Multiplex firm PVR Inox Ltd, on Monday, reported a widening in consolidated net loss at Rs 333 crore for the March quarter. The company reported a net loss of Rs 105 crore a year ago.
The company’s consolidated total revenue from operation rose by 113 per cent to Rs 1,143 crore for the March quarter as compared to Rs 536 crore in the year-ago period.
PVR Inox Ltd stock, on Monday, ended over 1 per cent higher at Rs 1464.45.
PVR Inox to raise funds through issuance of non-convertible debentures for not exceeding Rs 100 crore.
In a regulatory filing, the company said, “The quarter witnessed a soaring start with the resounding success of 'Pathaan' in January and the continued impressive performance of 'Avatar: Way of Water', which was released in December 2022. However, February and March saw a dip in admissions due to lackluster performances from Hindi films. While movies like 'Tu Jhoothi Main Makkar' and 'Bhola' from Bollywood were able to generate average box office collections, 'Selfiee' and 'Shehzada' failed to create an impact.”
“In the case of Hollywood releases, ‘John Wick: Chapter 4’, ‘Antman and the Wasp: Quantumania’, ‘Shazam 2’ and ‘Creed III’ delivered decent performance at the Box Office. On the other hand, regional films such as 'Varisu' in Tamil, 'Waltair Veerayya' and 'Thunivu' in Telugu, and 'Ved' in Marathi have continued to achieve significant box office collections,” said the company statement.
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“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.
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