Leading multiplex chain operator PVR Ltd on Tuesday reported a consolidated net loss of Rs 81.6 crore for the June quarter. The company had posted a net profit of Rs 53 crore in the April-June quarter a year ago, PVR said in a regulatory filing.
The loss figure was much lower than CNBC-TV18's poll of Rs 94 crore loss.
The loss was primarily on the back of more than 56 percent increase in company's expenses at Rs 1,437.70 crore as against Rs 917 crore in the year-ago period.
The
company's revenue from operations came in at Rs 1,304.9 crore, a growth of 33 percent for the quarter under review, in comparison to Rs 981 crore in the corresponding quarter of last fiscal.
On a year-on-year basis, the company's operating profit or EBITDA has grown to Rs 352.5 crore, comparted to Rs 341.7 crore in the year-ago period. Margins came in at 27 percent as against 34.8 percent on-year.
Driven by strong operating performance, ticket sales increased by 15 percent and Food & Beverage sales soared by 22 percent quarter on quarter. Ad income in Q1 of FY24 remained at almost the same level as Q4 of FY23, PVR said.
New movie releases in Q2 to further aid growth
The June quarter saw the release of the highest number of Hollywood movies post-pandemic, which, combined with a robust performance at the Box Office, led to an impressive growth of 70 percent in quarter-on-quarter box office collections for Hollywood films.
The recent success of Hollywood blockbusters like ‘Oppenheimer’, ‘Mission Impossible: Dead Reckoning Part 1’ and ‘Barbie’ reaffirms our belief that audience’s enthusiasm for theatrical movie going remains intact when there is compelling content, the company said in a statement.
"The exceptional performance of Hollywood movies both in terms of the increase in number of releases year on year and the box office collections during the quarter reinforces our belief in consumers love for theater-going. It’s heartening to see the blockbuster success of unconventional movies like Barbie and Oppenheimer in India, clearly indicating that audiences choose the big screen for a unique cinema experience," said Ajay Bijli, Managing Director, PVR INOX Ltd.
"Notably, the Hindi Box office has shown a gradual reduction in QoQ volatility, accompanied by improved performance of mid-scale Hindi movies, indicating a growing appetite for fresh Hindi content among the audiences. We strongly believe that as we progress through the rest of the year, we will witness a rising trend of Box Office across all genres,” Bijli added.
On Tuesday, shares of PVR INOX Ltd were trading half-a-percent higher at Rs 1,565.20 apiece on NSE.
First Published: Aug 1, 2023 2:55 PM IST
