PVR Inox Q2 Results: Firm posts net loss of ₹11.8 crore

PVR Inox reported a consolidated net loss of ₹11.8 crore for the quarter ended September 30, 2024 versus ₹166.3 crore profit reported in the year-ago period. The revenue from operations stood at ₹1622.1 crore for the July-September quarter which was down by nearly 19% from ₹1,999.9 crore reported in the corresponding quarter of the previous financial year.

The consolidated total income for the quarter that ended September stood at ₹1,663.9 crore which was down about 18% from ₹2,023.7 crore reported in the corresponding quarter of the previous financial year (Q2FY24).

The company's expenses in the September quarter came in at ₹1,678.6 crore which was lower 6.8% from ₹1,802 crore in Q2FY24.

According to the exchange filing, EBITDA, for the quarter ending in September was at ₹206.9 crore.

Post the announcement of Q2 results, PVR Inox share price marginally rose. At 13:55 IST, PVR Inox share price was trading at ₹1,618.05, up 1.97% on the BSE. PVR Inox share price today opened at ₹1,605.75 per share, the stock touched an intraday high of ₹1,645, and an intraday low of ₹1,578.95.

"The stock is into a short-term corrective phase, but the broader trend remains positive, and hence one should look to buy on declines. The support is seen in the range of ₹1,530-1,500,"said Ruchit Jain, Lead Research Analyst at 5paisa.

Futher, Vishal Kashyap Mahadevia has been approved by the board of directors as an Additional Director and designated as an Independent Director on the Company's Board for a five-year term starting from October 22, 2024.

In the September quarter, the company registered 38.8 million admissions with an average ticket price (ATP) of ₹257 and food and beverage (F&B) spending per person of ₹136. According to the exchange filing, in the first half of the year, the company logged 69.2 million admissions with an ATP of ₹247 and spending per head (SPH) of ₹135.

In an exchange filing, the company reported a net debt reduction of ₹1,409 million from the March 24 levels of ₹12,940 million. During the period, 66 new screens were opened across 9 properties. To date, there have been 71 new screen openings across 10 properties. As of now, PVR Inox operates 356 cinemas with 1,747 screens across 111 cities.

The company is strongly committed to implementing its plan to increase free cash flow, enhance return metrics, and decrease debt. Even though the first half of FY'25 was relatively slow, the company managed to produce positive free cash flow and cut net debt by ₹1,409 million.

“The performance in this quarter, highlights the enduring appeal of cinema and the power of compelling content. Our strategy of combining fresh blockbusters with nostalgic rereleases has resonated strongly with audiences, reinforcing our position as a leader in the multiplex industry,” said Ajay Bijli, Managing Director, PVR Inox.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.