Media shares gain as Q2 profit surge on sequential basis

PVR and Cinemax India have reported robust Q2 profit on sequential basis

Shares of Media and Entertainment companies were up on the back of encouraging second quarter net profit on a sequential basis announced by multiplex operators PVR and Cinemax.

PVR's consolidated net profit for the second quarter ended September 30, 2013 surged 98% to Rs 27.66 crore compared with Rs 13.96 crore in the previous quarter ended June 30, 2013, PVR said in a filing to the BSE. Income from operations grew to Rs 365.77 crore from Rs 335.19 crore in the first quarter ended June 30, 2013.

Cinemax India's consolidated net profit for the second quarter ended September 30, 2013 surged 152% to Rs 13.08 crore compared with Rs 5.19 crore in the same quarter last fiscal, Cinemax said in a release to the BSE. Total income from operations increased to Rs 111.50 crore from Rs 108.50 crore in the previous quarter (Apr-Jun).

Shares of PVR were up 6% at Rs 554 and Cinemax was up 6% to Rs 272. Among other shares, Eros International was up 6.8%, Prime Focus gained 6.5%, Entertainment Network was up 4.4% and INOX surged 9%.