India’s premium cinema exhibitor PVR Inox posted highest-ever monthly admissions and Box Office (BO) month of all time in August 2023. The company recorded a gross box office revenue of Rs 532 crore. In the previous month, the multiplex achieved a footfall of nearly 190 lakh.
As per the company release, the achievement was driven by Hindi films including Gadar 2, OMG2, Dreamgirl 2, Tamil movie Jailer alongside of July films namely Rocky aur Rani ki Prem Kahani Hollywood’s Oppenheimer. The company welcomed 13 lakh viewers and made revenue of Rs 41.4 crore only on August 15, 77th Independence Day that surpassed previous record of achieving the highest ever admissions and box office in a single day in quick succession. On the same weekend, the company had also witnessed highest ever daily and weekend admissions and BO collections with 33.6 lakh guests & earned box office revenue of more than Rs 100 crore.
"We believe Q2FY24 might well turn out to be an exceptionally strong quarter," said Jinesh Joshi – Research Analyst at Prabhudas Lilladher. The analyst has retained positive bias on multiplexes with a 'Buy' on PVR.
"In the post-pandemic era, Q1FY23 was the best ever quarter for PVR-Inox with proforma (assuming consolidation) footfalls of 4.3 crores. Now, if footfalls in Aug-23 itself were 1.9 crores and on a conservative basis if we assume the same to be at 1 crores (47 percent lower) in July and Sep (Jawan to set to release on 07th Sep and Salaar on 28th Sep), the total count for Q2FY24 would stand at 3.9 crores (9 percent lower than 1QFY23)," Joshi said.
On August 2, the management of the company, while speaking to the channel had said that even the smallest movie has done well in the first quarter. Ajay Bijli and Nitin Sood further added that the company saw strong growth in ticket price while it is further looking for a growth of 6-8 percent in FY24. In the current financial year, PVR Inox is expecting revenue of around Rs 7,000 crore.
The shares of PVR Inox were trading 0.3 percent lower at Rs 1,785 per share till 11:21 am on Friday.
First Published: Sept 1, 2023 12:06 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP holds meeting in Delhi as polling underway for 5th phase
May 20, 2024 4:21 PM
UP Police arrests man after viral videos shows him voting multiple times
May 20, 2024 2:18 PM