PVR Inox Q2 Results: Multiplex declares a Rs 166 crore net profit as revenue increases by 53% QoQ

19 Oct 2023 , 05:04 PM

The multiplex chain operator, PVR Inox, announced on Thursday that it had made Rs 166.3 crore in net profit for the second quarter of FY24, up from Rs 82 crore in the first quarter of the same fiscal year. The company’s sales increased from Rs 1,305 crore in Q1 to Rs 1,999.9 crore in Q2, a 53.3% increase.

The quarter’s high point was the Hindi film industry’s record-breaking performance. ‘Jawan’ and ‘Gadar 2’ have become two of the highest-grossing Hindi films ever, earning over Rs 750 crore and Rs 620 crore at the box office, respectively, according to PVR Inox.

Hollywood productions ‘Oppenheimer’ and ‘Mission Impossible: Dead Reckoning Part 1’ brought in around Rs 150 crore and Rs 130 crore respectively. ‘Oppenheimer’ and ‘Mission Impossible.

We have been assiduously working to fulfil the full potential of our strategic combination since our recent merger. PVR Inox sent a press release saying, ‘We are happy to report that the integration process has been going smoothly, yielding substantial operational efficiencies.’

Earnings before interest, tax, depreciation, and amortization (Ebitda) increased by 830 basis points (bps) on a quarter-over-quarter basis from 27% to 35.3%. Ebitda jumped to Rs 706.8 crore during the quarter from Rs 353 crore sequentially.

According to the firm, it had the best-ever quarter for box office receipts and is on pace to become free cash flow positive in FY24.

With an all-time high of ₹276 for the average ticket price (ATP) in the September quarter, F&B spend per head was Rs 136. YoY, foot traffic increased by 64% to 48.4 million from 29.6 million.

The company plans to open 160 more screens in FY24, of which 68 have been opened. As of right now, PVR INOX runs 358 theatres with 1,702 screens spread over 115 cities. 

Furthermore, the company managed to substantially lower its net debt by Rs 327.6 crore in H1FY24, driven by significant free cash flow creation.

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