PVR Inox Q4 results: Multiplex firm's net loss widens to Rs 333 cr

Multiplex firm PVR Inox on Monday reported widening in net loss at Rs 333 crore for the quarter ending March 31, 2023. It reported net loss of Rs 105 crore in the year-ago period.

Q4FY23 is the first quarter for the merged entity.

The firm's revenue more than doubled to Rs 1,165 crore in Q4FY23 as against Rs 579 crore in Q4FY22.

"The quarter witnessed a soaring start with the resounding success of 'Pathaan' in January and the continued impressive performance of 'Avatar: Way of Water', which was released in Dec'22. However, February and March saw a dip in admissions due to lackluster performances from Hindi films. While movies like 'Tu Jhoothi Main Makkar' and 'Bhola' from Bollywood were able to generate average box office collections, 'Selfiee' and 'Shehzada' failed to create an impact," said the firm in a stock exchange filing.

"In the case of Hollywood releases, ‘John Wick: Chapter 4’, ‘Antman and the Wasp: Quantumania’, ‘Shazam 2’ and ‘Creed III’ delivered decent performance at the Box Office. On the other hand, regional films such as 'Varisu' and 'Thunivu' in Tamil, 'Waltair Veerayya' in Telugu, and 'Ved' in Marathi have continued to achieve significant box office collections," added the multiplex firm.

PVR Inox said it is looking forward to FY24, amid robust content line up across all languages. "Our upcoming release slate includes several highly anticipated Hindi movies such as ‘Maidan’, ‘Adipurush’, and ‘Satyaprem Ki Katha’ in June; ‘Rocky aur Rani ki Prem Kahani’ starring Ranveer Singh and Alia Bhatt in July; ‘Dream Girl 2’ starring Ayushman Khurana and ‘Animal’ starring Ranbir Kapoor in August; ‘Jawan’ starring Shahrukh Khan and ‘Yodha’ starring Sidharth Malhotra in September; and ‘Tiger 3’ starring Salman Khan in November," said the company.

PVR said as on date its screen portfolio stands at 1,689 screens across 361 cinemas in 115 cities in India and Sri Lanka.

Commenting on the results and performance, Ajay Bijli, Managing Director, PVR INOX Ltd said, “The year gone by marks the 1st full year of uninhibited operations for the exhibition industry. There was considerable volatility in box office quarter on quarter. We believe that the 2 major factors that marred the industry in FY’23 – underperformance of Hindi films and less number of Hollywood releases, will both ease out in FY’24.

"The recently culminated merger with INOX will act as a key milestone for the company and the Indian film industry as a whole. The integration process is proceeding smoothly and we are confident of achieving operational synergies of Rs 225 crore over the next 12-24 months.”

On Monday, PVR's scrip on BSE closed 1.5% higher at Rs 1,468.5.

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