BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
PVR Ltd. and Inox Leisure Ltd.'s stock prices were down by ~3% and ~4%, respectively in Q1 FY23, but outperformed the Nifty media index (down 21%). They also outperformed the NSE small cap 100 index (down 19%).
This is after a stellar Q4 FY22 when each of them delivered ~50% return. Q1 FY23 saw positive sentiments due to strong box office collections (especially from regional movies), addition of new screens and approval of merger (PVR-INOX merger) of the two players by Securities and Exchange Board of India and the two stock exchanges – NSE and BSE – without any objections raised thus far from Competition Commission of India.
Our interactions with the two players during the quarter indicate that Q1 FY23 has seen good traction post a Covid-19 hit H2 FY22, when only December 2021 and March 2022 were good months.
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