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PVR Inox returned to profitability as it posted a consolidated net profit of ₹ 166.3 crore in the second quarter on the back of blockbuster hits such as Jawan and Gadar2. In the corresponding quarter in the previous fiscal, the company had posted net loss of 71.2 crore. Consolidated revenue from operations surged to ₹ 1999.9 crore in Q2 from ₹686 crore in the year-ago period.
The company said that “Q2 FY’24 was the best ever quarter of all time for PVR INOX Ltd in terms of Admissions, Average Ticket Price and SPH leading to highest ever Revenue, EBITDA and PAT.”
During the quarter, admissions surged by 64 per cent to 48.4 million. Average Ticket Price and Spends Per Head witnessed y-o-y growth of 25 per cent and 15 per cent growth.
The multiplex chain added 37 new screens taking its total count to 1,702 screens in 358 cinemas across 115 cities in India and Sri Lanka. “By exiting 33 underperforming screens during H1 FY’24, we continue to focus on profitable expansion. We’re firmly on track to open a total of 150-160 new screens in FY’24, and will fund this growth through internal accruals,” it added.
“This quarter’s results underscore the immense potential of the Indian cinema industry, reflecting the unsatiated appetite of Indian consumers to watch films across languages on the big screen,” said Ajay Bijli, Managing Director, PVR INOX.
“Thanks to the robust financial performance and substantial free cash flow generation, we’ve successfully reduced our net debt by Rs 3,276 million in H1’FY24. This achievement firmly positions us on the path to achieving a free cash flow positive status by the end of FY’24,” the company added
The company noted that highlight of the quarter was record-breaking performance of Hindi box office. This was due to blockbusters Jawan and Gadar 2 and further complemented by the “solid performance” of mid-buget flicks such as ‘Rocky aur Rani ki Prem Kahani’ and ‘Oh my God 2’. Hollywood content line-up with Oppenheimer and ‘Mission Impossible: Dead Reckoning Part 1’ “set a fantastic tone”. On the regional front, ‘Jailer (Tamil),’ featuring Rajinikanth, stood out with an impressive box office collection, it noted.
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