PVR INOX reports dismal Q1 numbers

Revenue from operations jumped 32.96% to Rs 1,304.9 crore in the quarter ended 30 June 2023.

Total income in Q1 FY24 was at Rs 1,329.8 crore, registering a growth of 32.7% from Rs 1,002.1 crore posted in Q1 FY23.

The company reported a pre-tax loss of Rs 107.9 crore in the first quarter of FY24 as compared to a profit before tax of Rs 85.1 crore in Q1 FY23.

EBITDA stood at Rs 377.4 crore in the June quarter, up 4.14% as against Rs 362.4 crore recorded in the same period a year ago.

Total expenses spiked 56.78% to Rs 1,437.7 crore during the quarter. Movie exhibition cost was at Rs 298 crore (up 23.81% YoY), consumption of food and beverages stood at Rs 107.1 crore (up 40% YoY) and employee benefits expense came in at Rs 155.9 crore (up 51.8% YoY) during the period under review.

Sequentially, the quarter witnessed an 11% increase in admissions from 30.5 million admissions in Q4 FY23 to 33.9 million admissions in Q1 FY24. Average ticket price and Spend per head on Food & Beverage increased by 3% and 9%. Driven by strong operating performance, ticket sales increased by 15% and Food & Beverage sales increased by 22% quarter on quarter. Ad income in Q1 FY24 remained at almost the same level as Q4 FY23.

Q1 FY'24 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% in quarter-on-quarter box office collections for Hollywood films, the company stated.

During the quarter, PVR INOX opened 31 new screens in 5 cinemas. The company exited 14 underperforming screens across 4 cinemas in line with our focus on profitable growth. These planned exits form part of the guidance we had given in the last quarter.

As on date, the firm's screen portfolio (including 38 management screens) stands at 1,707 screens across 361 cinemas in 114 cities in India and Sri Lanka.

Ajay Bijli, managing director, PVR INOX, said, 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.

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.?

PVR INOX is engaged in the business of movie exhibition & production and operates largest cinema circuit across India. The company earns revenue from sale of movie tickets, in-cinema advertisements/product displays and sale of food and beverages and restaurant business.

Shares of PVR INOX rose 0.51% to Rs 1,565 on the BSE.

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