News: PVR Inox has received the merger approval from NCLT. The tribunal approved the scheme of merger in a verbal order and a written order is expected over the next 15-20 days, as per media reports
Views: The MergedCo (with ~1600 screens, which is ~50% of multiplex screens) will benefit from a faster growth trajectory (the management is looking to add 200+ screens every year and ~2000 screens over the next seven years). Key synergy, in our view, will be bargaining power across the value chain, given the scale boosting revenues across segments such as advertisements and distribution. Thus, we remain constructive on multiplexes with medium to long term consolidation benefits in sight
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