Subdued performance; near-term outlook weak

Company
15 May 2024
5 Min read 
  • PVR-Inox reported subdued quarter with 22.6% occupancy and 0.1% EBITDA margin.
  •  Revenue declined 19% QoQ, led by weak ticketing and ad revenue.
  •  EBITDA estimates cut by 24%/13% for FY25/FY26 due to lower occupancy.
  •  Company aims to become a net cash company and reduce annual capex.
  •  Merger synergies of INR2.25b expected to be achieved, with focus on improving occupancy.
  •  Valuation at 13x FY26E EV/EBITDA with a TP of INR1,400.
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