PVR INOX Limited posted total revenues for Q1,FY24, stood at Rs 1324.4 crore from Rs 1589.6 crore in Q1, FY23 while the net loss for the quarter stood at Rs 44.1 crore in Q1,FY24. In Q1, FY23, it reported a profit for the quarter of Rs 68.3 crore. The company stated that the average ticket price was Rs 246 while average food and beverages spend was Rs 130 in the quarter ended June 2023.
According to the company, net screens added in Q1, FY24 stood at 17. It further reported that the average ticket price stood at Rs 246. Moreover, average food and beverage spend stood at Rs 130. It stated that there has been a three percent growth in average ticket price and nine percent growth in average food and beverage spend in Q1, FY24 from Q1, FY23.
“Notably, the Hindi Box office has shown a gradual reduction in Q-o-Q volatility, accompanied by improved performance of mid-scale Hindi movies, indicating a growing appetite for fresh Hindi content among audiences. We strongly believe that as we progress through the rest of the year, we will witness a rising trend of Box Office across all genres,” Ajay Bijli, managing director, PVR Inox, said.
According to the company, 33.9 million viewers visited the cinemas during the three-month period ended in June 2023. Some of the top releases for Q1, FY24 were The Kerala Story, Fast X, 2018 among others. Adipurush recorded highest weekend admissions in 2023 but could not do well. Carry on Jatta 3 and Baipan Bhari Deva performed well towards the end of the quarter. PVR Inox added 31 new screens while shutting down 14 screens with its focus on profitable growth.
The company in its official communique stated that Hollywood movies have performed well with a 70% quarter-on-quarter box office collections for Hollywood films. “The recent success of Hollywood blockbusters like Oppenheimer, Mission Impossible: Dead Reckoning Part One and Barbie reaffirms our belief that audience’s enthusiasm for theatrical movie-going remains intact when there is compelling content,” it stated. There are a slew of anticipated releases like Oh My God 2, Gadar 2, The Expendables 4, The Meg 2, Teenage Mutant Ninja Turtles: Mutant Mayhem, Jailer, Bhola Shankar among others.