Nirmal Bang Expects Film Exhibition Sector To Witness Strong Recovery In FY2022-23 [06-04-2022]

  • Shares of PVR and Inox Leisure rose 48% and 50% in Q4, due to opening up after the third way, strong response to content and proposed merger of the two players.
  • PVR, Inox Leisure merger will create a formidable player in the sector with a significant bargaining power.
  • Emergence of Omicron variant hurt the sectoral performance in the first one and a half months of Q4FY2021-22, as film releases were postponed due to fresh restrictions in several states.
  • Second half of Q4 has been good for the sector with multiple films surpassing Rs 100 crore mark in gross box office collections.
  • The sentiment among audience has been gradually improving.
  • Believes that the performance in March 2022 is just a trailer for an anticipated stellar performance in FY2022-23.
  • Expects Q4FY2021-22 to see significantly higher revenue (up 250-270-%) compared to Q4FY2020-21.
  • Expects margins to contract for Inox Leisure compared to Q3FY2021-22 due to no cost cutting during the third wave and higher rental costs QoQ.
  • Expects both Inox Leisure and PVR to have burnt cash in January and February before making money in March.
  • Expects rentals to go back to pre-covid levels.
  • Expects advertising part of the business to be the last segment to recovery.
  • Maintains ‘buy’ on both PVR and Inox Leisure with target prices of Rs 2,383 and Rs 594, respectively.
  • Key risk to the stock prices would be the intervention in the merger by CCI leading to divestment of screens.

GIC, Bandhan Group Said To Lead Race For IDFC Mutual Fund, Reports Moneycontrol

A consortium comprised of Singapore’s GIC, private equity firm ChrysCapital and Bandhan group is likely to emerge as the favorite to acquire IDFC Mutual Funds, Moneycontrol reports, citing multiple unnamed sources with knowledge of the matter.

  • Deal is likely to be discussed in today’s board meet of IDFC: Report.
  • PE firms Warburg Pincus and Kedaara Capital have joined Invesco MF for a competing bid: Report

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