The multiplex chain operator PVR Inox recorded a financial loss of 44.1 crore on Tuesday, down from a net profit of 68.3 crore in the same quarter last year.
However, the company’s net loss decreased from 285.7 crore in the prior quarter to a smaller amount this time around. Operating revenue climbed 31.7% in the first quarter of FY24, from 961.5 crore to 1,266.6 crore.
The company’s average ticket price increased QoQ from 239 to 246 by 2.9%.
Spending per person, meanwhile, increased 9.2% to 130 from 119 in the previous quarter. April brought a slow start to the quarter with few Hindi film releases.
The Hindi Box Office has demonstrated a gradual decrease in QoQ volatility, along with improved performance of mid-scale Hindi movies, indicating a growing hunger for new Hindi material among the public. Ajay Bijli, the managing director of PVR INOX, stated, “We firmly think that as the remainder of the year goes on, we will see an increasing trend of Box Office across all genres.
The quarter had an 11% sequential rise in admissions, reaching 33.9 million admissions. Spending on food and beverages per person climbed by 9% and by 3% on average. Driven by solid operational performance, food and beverage revenues climbed by 22% and ticket sales by 15% quarter over quarter. The amount of advertising revenue in Q1FY24 was nearly the same as in Q4FY23.
The corporation expressed optimism about the “robust content line up across all languages” for FY24.
PVR INOX opened 31 new screens in 5 theaters throughout the quarter. In keeping with our emphasis on profitable growth, it exited 14 underperforming screens across 4 theaters.
As of today, the company has 1,707 screens spread among 361 theaters in 114 locations in India and Sri Lanka, including 38 management screens.
On Tuesday, PVR Inox’s share price on the BSE finished 0.51% higher at 1,565.00 per share.
