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T20 World Cup, IPL, Bollywood: what is behind the poor stock market performance of PVR Inox?

PVR Inox has fallen about 18 percent over the past six months and Emkay Global believes that the recent weak stock performance is linked to the lack of major film releases over the past two quarters. He noted that the June quarter also turned out to be a damp squib after a poor March quarter, with the IPL, T20 World Cup and general elections being hurdles for film releases.

On Friday, PVR Inox shares rose 3.14 per cent to Rs 1,427.55. Still, the stock is down 24% from its 52-week high of Rs 1,879.75, reached on September 8, 2023.

“The channel's high fixed cost structure has compounded this problem, affecting profitability. The company is expected to see some respite, as the pipeline has improved, although mega-starrer films will likely only be released in 2025,” Emkay said.

PVR Inox management has started taking initiatives on the revenue and cost front, aimed at maximizing profitability, although some of these efforts are unlikely to bear fruit until the medium term, Emkay Global said.

The brokerage firm noted that Bollywood's performance has been inconsistent, while regional films continue to do well, although PVR Inox's weaker share in the South has not made any significant contribution. Hollywood has been hit by the writers' and actors' strike and is expected to take some time to return to normal, the statement noted.

“Bollywood and Hollywood are still seeing footfall below pre-Covid levels, while South Indian films are faring relatively better. Also worth noting is the dichotomy between big budget films and small/mid budget films. /experience worked well, both small and big budget films were hit hard as audiences chose to wait for their OTT release,” he said.

With structural issues continuing, occupancy rates are unlikely to rebound to pre-Covid levels, which is important in pricing, however, Emkay said.

“Stock market performance continues to depend on improving box office collections. We maintain BUY on PVR INOX and price target of Rs 1,650 per share (11.5x pre-Ind AS Ebitda of March 26),” he said.

Disclaimer: Business Today provides stock information for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.

Sources

1/ https://Google.com/

2/ https://www.businesstoday.in/markets/stocks/story/t20-world-cup-ipl-bollywood-whats-behind-pvr-inoxs-weak-stock-performance-434164-2024-06-21

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