PVR INOX Limited posted total revenues for Q2, FY24, stood at Rs 2023.7 crore from Rs 1081.8 crore in Q2, FY23 while the net profit for the quarter stood at Rs 166.3 crore in Q2 FY24. In Q2, FY23, it reported a loss for the quarter of Rs 71.5 crore. The company stated that the average ticket price was Rs 276 while the average food and beverages spend was Rs 136 in the quarter ended September 2023.
According to the company, net screens added in Q1, FY24 stood at 37 across seven properties. It further reported that the average ticket price stood at Rs 276. Moreover, the average food and beverage spend stood at Rs 136. It stated that there has been a 25% growth in the average ticket price and 15% growth in the average food and beverage spend in Q2, FY24 from Q2, FY23.
“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,” Ajay Bijli, managing director, PVR Inox, said.
According to the company, 48.4 million viewers visited the cinemas during the three-month period ended in September 2023. Some of the top releases for Q2, FY24 were Jawan, Gadar 2, among others. The films amassed more than Rs 750 crores and Rs 620 crores. Rocky aur Rani ki Prem Kahani and Oh My God 2 grossed over Rs 150 crores with Dream Girl 2 crossing the Rs 100 crore mark. PVR Inox added 37 new screens in seven cinemas while focussing on profitable growth.
The company in its official communique stated that Hollywood movies have performed well. “Oppenheimer and Mission Impossible: Dead Reckoning Part one, set a fantastic tone, grossing over Rs 150 crores and Rs 130 crores, respectively, in India. Barbie and Nun II also performed well, crossing the Rs 50 crore mark,” it stated. There are a slew of anticipated releases like Tiger 3, Animal, Killers of the Flower Moon, Wonka, The Marvels, among others.
The company also stated in its official communique that it has reduced its net debt by Rs 327.6 crore in H1, FY24 on the back of its financial performance and free cash flow generation. “This achievement firmly positions us on the path to achieving a free cash flow-positive status by the end of FY’24,” it stated.