PVR INOX Limited today (August 1) announced its unaudited consolidated financial results for the quarter ended June 30, 2023.
As the appointed date for the PVR INOX merger was January 1, 2023, Q4 FY ’23 & Q1 FY ’24 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q1 FY ’23.
Sequentially, the quarter witnessed an 11% increase in admissions from 30.5 million admissions in Q4 FY ’23 to 33.9 million admissions in Q1 FY ’24. Average ticket price and Spend per head on Food & Beverages increased by 3% and 9% respectively. Driven by strong operating performance, ticket sales increased by 15% and Food & Beverage sales increased by 22% quarter on quarter. Ad income in Q1 FY ’24 remained at almost the same level as Q4 FY ’23.
The highlights of the quarterly results are as follows:
· Revenue of Rs. 13,244 million, EBITDA of Rs. 1,003 million, and PAT loss of Rs. 441 million.
· Patrons visiting PVR INOX cinemas: 33.9 million (increase of 11% QoQ).
· Average ticket price of Rs. 246 (increase of 3% QoQ)
· Average F&B spend per patron of Rs. 130 (increase of 9% QoQ).
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.
During the quarter, PVR INOX opened 31 new screens in 5 cinemas. It exited 14 underperforming screens across 4 cinemas.
PVR INOX’s screen portfolio (including 38 management screens) currently stands at 1,707 screens across 361 cinemas in 114 cities in India and Sri Lanka.