Q1FY24 Mumbai: Multiplex chain PVR Inox reported a net loss of Rs 44.1 crore in the first quarter of FY24, a significant decline from the net profit of Rs 68.3 crore in the same quarter of the previous year, media reported.
The poor performance was attributed to below-average box office collections from Hindi films, a slow recovery in the number of cinema-goers, and reduced revenue from cinema advertising, according to a Moneycontrol report.
While the multiplex operator's year-on-year (YoY) profit declined, it showed improvement compared to the previous quarter, with losses narrowing from Rs 285.7 crore.
Revenue also exceeded expectations, rising by 31.7 percent YoY to reach Rs 1,266.6 crore.
Sequentially, revenue increased by 14.6 percent from the March quarter's figure of Rs 1,104.5 crore, surpassing analysts' projections of a 13 percent quarter-on-quarter (QoQ) growth.
However, the company's income at Rs 1,324.4 crore still experienced a 16 percent decrease compared to the same period last year.
In the June quarter, the company's average ticket price (ATP) was reported at Rs 246, showing a 2 percent increase compared to the previous year.
The spend per head (SPH) also increased by 10 percent YoY, reaching Rs 130. Analysts had anticipated a slight dip in ATP to Rs 245 and a growth in SPH to Rs 129, but PVR Inox outperformed these expectations.
In the previous quarter (Q4 FY23), the company had reported an ATP of Rs 239 and SPH of Rs 119.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
