Multiplex industry reopening in Maharashtra - Angel Broking
(Time Zone: Arizona, USA)
Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd
Maharashtra accounts for ~25% revenue for the multiplex industry, so it is very important that theatres open in Maharashtra so that movies that are expected to get good occupancy plan their release. The Maharashtra Government allowed the reopening of cinema halls, theatres and multiplexes in the state from November 5 with 50% occupancy in areas outside containment zones only. We see this as a positive development for the multiplex industry. We believe gradually things are improving for the industry. We don't have big expectations of box office collections around diwali festival. Although, we believe movies releasing around Christmas should report decent box office collections. We are bullish on PVR and Inox Leisure as long term fundamentals are still intact for the industry and stocks have corrected ~40% due to Covid-19.
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