PVR INOX Q2 Loss: Revenue Down 18.9%, Movie Exhibition Business Impacted

New Delhi, Oct 15 (PTI) Leading multiplex operator PVR INOX on Tuesday reported a consolidated net loss of Rs 12.1 crore for the second quarter ended September 2024, impacted by the decline in the movie exhibition business.

The company posted a net profit of Rs 166.2 crore a year ago, according to a regulatory filing by PVR Inox.

Its revenue from operations fell 18.9 per cent to Rs 1,622.1 crore during the quarter under review. It was Rs 1,999.9 crore in the year-ago period.

PVR INOX's total expenses in the September quarter dropped 6.84 per cent to Rs 1,678.6 crore.

Its revenue from the Movie exhibition business declined 19.86 per cent to Rs 1,578.6 crore during the quarter.

However, its revenue from the movie production and distribution business rose 78.16 per cent in the September quarter to Rs 108.5 crore.

"During the quarter, the company recorded 3.88 crore admissions with an ATP (average ticket price) of Rs 257 and SPH (spend per head) of Rs 136," said PVR Inox in its earnings statement.

PVR INOX, formed last year after the merger of two leading cinema exhibitors PVR and INOX, is currently operating 356 cinemas with 1,747 screens across 111 cities.

The merged entity also reviewing its screen counts and closing non-performing screens in the current fiscal.

"Till date, in the current financial year, the company has opened 71 new screens and closed 42 underperforming screens, resulting in a net addition of 29 screens during the period," it said.

PVR INOX expects to open 110-120 new screens in FY 2024-25, it added.

According to PVR INOX, on a quarter-on-quarter basis, it is witnessing a resurgence in collections, largely driven by Hindi-language films, which saw an impressive 91 per cent increase in collections compared to the previous quarter.

"A major contributor to this success was the record-breaking performance of Stree 2, which has now become the highest-grossing Hindi movie of all time. Additionally, Kalki, released at the end of Q1 FY25, continued to perform strongly across both Hindi and Telugu markets, further boosting box office numbers," it said.

Internationally, Deadpool and Wolverine became the highest-grossing R-rated movie worldwide, generating an astounding USD 1.3 billion in global box office revenue.

Regional hits like G.O.A.T. (Tamil) and Devara (Telugu) also contributed significantly to the quarter's performance, it added.

Shares of PVR INOX Ltd on Tuesday settled at Rs 1,621.95 on BSE, up 2.22 per cent.