Leading multiplex chain PVR Inox has reported a 20% year-on-year decline in consolidated net profit at ₹12.8 crore for the quarter ended December 2023. The company had posted a profit of ₹16 crore in the year-ago period.
Revenue from operations, meanwhile, jumped 64% to ₹1,545.9 crore during the quarter as against ₹940 crore in the same quarter of last year.
"The effective date for the merger of PVR and Inox was February 6, 2023, and hence the third quarter results are reported on a merged basis and are not comparable with earlier periods," PVR said in a filing.
December emerged as the highest grossing month of 2023 with stellar performance of films released during the month, the company said in a statement. Hindi film ‘Animal’, which grossed over ₹650 crore, became a phenomenal success and the second highest grossing Hindi film of all time. Other notable releases during the month included ‘Salaar’ grossing ₹480 crore, ‘Dunki’ grossing ₹270 crore and ‘Sam Bahadur’ grossing an impressive ₹110 crore till date.
PVR INOX continues its strong growth momentum, with 29 new screens openings in seven cinemas during the quarter and a total of 97 new screens in 19 cinemas in the first nine months of this fiscal, the company said in a filing.
"By exiting 62 underperforming screens during 9M FY’24, we continue to focus on profitable expansion. We're firmly on track to open a total of 160-170 new screens in FY’24, and will fund this growth through internal accruals. Currently, our screen portfolio includes 1,712 screens in 360 cinemas across 113 cities in India and Sri Lanka," it said.
Over the past nine months, the company has managed to reduce its net debt by ₹218.8 crore, from ₹1,431 crore on March 31, 2023 to ₹1,212 crore on December 31, 2023.
"It is really heartening to see that in the year 2023, India stands out as the sole major market worldwide to surpass the pre-pandemic peak in box office collections. The Indian box office witnessed a notable 12% increase, reaching ₹12,226 crore in 2023, compared to ₹10,948 crore in 2019," said Ajay Bijli, Managing Director, PVR Inox Ltd.
"In 2023, the Hindi box office experienced a remarkable comeback boasting 4 highest-grossing Hindi films of all time - each surpassing the ₹500 crore mark. Besides, a diverse range of mid-scale movies across different languages showcased robust performances at the box office. These statistics underscore the resilience of the Indian cinema industry as a preferred medium of entertainment. We expect even greater and more impressive results from this industry in the coming years,” Bijli said.
Shares of PVR INOX Ltd were trading 1% lower at ₹1,446 apiece on the NSE during today's late afternoon deals.
First Published: Jan 31, 2024 2:41 PM IST
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