PVR Inox Q2 results: Profit at Rs 166.3 crore, record revenue at Rs 1,999.9 crore

PVR Inox reported its September quarter FY24 results on October 19.

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Multiplex chain PVR Inox on October 19 reported a profit of Rs 166.3 crore in the second quarter of fiscal 2024 as against a loss of Rs 81.6 crore in the June quarter on account of the success of films including Jawan, Jailer, and Gadar 2, according to company's balance sheet. 

The multiplex operator in the June quarter was hit by a below-average performance of Hindi films, a slow recovery in footfalls and cinema advertising revenue. On the other hand, a slew of successful films at the box office led to the company reporting profits in Q2.

Brokerages estimated the multiplex chain to report a profit of Rs 153 crore in the second quarter. Analysts also expected the company to report a record performance in Q2 with revenues of Rs 1,890 crore as eight movies crossed Rs 100 crore net box office collections (NBOC) in the September quarter.

The company exceeded analyst expectations.

Also read: PVR Inox Q1 results: Net loss at Rs 44 crore, revenue jumps 31.7%

PVR Inox reported revenue of Rs 1,999.9 crore, up sequentially from Rs 1304.9 crore in Q1 FY24.

Shares of PVR Inox traded at Rs 1,761, down 0.63 percent on national Stock Exchange (NSE) on October 19 at 14:07.

The biggest highlight of the quarter was the record breaking performance of the Hindi box office. Shah Rukh Khan's Jawan and Sunny Deol-starrer Gadar 2 ranked among the highest-grossing Hindi films of all time, grossing over Rs 750 crore and over Rs 620 crore at the box office respectively. They were complemented by solid performance of mid budget movies, with Rocky aur Rani ki Prem Kahani and Oh my God 2 grossing over Rs 150 crore and Dream Girl 2 crossing the Rs 100 crore mark. Fukrey 3 released near quarter end, also crossed Rs 100 crore at the box office.

In Hollywood, Oppenheimer and Mission Impossible: Dead Reckoning Part 1 set a fantastic tone, grossing over Rs 150 crore and over Rs 130 crore in India. Barbie and Nun II also performed well, crossing the Rs 50 crore mark. On the regional front, Jailer (Tamil) featuring Rajinikanth, stood
out with an impressive box office collection of over Rs 390 crore. Other regional successes such as Baipan Bhari Deva (Marathi) and Carry on Jatta 3 (Punjabi) secured substantial earnings, reaching over Rs 90 crore and Rs 44 crore, respectively.

Also read: PVR Inox looks to drive up business of smaller films with movie passport launch

In the upcoming months, we are highly optimistic about the content lineup across various languages including Hindi releases like Tiger 3, Animal, Sam Bahadur, Yodha and Dunki, said Ajay Bijli, Managing Director, PVR INOX.

Hollywood enthusiasts can look forward to Killers of the Flower Moon, The Marvels, Taylor Swift's The Eras Tour Movie, Napoleon, Wonka and Aquaman and the Lost Kingdom. Additionally, regional cinema offers compelling releases such as Leo, Tiger Nageswara Rao, Captain Miller, Salaar, among others.

Also read: PVR-Inox Q2 likely to be back in black amid strong box office collections

The company reported highest footfalls, average ticket price (ATP) and spend per head (SPH) at 4.84 crore, Rs 275 and Rs 136 respectively.

In the June quarter, the multiplex operator has reported footfall of 3.39 crore, ATP at Rs 246 and SPH at Rs 130. Analysts had expected footfalls at 4.68 crore ATP at Rs 262 and SPH at Rs 132 in Q2 FY24.

Also read: PVR-INOX recorded highest-ever monthly customers of nearly 2 crore in August

One of the laggards for the company has been advertising revenue. In the June quarter, PVR Inox had reported ad income of Rs 89.3 crore. In Q2, it recorded ad revenue of Rs 117.6 crore, up 31.6 percent.