PVR Inox share price jumped 3% to Rs 1,614.10 today even after the company swung into a net loss in Q1FY24, as its revenue from operations jumped 32% on-year to Rs 1,304.90 crore. Analysts at Prabhudas Lilladher and Emkay have maintained a ‘Buy’ rating on the stock and have raised their target prices. PVR Inox shares have risen over 16% in the last one month and have fallen nearly 27% in the past one year.
PVR Inox reported a fiscal first-quarter net loss of Rs 82 crore against Rs 53.2 crore net profit in the same quarter a year ago, as expenses rose. The company reported a 56% rise in expenses at Rs 1,437.70 crore against Rs 917 crore in the year-ago period.
Emkay: Buy – Target Price: Rs 1820
“While recent performance of Bollywood movies has shown some initial signs of recovery, we believe consistency remains key for PVR Inox’s fortunes. Q2 is off to a solid start, led by Hollywood movies and a strong movie pipeline, even as audience acceptance remains key. We broadly maintain our estimates and BUY rating on PVR Inox with a revised target price of Rs 1,820 (rolled forward to Sep-25E, 11.5x pre-IND AS EBITDA).”