Jawan, Gadar 2 drive PVR Inox's Q2 profit to ₹166 cr; revenue up 53% QoQ

PVR-Inox Ltd released the financial results for the July to September quarter on October 19. During the quarter review, the multiplex operator reported a profit of ₹166.3 crore, as against the loss of ₹82 crore in the June quarter of FY24. The company's revenue from operations surged 53.3% to ₹1,999.9 crore as against ₹1,304.9 crore in the previous quarter. The company’s EBITDA (earnings before interest, tax, depreciation and amortization) stood at ₹730.6 crore.

This is the second financial result by the company post merger of two leading cinema brands PVR and INOX Leisure, effective from February 6, 2023. The two entities were merged in a share swap ratio of three shares of PVR for every 10 shares of INOX.

"The biggest highlight of the quarter was the record-breaking performance of the Hindi box office. Jawan and Gadar 2 ranked amongst the highest-grossing Hindi films of all time, amassing over 750+ crores and 620+ crores at the box office. They were complemented by the solid performance of mid-budget movies, with Rocky aur Rani ki Prem Kahani and Oh My God 2 grossing 150+ crs and Dream Girl 2 crossing the 100 crore mark. Fukrey 3 released near the quarter end, also crossed 100 crore at the box office," says the company.

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

During the quarter, the company opened 37 new screens across seven properties. At present, PVR INOX operates 358 cinemas with 1,702 screens across 115 cities. The company, in the June quarter, said that it will be exiting 33 underperforming screens. “By exiting 33 underperforming screens during H1 FY’24, we continue to focus on profitable expansion. We're 3 firmly on track to open a total of 150-160 new screens in FY’24, and will fund this growth through internal accruals,” says the company.

In September, the company’s admissions stood at 4.84 crore, which is the highest. During the quarter under review, the company's average ticket price (ATP) stood at ₹276 and the F&B (food and beverage) spend per head stood at ₹136. “This robust performance led to a 109% increase in ticket sales, an 89% rise in Food and beverage sales, and a 41% boost in Ad sales when compared to proforma figures from Q2 FY’23,” says the company.  

Following the development, the share price of the company was trading 1.01% lower at ₹1,755.80.