Inox's balance sheet appears to be stronger than that of PVR given that its debt/equity stood at 0.4 times in FY15 versus PVR's 1.6 times. PVR is also looking at raising further debt to fund the acquisition of DT Cinemas, which means its debt/equity ratio could inch up further. Inox acquired Satyam Cineplex in July 2014 and merged the company with itself in January 2015. The June 2015 quarter will reflect full quarter financials of Satyam and will have a positive rub off on Inox's results in the quarter. Apart from boosting Inox's presence in northern India, Satyam will also aid Inox's average ticket prices (ATP) as Satyam's ATP are higher than that of Inox. Also, most of Satyam's properties are located in premium areas and hence offer scope for improvement in ATP and revenues from food and beverages. These positives will lead to convergence in valuations of Inox and PVR going forward.