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PVR to invest around `100-125cr in FY2012
PVR Pictures, the film distribution and production subsidiary of PVR, has indicated to invest
~`100–125cr in the production and distribution of movies in FY2012. The company is likely
to release 15 Hollywood and 3-4 Bollywood movies by FY2012. It also has a pipeline of
eight English movies slated for release by close of FY2011. According to management, three
Bollywood movies are currently under production and entail a budget of under `30cr. We
expect PVR Pictures to post revenues of ~`120cr in FY2011. At the CMP, the stock is trading
fairly inexpensive at 9.2x FY2012E EPS of `15.4. Hence, we maintain a Buy on the stock,
with a Target Price of `230.
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