Buy PVR, target price Rs 2096: Prabhudas Lilladher

Prabhudas Lilladher has buy call on PVR with a target price of Rs 2096.The current market price of PVR is Rs 1565.8.

PVR, incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 15280.64 Crore) operating in Media & Entertainment sector.

PVR's key Products/Revenue Segments include Income From Films, Beverages & Food, Fees & Other Charges, Income From Advertisement, Other Operating Revenue and Income from Films Production & Distribution for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 960.75 Crore, up 36.64 % from last quarter Total Income of Rs 703.13 Crore and up 35.37 % from last year same quarter Total Income of Rs 709.71 Crore. Company has reported net profit after tax of Rs 15.92 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 31-12-2022, the company has a total of 6 Crore shares outstanding.

Investment Rationale
The brokerage expects merged entity to report footfalls of 170mn/185mn and pre-IND AS EBITDA margin of 19.7%/21.0% in FY24E/FY25E respectively.

Promoter/FII Holdings
Promoters held 16.94 per cent stake in the company as of 31-Dec-2022, while FIIs owned 42.0 per cent, DIIs 24.94 per cent.