PVR - 4QFY2013 Result Review - Angel Broking

For 4QFY2013, PVR's consolidated top-line grew by 107% yoy to Rs. 242cr (cinemax's financials have been consolidated in Q4FY2013). PVR's standalone top-line growth was largely in-line with our estimates growing 28% yoy to Rs. 145cr on back of good performance in movie exhibition business, with many successful releases during the quarter. The company's consolidated EBITDA margin expanded by 227bp yoy to 5.8%. On the bottom-line front, Net profit stood at Rs. 11cr (vs Rs. 2cr in 4QFY2013) on account of tax write back of Rs. 29cr.

At the current market price, PVR is trading at 15x FY2015E consolidated EPS of Rs. 22.9. We believe the stock is fairly valued and hence, maintain our Neutral rating on the stock.

Source : Equity Bulls

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