India's PVR Inox likely to see subdued Q3 performance - Investec

PVR INOX

08/01/2024 07:12

** Shares of India's largest multiplex operator PVR Inox
 PVRL.NS  fall 3% to 1,599.70 rupees 
    ** Brokerage Investec Equities says co likely to see subdued
Q3 on weaker-than-expected performance of films such as "Animal"
and "Salaar" and fewer blockbuster Hollywood films
        ** Trims EBITDA estimate for FY24E by 9.3% and profit
after tax estimate by 71.7%
    ** Brokerage expects co to end FY24 with an average
occupancy rate of 26% at its movie theatres, below earlier
estimate of 28% 
    ** Downgrades stock to "hold" from "buy" and reduces PT to
1,797 rupees, sightly higher than current stock price    
        ** Stock set to decline for third straight session
    ** PVRL fell 3.6% in 2023


 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))