PVR Inox Q1 Results: Multiplex chain reports net loss of ₹44 crore; Average ticket price up 2.9% QoQ
PVR Inox, the multiplex chain operator, on Tuesday reported a net loss of ₹44.1 crore in the quarter ended June 2023 as compared to a net profit of ₹68.3 crore in the year-ago period. The company’s net loss, however, narrowed sequentially from ₹285.7 crore in the previous quarter. Revenue from operations in Q1FY24 increased 31.7% to ₹1,266.6 crore from ₹961.5 crore, YoY.
The company’s average ticket price was up 2.9% at ₹246 from ₹239, QoQ. Meanwhile, spends per head rose 9.2% to ₹130 from ₹119 in the previous quarter. The quarter witnessed a muted start in April, with limited movie releases in Hindi.
“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," said Ajay Bijli, Managing Director, PVR INOX. Sequentially, the quarter witnessed an 11% increase in admissions to 33.9 million admissions.
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 Q1FY24 remained at almost the same level as Q4FY23.
“Looking forward to FY24, we are optimistic about the robust content line up across all languages," the company said. During the quarter, PVR INOX opened 31 new screens in 5 cinemas. It exited 14 underperforming screens across 4 cinemas in line with our focus on profitable growth.
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