Religare research has maintained buy rating on PVR with target price of Rs 391 in its June 12, 2008 report. "PVR has registered 33% YoY growth in its standalone quarterly revenue to Rs 543 million with a PAT growth of 23% to Rs 27 million. For the full fiscal, the company has recorded consolidated revenues of Rs 2.7 billion (50% YoY growth), which was 5% higher than our estimate. Consolidated net profit for FY08 came in at Rs 216 million (up 200% YoY). Theatre screen additions, better ticket prices and an increased contribution from its movie subsidiary aided PVR's growth. Although the operating margin was under pressure due to higher rent costs, the overall margin was stronger on a yearly basis"
"We have revised our financial projections for FY09 and FY10 to factor in later-than-expected roll-outs of certain screens. We now expect earnings to grow by 39% and 68% during FY09 and FY10 respectively. Post-estimate revision, our price target reduces from Rs 416 to Rs 391. We maintain a Buy on the stock" says Religare report.
"We have revised our financial projections for FY09 and FY10 to factor in later-than-expected roll-outs of certain screens. We now expect earnings to grow by 39% and 68% during FY09 and FY10 respectively. Post-estimate revision, our price target reduces from Rs 416 to Rs 391. We maintain a Buy on the stock" says Religare report.
