BackPVR Inox Q4 results: Net loss narrows to ₹130 crore, revenue rises 10% YoY
PVR Inox Q4 results: For the full year FY24, the company’s loss narrowed to ₹32 crore from ₹335 crore in FY23, while its revenue for the period increased to ₹6,107 crore from ₹3,751 crore in the previous year.
PremiumPVR Inox, the multiplex chain operator, reported a consolidated net loss of ₹130 crore in the fourth quarter of FY24, down from ₹333 crore reported in the year-ago period. The company has posted a net profit of ₹13 crore in Q3FY24.
PVR Inox’s revenue from operations in Q4FY24 rose 10% to ₹1,256 crore from ₹1,143 crore, YoY.
For the full year FY24, the company’s loss narrowed to ₹32 crore from ₹335 crore in FY23, while its revenue for the period increased to ₹6,107 crore from ₹3,751 crore in the previous year.
During the quarter ended March 2024, PVR Inox said 3.26 crore patrons visiting its cinemas, while its Average ticket price (ATP) was ₹233. The food & beverage (F&B) spend per head (SPH) was at ₹129.
PVR Inox opened 33 new screens across 6 properties during the quarter and as on date it operates 360 cinemas with 1,748 screens across 112 cities.
In FY24, the company recorded 15.14 crore admissions, up 59% YoY, with an ATP of ₹259. During the year, the company opened 130 new screens and closed 85 underperforming screening, resulting in net addition of 45 screens during the year. Currently, its screen portfolio includes 1,748 screens in 360 cinemas across 112 cities in India and Sri Lanka.
“The key strategic priorities should help the company in charting a new, less capital intensive and incrementally profitable growth path. Our endeavour is to redefine our growth strategy, focus on fixed cost reduction thus improving profitability resulting in enhanced return on capital and free cash flow generation," said Ajay Bijli, Managing Director, PVR INOX Ltd.
The company generated free cash flow of ₹115.8 crore during the year and used it to reduce its net debt from ₹1,430.4 crore on March 31, 2023, to ₹1,294 crore on March 31, 2024.
Partnership with Devyani International
PVR Inox entered into a strategic partnership with Quick Service Restaurant (QSR) operator Devyani International to jointly establish a company in India for the purpose of development and operation of food courts within shopping malls in India.
The partnership will empower Devyani International and PVR INOX to reach a wider audience and expand their market presence, the company said in a release.
“Through this opportunity PVR INOX will be able to pivot into pre-ticketed F&B revenue stream as opposed to the current post ticketed F&B revenue that’s very movie line up dependent. It is our first of the many steps we intend to take to further expand our F&B business. Also, our ability to co-promote both movies and food to 150 million audience would be the USP of this collaboration," said Ajay Bijli.
At 2:20 pm, PVR Inox shares were trading 2.52% lower at ₹1,283.60 apiece on the BSE.
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