Buy Inox Leisure; target of Rs 325: ICICI Direct

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ICICI Direct's research report on Inox Leisure
Revenues came in at Rs 387.4 crore, up 15.0% YoY, aided by higher advertisement revenues which grew by 56.8% YoY to Rs 33.4 crore. While footfall at 15.8mn (up 1.7% YoY) was muted, blockbuster slate in the form of Bahubali2 and Tubelight enabled the company to take 10.9% YoY hike in ATP to Rs 193.  Net box office collections came in at Rs 239.2 crore, up 12.0 % YoY. F&B revenues came in at Rs 88.2 crore (up 9.3% YoY), aided by 6.6% YoY growth in spends.

Outlook

We maintain our BUY recommendation and value it at 12.6 x FY19E EV/EBITDA (10% discount to PVR) to arrive at target price of Rs 325 /share.For all recommendations report, click here

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