PVR Q3: Firm posts profit of Rs 16 crore, revenue rises 53%

During the last year, PVR said it has opened 63 screens across 11 cinemas till date

PVR, the largest multiplex chain in the country, posted a consolidated net profit of Rs 16.1 crore during October-December 2022 quarter, against a loss of Rs 10 crore in the year-ago period.

Revenue from operations rose 53 percent year-on-year (YoY) to Rs 941 crore from Rs 614 crore registered in the corresponding quarter of the previous fiscal. EBITDA (earnings before interest, taxes, depreciation and amortisation) grew 75.1 percent YoY to Rs 288.8 crore.

Margins also improved YoY from 26.9 percent to 30.7 percent.

"The third quarter saw Hollywood’s resurgence with the highest grossing movie of the quarter Avatar 2: The Way of Water and was supported by movies like Black Panther: Wakanda Forever and Black Adam," said the company in an exchange filing.

"The dominance of regional cinema continued in the 3rd quarter with blockbusters like Ponniyin Selvan 1 and Love Today. Kantara which turned out to be a sleeper hit was the biggest regional release during the quarter," it added.

‘Drishyam 2’ from Bollywood turned out to be the second biggest movie of the quarter and was supported by content like Vikram Vedha and Bhediya.

The company said 2023 appears to be a promising year for the film industry with a significant increase in the number of Hollywood film titles as compared to 2022 and an increase in big tent pole releases.

Three films are lined up for release from both Marvel and DC comics Universe. In addition, there are sequels to superhit franchises like Mission Impossible, Indiana Jones, Transformers and Fast & Furious that will get released during the year.

The Hindi film industry, after a lacklustre 2022, is also gearing up for a much stronger 2023 with several big films slated to release in the next 12 months.

During the last year, PVR said it has opened 63 screens across 11 cinemas till date and is on track to open a total of 100-110 new screens by the end of the current fiscal year.

The company expects to complete all the legal formalities with respect to the proposed merger including the issue of PVR shares to Inox shareholders within the next 45 days of receipt of a certified true copy of the order passed by NCLT.

“The performance of the quarter gone by demonstrates the swift recovery in the business as soon as good quality content is made available," said Ajay Bijli, Chairman cum Managing Director, PVR. "After a dismal Q2, it also marks a good recovery in box office collections. With the Regional movies superlative performance continuing across India, it is only a matter of time before the performance of Bollywood movies catches up. We are looking for a significant uptick in box office collections for next fiscal year and a strong recovery in Bollywood and Hollywood film collections.”