PVR INOX reported consolidated net loss of ₹82 crore for the June ended quarter. The company’s revenue from operations stood at ₹1304.9 crore.
According to the multiplex chain, as the appointed date for the merger was January 1, Q2 FY23 and Q1 FY24 results were reported on a merged basis for the two entities and they are not comparable with Q1 FY23.
The multiplex player reported that the admissions grew 11 per cent from 30.5 million in Q4 FY23 to 33.9 million in Q1 FY24. Average ticket price and spend per head on food and beverage increased by 3 per cent and 9 per cent, respectively.
Ajay Bijli, Managing Director, PVR INOX Ltd, said, “The exceptional performance of Hollywood movies both in terms of the increase in number of releases year-on-year and the box office collections during the quarter reinforces our belief in consumers love for theatre-going. It’s heartening to see the blockbuster success of unconventional movies like Barbie and Oppenheimer in India, clearly indicating that audiences choose the big screen for a unique cinema experience.”
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“Notably, the Hindi box office has shown a gradual reduction in volatility, accompanied by improved performance of mid-scale Hindi movies, indicating a growing appetite for fresh Hindi content among the audiences. We strongly believe that as we progress through the rest of the year, we will witness a rising trend of box office across all genres,” he added.
After a muted show in April, the box office picked up pace in May with the momentum continuing in June. The quarter saw the release of the highest number of Hollywood movies post-pandemic, which, combined with a robust performance at the box office, led to an impressive growth of 70 per cent in quarter-on-quarter box office collections for Hollywood films, the multiplex company noted.
Nitin Sood, CFO, PVR INOX said, “The consistency in performance of Hindi movies is improving. Earlier, only big films were doing well but now we are also seeing small and mid budget movies doing well. We are optimistic about the robust content line up across all languages in FY24.”
During the quarter, the company opened 31 new screens in 5 cinemas.
”We exited 14 underperforming screens across 4 cinemas in line with our focus on profitable growth. These planned exits form part of the guidance we had given in the last quarter,” the statement added.
Currently, the company operates 361 cinemas in 114 cities with 1,707 screens in India and Sri Lanka.