The result comes as much-needed respite for the multiplex chain since the pandemic ravaged the revenues of the exhibition business and eventually forced the merger of erstwhile rivals PVR and INOX. 
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The result comes as much-needed respite for the multiplex chain since the pandemic ravaged the revenues of the exhibition business and eventually forced the merger of erstwhile rivals PVR and INOX. The country’s largest multiplex chain PVR INOX swung into a profit of Rs 166 crore during July-September 2023 to report its best-ever quarter, boosted by the blockbuster performances of Bollywood, Hollywood and regional films.
The result comes as much-needed respite for the multiplex chain since the pandemic ravaged the revenues of the exhibition business and eventually forced the merger of erstwhile rivals PVR and INOX.
The national-level multiplex chain, which has 1,702 screens in 358 cinemas across 115 cities in India and Sri Lanka, saw its quarterly revenue jump to Rs 2,023 crore from Rs 702.4 crore in the year-ago period. Its Profit After Tax (PAT) zoomed to Rs 166 crore after a seeing a Rs 71 crore loss a year ago.
As the PVR INOX merger became effective from 6th February 2023, the company’s results were reported on a merged basis. They are not comparable with the previous year’s numbers which are proforma PVR + INOX combined.
The result also marks the revival of Hindi films, which account for a major share of the chain’s theatrical revenues but has been the slowest among languages to recover after the pandemic.
PVR INOX saw its highest-ever box office collection of Rs 1,335.8 crore during July-September, up 106% compared to Rs 648 crore collection in the year-ago quarter. This was driven by Bollywood’s 'Jawan', 'Gadar 2', ‘Rocky aur Rani ki Prem Kahani’, ‘Oh my God 2’, ‘Dream Girl 2’, ‘Fukrey 3’, Hollywood’s Oppenheimer' and 'Mission Impossible: Dead Reckoning Part 1, 'Barbie' and 'Nun II' as well as regional hits Jailer (Tamil), 'Baipan Bhari Deva (Marathi)' and 'Carry on Jatta 3 (Punjabi)'.
"This quarter’s results underscore the immense potential of the Indian cinema industry, reflecting the unsatiated appetite of Indian consumers to watch films across languages on the big screen,” said Ajay Bijli, Managing Director, PVR INOX.
Besides, the newly merged entity also saw a significant net debt reduction of Rs 3,27.6 crore during April-September 2023 and said it is on track to turn free cash-flow positive by March 2024.
Following the merger, the company said its integration process has been progressing seamlessly yielding operational efficiencies across different aspects of business. It highlighted that it is on track to open 160 new screens in FY24, of which 68 have already opened. These will be funded through internal accruals, it said.
Similarly, it expects to exit 60 underperforming screens in the ongoing financial year, of which it has already exited 33 screens over the past 6 months.
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