Investec sees persisting 'gloom' for India's PVR Inox

PVR INOX

09/04/2024 11:20

** Unexciting big-screen content during fourth quarter
signals persisting gloom for India's PVR Inox  PVRL.NS , says
brokerage Investec 
    ** Jan-March period revenue will be the lowest quarterly rev
for multiplex operator in FY24; audience behaviour unlikely to
dramatically alter unless content is consistently compelling -
Investec
    ** Says net screen additions in FY25 and FY26 to be likely
lower than its previous estimates 
    ** PVRL posted a loss and a drop in profit in two of the
last three quarters of FY24
    ** Investec cuts PT from 1,797 rupees to 1,438 rupees,
downgrades stock to "sell" from "hold"
    ** Co rated "buy" on average with median PT of 1,900 rupees
- LSEG data
    ** Stock closes flat; dropped over 16% YTD after a near-4%
slip in 2023

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))