Leading multiplex chain PVR Ltd, on Thursday reported a consolidated net profit of ₹53.38 crore for the June quarter. It had posted a net loss of ₹219.44 crore in the corresponding quarter in the previous fiscal.
Revenue from operations surged to ₹981.40 crore as against ₹59.39 crore in the corresponding quarter last fiscal as operations of cinemas were disrupted due to the second wave of the pandemic.
Fast recovery
Stating that the June was the “best ever quarter in PVR’s history” in terms of revenues and net profits, the multiplex chain added that it recorded the highest average ticket price of ₹250 for the quarter on the back of the release of local and global tentpole flicks at the box office. These included films such as KGF: Chapter 2, RRR, Top Gun : Maverick among others. It added that it also recorded the highest monthly average F&B revenue of over ₹100 crore during the quarter.
Ajay Bijli, Chairman cum Managing Director, PVR Ltd said, “This quarter’s results are reflections of the strength of the domestic film industry we have in India and the consumer’s unsatiated appetite to watch films on the big screen. Indian exhibition industry has been one of the fastest to recover as compared to other international markets. The content line up for the year ahead looks very promising.”
Screen additions
The multiplex chain also said it has revived its capex plans and is on track to open a total of 125 new screens in FY23. “ We have opened 14 screens across 3 properties till date. About one-third of the new screen additions in this fiscal year will be in tier 2 and 3 cities. The company plans to enter 9 new cities during the year,” it added.
“The announced merger with Inox Leisure is progressing well. Both the companies have received ‘No Objection Certificates’ from the 2 stock exchanges (BSE and NSE) on the proposed scheme of merger. We are on track to file our application for the approval of scheme of merger before the National Company Law Tribunal (‘NCLT’) in the next couple of weeks,” the company added.