PL First Cut – PVR Ltd | 1QFY24

PL First Cut – PVR Ltd | 1QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd

PVR Ltd | 1QFY24 First Cut | Results broadly-in line with estimates | BUY | TP Rs1,704 |

✳️Top-line increased 33.0% YoY (not comparable due to consolidation with Inox) to Rs13,049mn (PLe Rs13,414mn) but was up 14.1% on QoQ basis buoyed by movies like The Kerala Story, Adipurush, Fast X, PS-2 etc. Footfalls stood at 33.9mn (PLe of 33mn) down 22% YoY (on proforma numbers of 1QFY23).

✳️ATP increased 2% YoY to Rs246 (PLe of Rs245) while SPH was up 10% YoY to Rs130 (PLe of Rs129). YoY comparison is based on proforma figures of 1QFY23.

✳️Ind-AS adjusted EBITDA stood at Rs754mn (PLe Rs776mn) and posted decent sequential recovery (Ind-AS adjusted EBITDA break-even was achieved in 4QFY23).

✳️Ind-AS adjusted loss stood at Rs441mn (PLe loss Rs290mn) in comparison with Ind-AS adjusted loss of Rs2,857mn in 4QFY23.

✳️Currently, we have a BUY rating on the stock with a TP of Rs1,704.