PVR INOX Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Q4FY18 revenues came in at | 584.9 crore, up 21.2%YoY and better than our expectations of | 560.7 crore on account of the buoyant performance of films like Padmavat, Raid, Sonu Ki Titu ki Sweety as well as strong early collections of Baaghi 2. Footfalls were up 4.4% YoY at 17.4 million, slightly higher than estimates of 2.9% growth. Spend per head (SPH) grew 11.5% YoY to | 87. Net box office collections came in at | 312.4 crore, up 18.2% YoY, also aided by...

Consol. revenue grew 21% YoY to INR5,849m (in-line), primarily led by a 9% YoY increase in the average ticket price (ATP) to INR206, partly offset by a 2% YoY dip in footfall to 15.6m. Consol. EBITDA doubled YoY to INR944m (21% beat), with the margin expanding ~650bp to 16.1% (280bp beat). PAT stood at INR262m (est. of INR59m) v/s INR1m in 4QFY17. For FY18, revenue grew 10% to INR23,341m (in-line), EBITDA increased 28% to INR4,018m (6% beat) and PAT rose 30% to INR1,248m (21% beat).

sales, 2) 6% on ad revenues and 3) 10% on F&B; revenues. ATP/SPH growth was healthy at 10%/12% yoy, partially attributed to premium screen additions and price hikes in renovated screens at key locations. The management delivered on its 20% ad growth guidance for FY18. The management remains confident of adding 90+ screens in FY19. But, we continue to remain conservative and project 66 additions in FY19. After record high capex of Rs3.5bn in FY18, the company has raised capex guidance for FY19 to Rs4-4.5bn. Our footfalls growth assumptions stand at 5%/9% for FY19/20E, as we expect revival in...

Q3 was largely in line with expectations. Limited box-office success led to lower footfalls (down 2%) and occupancy (~29% vs. 32% YoY) despite ~7% increase in screens. However, this was compensated by healthy operating matrix performance, as ATP^ improved 6.5% YoY

ATP growth for the quarter grew 6.5% YoY to | 212 in line with our expectations, aided by the star studded release of Tiger Zinda Hai, Golmaal Again and Judwaa 2 during the quarter. Footfalls declined 2.8% YoY to 17.4 million (mn), in line with our expectations, on account of content heavy base (Dangal, MS Dhoni, Ae Dil Hai Mushkil, etc.). Spend per head (SPH) grew 12% YoY to | 92. Net box office collections came in at | 293.1 crore, up 8.9% YoY, aided by strong growth in ATP. F&B; revenues came in at | 143.8 crore, up...

Results below estimates; margin expands 290bp YoY: PVR's revenue increased 5% YoY to INR5,573m (est. of INR6,184m) in 3QFY18. EBITDA rose25% YoY to INR1,003m (est. of INR1,218m), with the margin expanding 290bp YoY to 18% (est. of 19.7%) due to a 90bp reduction in rent cost (to17.8% of net sales) and a 440bp reduction in administrative & other expenses (to 22.5% of net sales). Adjusted PAT stood at INR289m in 3QFY18(est. of INR403m) v/s INR239m in 3QFY17

PVRs (PVRL) Q2 performance was largely in line with expectations. Limited box-office success resulted in lower occupancy (29.6% vs. 32% YoY) and flattish footfalls, despite ~8% increase in screens.

ICICI Securities Ltd | Retail Equity Research Topline at | 555.4 crore was largely in line with our estimate of | 561.3 crore. The company reported net ticketing revenue of | 299.3 crore (up 7.6% YoY but strictly not comparable owing to exclusion of government subsidy provided by various state governments under previous tax regime). Footfalls at 18.7 million, up 1.1% YoY (down 5% YoY on a comparable basis), were muted owing to weaker than anticipated performance of star studded movies like Jab Harry Met...

significantly lower admin expenses (-500bp to 24.7%), partly offset by higher movie exhibition cost (+290bp to 24%). Consequently, adj. PAT increased to INR255m (est. of INR291m) in 2QFY18 from INR291m in the year-ago period. Significant screen additions planned for 2HFY18: PVR has already added 21 screens in 1HFY18 (13 additions in 2QFY18 10 in Pune and 3 in Delhi). The company plans to further add 48 screens in 2HFY18, with 65% of these to be in south India. With Golmaal Again running well on box office and the content pipeline appearing promising with the likes of Padmavati and Tiger...

PVRs (PVRL) Q1 performance was in line with expectations, as EBITDA grew 8% YoY to Rs 1.26 bn. This was largely led by 31% jump in ad revenue, given benefits from content-led premium pricing (for Bahubali).