PVR INOX Limited posted total revenue of Rs 3819 crore for the year ended March 2023, from Rs 1407.1 crore in FY22. While net loss stood at Rs 242.9 crore in FY23. In FY22 it had reported net loss of Rs 418.9 crore. What is to be noted here is that the two financial periods are not comparable as FY23 full-year results are based on nine-month numbers for PVR and quarter fourth is combined with INOX. It plans to open 150-175 more screens in the current fiscal.
The total revenues posted for Q4,FY23 stood at Rs 1164.7 crore from Rs 552.6 crore in Q4, FY22 while the net loss for the quarter stood at Rs 285.7 crore in Q4,FY23. In Q4, FY22, it had reported net loss for the quarter of Rs 95.6 crore. The company stated that the average ticket price was Rs 239 while average food and beverages spend was Rs 119 in the quarter ended March 2023.
“The year gone by marks the first full year of uninhibited operations for the exhibition industry. There was considerable volatility in box office quarter on quarter. We believe that the two major factors which marred the industry in FY’23 were underperformance of Hindi films and less number of Hollywood releases. This is expected to ease out in FY24. The recently culminated merger with INOX will act as a key milestone for the company. The integration process is proceeding smoothly and we are confident of achieving operational synergies of R 225 crore over the next 12-24 months,” Ajay Bijli, managing director, PVR INOX Ltd said
According to the company, 95.1 million viewers visited the cinemas during the twelve period that ended in March 2023. It further reported that the average ticket price stood at Rs 240. Moreover, average food and beverage spend stood at Rs 128. PVR INOX added 168 screens across 30 cinemas in FY23. Some of the top releases last year include Pathaan, Avatar: Way of Water, which was released in December 2022. However, February and March saw a dip in admissions due to lacklustre performances from Hindi films. While movies such as Tu Jhoothi Main Makkar and Bhola were able to generate average box office collections.
The company in its official communique stated that over the course of FY 2023, it had witnessed a robust recovery despite the underperformance and volatility of Hindi movies and significantly low releases from Hollywood in the previous year. “The exhibition business has witnessed strong growth, driven by the exceptional performance of regional cinema, an increase in ticket prices, and a substantial increase in consumption/spending of food and beverages by our patrons,” it stated. This trend is expected to settle down over the next two to three quarters with a slew of releases such as Maidan, Adipurush, and Satyaprem Ki Katha in June, among others. Hollywood movies including Fast and Furious, Transformers: Rise of the Beasts, The Flash, among others are expected to release this year.