PVR INOX Q2 net profit at Rs 166.3 crore, revenue at Rs 2,000 crore

New Delhi: Leading cinema exhibitor PVR INOX on Thursday reported a consolidated net profit of Rs 166.3 crore for the September quarter.

The company, earlier known as PVR Ltd, posted a net loss of Rs 71.2 crore in the year-ago period, according to a regulatory filing.

Its revenue from operations for the second quarter of the current fiscal stood at Rs 1,999.9 crore. In the year-ago period, the same was at Rs 686 crore.

The September quarter result is after the merger of PVR with rival INOZ, hence it is not comparable, the company said.

"As the merger became effective from February 6, 2023; Q2 FY24 and H1 FY24 results for the company are reported on a merged basis for PVR and INOX and are not comparable with the earlier period," PVR INOX said in its earning statement.

PVR INOX's total expenses in the July-September period were Rs 1,802 crore, while its total income in the September quarter was Rs 2,023.7 crore.

After the merger, PVR INOX witnessed the highest-ever quarterly admissions with 48.4 million people visiting cinema halls during this period.

Similarly, the average ticket price in the quarter under review was also the highest at Rs 276, while per head food and beverage spend, too, touched a record at Rs 136.

During the quarter, PVR INOX added 37 new screens, taking its total count to 1,702 screens across 115 cities, in India and Sri Lanka.

In the first half of the fiscal, PVR has closed 33 underperforming screens.

"By exiting 33 underperforming screens during H1 FY24, we continue to focus on profitable expansion. We are firmly on track to open 150-160 new screens in FY24, and will fund this growth through internal accruals," PVR INOX said.

Commenting on the results, PVR INOX Managing Director Ajay Bijli said, "This quarter's results underscore the immense potential of the Indian cinema industry, reflecting the unsatiated appetite of Indian consumers to watch films across languages on the big screen." The biggest highlight of the quarter was the record-breaking performance of the Hindi box office.

"'Jawan' and 'Gadar 2' ranked amongst the highest-grossing Hindi films of all time, amassing over Rs 750 crore and more than Rs 620 crore at the box offic," the statement said.

"They were complemented by the solid performance of mid-budget movies, with 'Rocky aur Rani kii Prem Kahani' and 'Oh my God 2' grossing over Rs 150 crore and 'Dream Girl 2' crossing the Rs 100 crore mark. 'Fukrey 3' released near the quarter-end, also crossed Rs 100 crore at the box office," it said.

In Hollywood, 'Oppenheimer' and 'Mission Impossible: Dead Reckoning Part 1' set a fantastic tone, grossing over Rs 150 crore and more than Rs 130 crore in India, the company said.

On the outlook, the company said, "In the upcoming months, we are highly optimistic about the content lineup across various languages. This includes eagerly awaited Hindi releases like 'Tiger 3', 'Animal', 'Sam Bahadur', 'Yodha and Dunki'." Hollywood enthusiasts can look forward to films like 'Killers of the Flower Moon', 'The Marvels', Taylor Swift's 'The Eras Tour Movie', 'Napoleon', 'Wonka and Aquaman' and the 'Lost Kingdom', the statement added.

Shares of PVR INOX Ltd on Thursday settled at Rs 1,742.40 on the BSE, down 1.76 per cent from the previous close.