PVR Inox, the multiplex chain operator, reported a consolidated net loss of 130 crore in the fourth quarter of FY24, down from 333 crore reported in the year-ago period. The company has posted a net profit of 13 crore in Q3FY24.

PVR Inox’s revenue from operations in Q4FY24 rose 10% to 1,256 crore from 1,143 crore, YoY.

For the full year FY24, the company’s loss narrowed to 32 crore from 335 crore in FY23, while its revenue for the period increased to 6,107 crore from 3,751 crore in the previous year.

During the quarter ended March 2024, PVR Inox said 3.26 crore patrons visiting its cinemas, while its Average ticket price (ATP) was 233. The food & beverage (F&B) spend per head (SPH) was at 129.

Also Read: Kumar Mangalam Birla’s Novelis plans $1.2 billion worth US IPO as early as June, targets $18 billion valuation

PVR Inox opened 33 new screens across 6 properties during the quarter and as on date it operates 360 cinemas with 1,748 screens across 112 cities.

In FY24, the company recorded 15.14 crore admissions, up 59% YoY, with an ATP of 259. During the year, the company opened 130 new screens and closed 85 underperforming screening, resulting in net addition of 45 screens during the year. Currently, its screen portfolio includes 1,748 screens in 360 cinemas across 112 cities in India and Sri Lanka.

“The key strategic priorities should help the company in charting a new, less capital intensive and incrementally profitable growth path. Our endeavour is to redefine our growth strategy, focus on fixed cost reduction thus improving profitability resulting in enhanced return on capital and free cash flow generation,” said Ajay Bijli, Managing Director, PVR INOX Ltd.

Also Read: Devyani International Q4 result: Company reports a loss of 49 crore; adds 47 stores in the fourth quarter

The company generated free cash flow of 115.8 crore during the year and used it to reduce its net debt from 1,430.4 crore on March 31, 2023, to 1,294 crore on March 31, 2024.

Partnership with Devyani International

PVR Inox entered into a strategic partnership with Quick Service Restaurant (QSR) operator Devyani International to jointly establish a company in India for the purpose of development and operation of food courts within shopping malls in India. 

The partnership will empower Devyani International and PVR INOX to reach a wider audience and expand their market presence, the company said in a release.

“Through this opportunity PVR INOX will be able to pivot into pre-ticketed F&B revenue stream as opposed to the current post ticketed F&B revenue that’s very movie line up dependent. It is our first of the many steps we intend to take to further expand our F&B business. Also, our ability to co-promote both movies and food to 150 million audience would be the USP of this collaboration,” said Ajay Bijli.

At 2:20 pm, PVR Inox shares were trading 2.52% lower at 1,283.60 apiece on the BSE.

Catch Stock Market Live Updates here

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Published: 14 May 2024, 02:13 PM IST