PVR Inox net loss more than triples to Rs 333.37 crore in Q4

Its revenue from operations came in at Rs 1143.17 crore, rising 113 percent

PVR Inox has reported a net consolidated loss of Rs 333.37 crore for the quarter ended March, widening from the loss of Rs 107.41 crore last year.

Its revenue from operations came in at Rs 1143.17 crore, rising 113 percent from Rs 536.17 crore in the corresponding quarter last year.

Over the course of FY23, the company said, it 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 of Food and beverages by patrons.

“The year gone by marks the 1st full year of uninhibited operations for the exhibition industry. There was considerable volatility in box office quarter on quarter. We believe that the 2 major factors that marred the industry in FY’23 – underperformance of Hindi films and less number of Hollywood releases, will both ease out in FY’24,” said Ajay Bijli, Managing Director, PVR INOX Ltd.

“The recently culminated merger with INOX will act as a key milestone for the company and the Indian film industry as a whole. The integration process is proceeding smoothly and we are confident of achieving operational synergies of INR 225 crore over the next 12-24 months.”

The company said it plans to open 150-175 more screens in FY24. Most of these screens are in different stages of fit-out, it added.