acceptance remains key. We broadly maintain our estimates and BUY rating on PVR Inox with a revised target price of Rs 1,820 (rolled forward to Sep-25E, 11.5x pre-IND AS EBITDA).”