Shares of PVR Inox Limited fell 1.5 percent to Rs 1,738 in early trade on September 18, signifying a fall for three consecutive sessions. In the last three days, the stock has tanked nearly 2.5 percent. The company announced the launch of a 5-screen multiplex at Himalaya Mall in the city of Ahmedabad. “With this launch, PVR INOX now operates the largest multiplex network with 1,713 screens across 362 properties in 115 cities (India and Sri Lanka),” the company had said in an exchange filing on September 15.
With a seating capacity of 1,102, including celebrity recliners, the multiplex is equipped with a 4K laser projection system for razor-sharp visuals, a Dolby 7.1 immersive sound experience, and a vibrant 3D view powered by Volfoni smart crystal diamond solution.
Last week, the company launched a 4-screen theatre at Smart City Mall in Dharwad, Karnataka. Brokerage house Nirmal Bang, in its September 9 report, had maintained a ‘buy’ rating as it has upgraded both its estimates as well as EV/EBITDA multiple to 13x from 12x earlier, and assigned a higher target price of Rs 2,131.
In August, the cinema giant recorded its highest-ever monthly footfall of 1.9 crore cinemagoers and collected box office revenue of Rs 532 crore in the same period, company data showed.
The highest-ever monthly footfall was a result of blockbuster films released during the month, including Gadar 2, Jailer, OMG 2, Dreamgirl 2, Rocky aur Rani ki Prem Kahani, and Oppenheimer.