Prabhas starrer, Adipurush released in the movie theatres on June 16th, but much to the disappointment of the audience, the
movie receives a backlash. PVR-Inox shares declined nearly 3 percent, post the movie release in theatres. Street was earlier positive on the stock, expecting large footfalls and advance booking for the drama based on Lord Rama and his 14 year exile.
Taran Adarsh, an Indian film critic expressed his discontent on Twitter stating the movie was an 'epic disappointment' and gave a half star rating. He added 'Director Om Raut had a dream cast and a massive budget on hand, but created a huge mess'.
The total number of tickets booked for Adipurush till Sunday in its Hindi and Telugu versions in PVR and Inox outlets has reached nearly 6 lakhs.
The street had high hopes on this movie to provide much needed respite to occupancy levels in the first quarter of financial year 2023-24, as no Hindi film except The Kerala Story has reported positive surprise. The occupancy levels continue to be a cause for concern, as they remain 660 bps lower than pre-COVID levels (merged PVR-Inox) in FY23. Adipurush is slated to release across 5,000 screens in India on 16 June 2023.
Tickets are
priced at a premium on a pan-India level. In terms of Prabhas’ earlier films, Saaho and Radhe Shyam have reported an average performance as both films posted a net box office collection of Rs 280 crore and Rs 150 crore respectively, well below expectations, given their size and scale.
The recently released film, Zara Hatke Zara Bachke reported a slight positive surprise. However, the momentum has been driven by the Buy One Get One Free (BOGO) offer, which reduces distributor producer share to approximately 30 percent from 50 percent earlier. This, in turn, makes film production economics unviable.
The multiplex chain operator PVR-Inox reported a net loss of Rs 333 crore for the
fourth quarter that ended March 31, 2023.
PVR Inox stock gave up nearly all gains this week and is trading 3 percent lower on the exchanges in the last hour of trade.
