CLSA has maintained its outperform rating on PVR with a target price of ₹2,450, representing a 51% upside from the current market price of ₹1,616.15. In its 2QFY25 results, PVR reported a revenue of ₹16 billion, marking a 36% quarter-on-quarter (QoQ) growth, though it was down 19% year-on-year (YoY). The company’s quarterly performance exceeded CLSA’s estimates, driven by a 28% QoQ increase in admissions, with movie ticket sales jumping 41% QoQ.
EBITDA came in at ₹4.8 billion, up 91% QoQ, also surpassing estimates. Despite this strong quarterly performance, CLSA has reduced its FY25-27 revenue and EBITDA estimates by 4%-9%, though it still forecasts 12%-17% compound annual growth rates (CAGRs) for revenue and EBITDA.
PVR Inox continues to expand its footprint, now operating 1,745 screens after adding 66 new screens in the first half of FY25.
Disclaimer: Stock investments are subject to market risks. Please read all related documents carefully before investing.
