Religare posts 'buy' on PVR at Rs 277

By CROW -
Religare Research has maintained ‘buy’ on PVR for a target price of Rs 277, post its second quarter earnings.

The September quarter results of PVR exceeded the brokerage’s expectations. Revenue rose 42 per cent to Rs 61.9 crore from Rs 43.5 crore in the same quarter last year. Net profit increased 86 per cent to Rs 6.25 crore from Rs 3.36 crore. The growth was led by higher ticket sales as well as increased contribution from food & beverages. During the quarter, PVR commenced operations in Delhi with a three-screen multiplex housing 786 seats. Additionally, a new four screen, 1,025-seat multiplex was also opened, along with food court operations at Deep multiplex in Vadodara.

At current levels the stock is quoting 18.1 times and 9.3 times 2007-08 and 2008-09 expected earnings, respectively. Considering the strong quarterly performance and aggressive expansion plans, Religare maintains ‘buy’ on PVR. .

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