From Pushpa’s fire to RRR's roar, the box office has spoken.
With cinemas opening up after two years of the pandemic, and more and more Indians flocking to catch their favourite flicks, it has translated into good business for mulitplex chains — PVR Limited, India's largest multiplex operator, has reported more than Rs 1,000 crore in revenue from movie exhibition and distribition on Thursday, marking one of its best ever quarters.
According to its quarterly earnings report, PVR’s revenue from movie exhibition was at Rs 984.04 crore, while Rs 25.34 crore came from movie production, distribution, and gaming, etc..
In the corresponding quarter the previous fiscal, the company had reported a net loss of Rs 219.44 crore. In the June quarter, PVR reported a revenue from operations of Rs 981.4 crore.
The company's gross earnings rose to Rs 341.6 crore and the consolidated net profit stood at Rs.53.38 crore. Its quarter-on-quarter revenue was up by 82.70 percent, from Rs. 537.14 crore reported in the fourth quarter of the 2021-22 fiscal.
Ajay Bilji, Managing Director of PVR, said they have a 70 percent gross margin on food and beverages (F&B) compared to pre-pandemic level, with F&B spends per head increasing by 32 percent. He also added that the cinema circuit is well spread, with 40 percent of the screen portfolio being in South India.
In an investor presentation, the management said that it has 14 screens across three properties opened so far, 82 screens currently under fitout and is entering nine new cities.
It also stated that it is on track to open 125 screens in the ongoing financial year. Indian audiences are waiting for several movies in the pipeline, like Ek Villain Returns, Brahmastra Part One, Shamshera, etc, the company said.