PVR Inox reported a 20 per cent fall in its consolidated profit after tax (PAT) at 12.8 crore in the December quarter, compared with Rs 16.1 crore in the last year period.
Revenue from operations rose 64 per cent YoY to Rs 1,546 crore in the reporting third quarter. This compares with Rs 940 crore posted in the same quarter of last year.
“The effective date for the merger of PVR and Inox was February 6, 2023, and hence the third quarter results are reported on a merged basis and are not comparable with earlier periods,” PVR said in a filing.
During the quarter, the company recorded 36.5 mn admissions with an average ticket price of Rs 271, up 14 per cent YoY.
The spending per head (SPH) for the quarter showed a growth of 8 per cent YoY to Rs 132. This led to a 14 per cent increase in ticket sales, an 8 per cent rise in food and beverage sales and a 23 per cent boost in ad sales when compared to pro forma figures from Q3 FY23.
The first part of the quarter began quietly due to India hosting the Cricket World Cup. The two biggest blockbusters of October were the Tamil film ‘Leo’, which grossed over Rs 400 crore, and the Hindi film ’12th fail’, which grossed more than Rs 65 crore.
Tiger 3 earned around Rs 340 crore in November, making it the month’s highest-grossing film.
December became the highest-grossing month of 2023 because to the strong success of films released throughout the month. Animal, along with other releases like Dunki, Sam Bahadur, and Salaar, had a successful run in cinemas.
PVR Inox maintained its growing pace, with 29 new screen openings in 7 theatres during the quarter and a total of 97 new screens in 19 cinemas throughout the 9-month FY24 period.
The corporation stated that the post-merger integration process is progressing well and resulting in considerable operational savings.
Over the last nine months, the firm has successfully reduced its net debt by Rs 210 crore.
