They already talked about Bahubali and Bajrangi on last earnings call so might have frontloaded revenue numbers.

There could still be some surprise element from other releases like Welcome Back. In long term, I am not enthused about PVR for the following reasons.

1) Company does not have strong capabilities of merger integration and have overpaid for acquisitions. They wrote-off Rs305 crore in goodwill from Cinemax's deal, which was valued at Rs543 crore.
2) Management ignored lessons from Cinemax's deal and paid a higher multiple for DT Cinemas' acquisition. They might write-off goodwill soon after realizing that they overpaid for the transaction.
3) Management has reduced its stake significantly, which most VPers have already discussed here.
4) Sellside has been modeling 4-5% constant increase in ATP without realizing that blended ATP would either come down or stay stable as pressure from small town expansion kicks in. If PVR wants to deliver on its growth plans then it would have to open significant number of theatres in small towns. Average ATP in small towns ranges between Rs80-Rs120, while PVR's existing ATP is close to Rs180.
5) PVR might also face lower occupancy in small towns. Most of the new construction is happening in suburban areas in small towns, where footfalls are lower compared to central locations. In absence of location advantage, PVR's theatre might face lower occupancy. I already notice this effect in some small towns.
6) PVR's levered balance sheet and merger history does not give me any comfort in investing in PVR's stock.

Anyone attending PCJ AGM tomorrow? Its in Delhi.....

Any feedback would be highly appreciated.

Cheers
Neil Bahal

Latest report on US Countertop market expects fastest growth of Engineered stone amongst the regular options
http://www.investorideas.com/news/2015/homebuilder/09173.asp

Even though I have sold it, I still think highly of the company. Ibaco has reduced prices of their ice creams but still very expensive at Rs 499-999. A negative is that they are trying to build too many brands which could probably have waited but management seems to be think that they are extensions to existing business utilizing capacity and so they are confident of having the necessary bandwidth.

Rise in skimmed milk prices internationally wont help Indian exporters yet as those prices are still below Indian rates.

Link: http://www.thehindubusinessline.com/economy/agri-business/dairy-exporters-gear-up-as-global-smp-prices-edge-up/article7633758.ece

Excerpts:

Industry sources pegged the current SMP inventory at 70,000-80,000 tonnes with negligible exports having taken place last year on account of low prices.

In 2013-14, however, Indian companies exported about 125 lakh tonnes when global prices were between $4,000 and $4,800/tonne.

“Prices had crashed to ₹90/kg and have since risen to around ₹110. But this is not viable since domestically it is between ₹140 and ₹150/kg. It’s difficult to say if the rise will continue, but if it does, perhaps some of the intervention stocks could be released,” said Sandeep Aggarwal, Director, SMC Foods Ltd.

Chandramogan said exports of SMP will have no impact on domestic milk prices, since overseas sales had never exceeded 0.6 million tonnes (mt) in any year.

This was a fraction of the estimated 140 mt of milk produced, unlike New Zealand, which exports almost 95 per cent of its dairy produce.

25% is nothing... Eicher shot up many times in a year after I sold it!

Disclaimer: Sold out few months back.

Very well put Hitesh. PI is a multi year story. And to an extent not totally dependent upon monsoon.