PVR INOX Limited’s total revenue for Q3,FY24, grew by 67.10% to Rs 1604.7 crore from Rs 960.3 crore in Q3, FY23 while the net profit for the quarter narrowed by 20.49% to Rs 12.8 crore in Q3,FY24. In Q3, FY23, it reported a profit for the quarter of Rs 16.1 crore. The company stated that the average ticket price was Rs 271 while the average food and beverages spend was Rs 132 in the quarter ended December 2023.
According to the company, the company opened 29 new screens across seven properties in Q3, FY24. The official communique by the company stated that there has been a 14% growth in the average ticket price and an eight percent growth in average food and beverage spend in Q3, FY24 from Q3, FY23. Additionally, there was a 23%increase in ad sales in Q3, FY24 from Q3, FY23.
“The Indian box office witnessed a notable 12% increase, reaching Rs 12,226 crore in 2023, compared to Rs 10,948 crore in 2019. In 2023, the Hindi box office experienced a remarkable comeback boasting four highest-grossing Hindi films of all time – each surpassing the Rs 500 crore mark,” Ajay Bijli, managing director, PVR Inox, said.
According to the company, 36.5 million viewers visited the cinemas during the three-month period ended in December 2023. Some of the top releases for Q3, FY24 were Leo, Tiger 3, Animal, and Dunki among others. Animal became the second highest grossing film at Rs 650 crore in this quarter.
There is a slew of anticipated releases like Teri Baaton Mein Aisa Uljha Jiya, Article 370, Yodha, Shaitan, Madame Web, Dune Part 2, Lal Salaam and Eagle, among others.
“Besides, a diverse range of mid-scale movies across different languages showcased robust performances at the box office. These statistics underscore the resilience of the Indian cinema industry as a preferred medium of entertainment. We expect even greater and more impressive results from this industry in the coming years,” Bijli added.