PVR – Q2 FY20 (Unaudited – Cons.)
Share price - 1840
Total Income at 973.18 Cr
708.55 Cr (37.42%) YoY | 880.39 Cr (10.59%) QoQ
Half-year revenue: 1,854 Cr Vs. 1,405 Cr (31.92%)
Net Profit of 47.67 Cr
35.47 Cr (34.28%) YoY 17.53 (177.67%) QoQ
Half-year ending Net Profit: 65.45 Cr Vs. 87.62 Cr (-25.64%)
EPS (in Rs.) 9.84
7.38 YoY | 3.61 QoQ
Half Year ending EPS: 13.45 Vs. 18.47
View: The result is in line with the expectation. Although YoY revenue increased but overall H1 performance down. PVR is in two segments namely Movie Exhibition – 93% and Movie Prod & distribution – 7%. YoY topline growth for Movie exhibition – 31% and Movie Prod – 309%. YoY bottom-line growth for Movie exhibition – 42% and Movie Prod – (91%)
Business Highlights & Updates:
Q2FY20 EBITDA is around INR 318 Cr Vs. 124 Cr in Q2FY19. H1FY20 EBITDA is around 609.6 Cr Vs. 271.5 in H1FY19. Q2FY20 EBITDA Margin is around 32.6% Vs. 18% in Q1FY19.
ROE and ROCE are around 11% and 19% respectively and book value per share is around INR 259 and share is currently trading at annualized PE of 7x of its book value. The company is currently trading at annualized PE of around 69 which is very expensive as per Industry benchmark. Promoter holding in the company is around 19.5% and it's down as compare to QoQ and also it's too low. Mutual fund and FIIs hold largest chunk which is around 10.5% and 42.8% in the company. Their concern area is increasing the debt in the previous two quarters and significantly paying finance cost and current quarter it was paid around 111 Cr Vs. 29.8 Cr in the corresponding previous quarter and H1FY20 total paid around 242 Cr Vs. 50.8 Cr in H1FY19. One of the key reasons for enhancing loans due to multiple and aggressive acquisitions by PVR in the past 1-2 years.
Share price high 1897 and now 1840 almost all-time high. PVR Ltd. is the largest and also the most premium film exhibition company in Asian countries. Since its origin in 1997, the brand has redefined the cinema industry and the way people watch movies in the country. The company noninheritable Cinemax in 2012 and had taken DT Cinemas within the year 2016 serving a hundred million + patrons annually. Currently, PVR operates a cinema circuit of 800 Screens at one hundred seventy Properties in sixty-nine Cities (21 states & UTs).
PVR Ltd, the integrated ‘film and retail brand’ has PVR Cinemas as its major subsidiary. Its different 2 subsidiaries area unit PVR Leisure and PVR photos. PVR Pictures has been a prolific distributor of non-studio/ independent international films in India since 2002. With over 350+ Hollywood, 175+ Hindi, 75+ regional films across genres being released under this banner over more than a decade, PVR Pictures has the highest box office shares of independent foreign-language films in the country. The arm has been instrumental in recognizing the gap with regard to the demand and provide of discerning cinema and has systematically discharged around 30-40 films p.a.
PVR has the largest Cinema chain after multiple acquisitions in India and the most prominent and monopolistic brand in North India. Current youngster growth and also moviegoers in-country PVR should hold by long term investors with a target price of INR 2500.
To get more information free stock tips visit our website.
Share price - 1840
Total Income at 973.18 Cr
708.55 Cr (37.42%) YoY | 880.39 Cr (10.59%) QoQ
Half-year revenue: 1,854 Cr Vs. 1,405 Cr (31.92%)
Net Profit of 47.67 Cr
35.47 Cr (34.28%) YoY 17.53 (177.67%) QoQ
Half-year ending Net Profit: 65.45 Cr Vs. 87.62 Cr (-25.64%)
EPS (in Rs.) 9.84
7.38 YoY | 3.61 QoQ
Half Year ending EPS: 13.45 Vs. 18.47
View: The result is in line with the expectation. Although YoY revenue increased but overall H1 performance down. PVR is in two segments namely Movie Exhibition – 93% and Movie Prod & distribution – 7%. YoY topline growth for Movie exhibition – 31% and Movie Prod – 309%. YoY bottom-line growth for Movie exhibition – 42% and Movie Prod – (91%)
Business Highlights & Updates:
Q2FY20 EBITDA is around INR 318 Cr Vs. 124 Cr in Q2FY19. H1FY20 EBITDA is around 609.6 Cr Vs. 271.5 in H1FY19. Q2FY20 EBITDA Margin is around 32.6% Vs. 18% in Q1FY19.
ROE and ROCE are around 11% and 19% respectively and book value per share is around INR 259 and share is currently trading at annualized PE of 7x of its book value. The company is currently trading at annualized PE of around 69 which is very expensive as per Industry benchmark. Promoter holding in the company is around 19.5% and it's down as compare to QoQ and also it's too low. Mutual fund and FIIs hold largest chunk which is around 10.5% and 42.8% in the company. Their concern area is increasing the debt in the previous two quarters and significantly paying finance cost and current quarter it was paid around 111 Cr Vs. 29.8 Cr in the corresponding previous quarter and H1FY20 total paid around 242 Cr Vs. 50.8 Cr in H1FY19. One of the key reasons for enhancing loans due to multiple and aggressive acquisitions by PVR in the past 1-2 years.
Share price high 1897 and now 1840 almost all-time high. PVR Ltd. is the largest and also the most premium film exhibition company in Asian countries. Since its origin in 1997, the brand has redefined the cinema industry and the way people watch movies in the country. The company noninheritable Cinemax in 2012 and had taken DT Cinemas within the year 2016 serving a hundred million + patrons annually. Currently, PVR operates a cinema circuit of 800 Screens at one hundred seventy Properties in sixty-nine Cities (21 states & UTs).
PVR Ltd, the integrated ‘film and retail brand’ has PVR Cinemas as its major subsidiary. Its different 2 subsidiaries area unit PVR Leisure and PVR photos. PVR Pictures has been a prolific distributor of non-studio/ independent international films in India since 2002. With over 350+ Hollywood, 175+ Hindi, 75+ regional films across genres being released under this banner over more than a decade, PVR Pictures has the highest box office shares of independent foreign-language films in the country. The arm has been instrumental in recognizing the gap with regard to the demand and provide of discerning cinema and has systematically discharged around 30-40 films p.a.
PVR has the largest Cinema chain after multiple acquisitions in India and the most prominent and monopolistic brand in North India. Current youngster growth and also moviegoers in-country PVR should hold by long term investors with a target price of INR 2500.
To get more information free stock tips visit our website.
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