Buy PVR, target price Rs 2340: Emkay Global Financial Services

Emkay Global Financial Services has buy call on PVR with a target price of Rs 2340. The current market price of PVR Ltd. is Rs 1851.25 .

PVR, incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 11266.83 Crore) operating in Media & Entertainment sector.

Financials

For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 703.13 Crore, down -29.85 % from last quarter Total Income of Rs 1002.26 Crore and up 155.49 % from last year same quarter Total Income of Rs 275.21 Crore. Company has reported net profit after tax of Rs -71.49 Crore in latest quarter.

The company’s top management includes Mr.Ajay Bijli, Mr.Sanjeev Kumar, Ms.Renuka Ramnath, Mr.Anish Kumar Saraf, Mr.Sanjai Vohra, Ms.Deepa Misra Harris, Ms.Pallavi Shardul Shroff, Mr.Gregory Adam Foster, Mr.Vikram Bakshi. Company has BSR & Co. LLP as its auditors. As on 30-06-2022, the company has a total of 6 Crore shares outstanding.

Investment Rationale
Given the box office performance in the first two months of the ongoing quarter and a strong movie pipeline, the brokerage expects occupancy levels in this quarter to trend toward those reported in Q1FY23. Also, going ahead sustained content quality would enable re-rating of PVR.

Promoter/FII Holdings
Promoters held 16.99 per cent stake in the company as of 30-Jun-2022, while FIIs owned 44.71 per cent, DIIs 18.04 per cent.