PL First Cut – PVR Inox Ltd | 2QFY24

PL First Cut – PVR Inox Ltd | 2QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd

PVR Inox Ltd | 2QFY24 First Cut | Best ever quarter! | BUY | TP Rs1,862 |

✳️Top-line increased 191.2% YoY (not comparable due to consolidation with Inox) to Rs19,999mn (PLe Rs18,944mn) and was up 53.3% on QoQ basis buoyed by movies like Mission Impossible-7, Oppenheimer, Rocky Aur Rani Ki Prem Kahani, Jailer, OMG 2, Gadar 2, Dream Girl 2, Jawan, etc. Footfalls stood at 48.4mn (PLe of 47.0mn) up 64% YoY (on proforma numbers of 2QFY23 – assuming consolidation in base quarter).

✳️Gross ATP increased 25% YoY to Rs276 (PLe of Rs265) while gross F&B SPH was up 15% YoY to Rs136 (PLe of Rs132). YoY comparison is based on proforma figures of 2QFY23.

✳️Ind-AS adjusted EBITDA stood at Rs4,276mn (PLe Rs3,637mn) with a margin of 21.4%.

✳️Ind-AS adjusted PAT stood at Rs2,073mn (PLe Rs1,691mn) in comparison with Ind-AS adjusted loss (proforma basis) of Rs784mn in 2QFY23.

✳️Currently, we have a BUY rating on the stock with a TP of Rs1,862.