Buoyed by the success of blockbusters such as Padmavat and Padman, multiplex chain operator has reported strong Q4 results, however, the success of sleeper hits such as ‘Sonu Ke Titu Ki Sweety,’ also played a part.
Buoyed by the success of blockbusters such as Padmaavat and Padman, multiplex chain operator has reported strong Q4 results, however, the success of sleeper hits such as ‘Sonu Ke Titu Ki Sweety,’ also played a part. Taking stock of the performance in the quarter, Ajay Bijli told CNBC TV18 that while Padmaat helped the company to post robust results, the profits were hit as controversy surrounding the movie stalled the release in 3 states, causing impacting 78 screens.
“Last quarter was quite strange, because on one hand we had Padmaavat, at the same time it didn’t release in three states, due to all the controversy around it. The numbers would otherwise have been better. 78 PVR screens did not play Padmavat,” he told the channel. Apart from Padmaavat and Padman, sleeper hits such as Sonu Ke Titu Ki Sweety also propped up the revenues at the firm.
“Blockbuster by definition is where the production cost is also very high. Sleeper hits will always be there. Movies where the star cast is not there, the budget is not there, yet they ended up doing well. We had Raid, Padman, Padmaavat, quite a few were actually sleeper hits,” Ajay Bijli noted.
However, the most intriguing part of Q4 has been the appetite for movies despite IPL and various board exams. “What has been exceptional this year is that fourth quarter, which has IPL as well as exams etc, even that has done well, and it shows that people have appetite to go out and watch movies as long as content creators go out and supply movies, regardless of external factors,” Bijli told the channel.
PVR reported a consolidated net profit of Rs 26.20 crore for the fourth quarter ended March 2018, as compared to a loss of Rs 5 lakh in the previous quarter. PVR’s total income came in at Rs 592.44 crore as against Rs 499.68 crore in the year-ago period, according to the the company’s BSE filing.