PVR INOX, a multiplex operator, has revealed its decision to close approximately 50 cinema screens within the next six months. The closures primarily target screens that are experiencing financial losses or are located in malls that have reached the end of their viability with little potential for revival. PVR INOX has made provisions for accelerated depreciation and written off the written-down value of these assets in its financial records.
PVR INOX Ltd, formerly known as PVR Ltd, has announced a consolidated net loss of Rs 333.99 crore for the fourth quarter ending on March 31, 2023.
PVR Inox Ltd, the result of the merger between PVR Ltd and INOX Leisure, reported a net loss of Rs 333.99 crore for the January-March quarter, compared to a net loss of Rs 105.49 crore in the same period last year. The company’s revenue from operations for the quarter was Rs 1,143.17 crore, a significant increase from Rs 536.17 crore in the corresponding period of the previous year.
Due to the effective date of the merger being February 6, 2023, the company stated that the financial results are not comparable to the previous year.
The company clarified that the fourth quarter results for the fiscal year 2023 are reported on a merged basis for PVR and INOX, and therefore, are not comparable to the results reported in the fourth quarter of fiscal year 2022. Similarly, the full-year results for fiscal year 2023 are based on nine-month numbers for PVR and fourth quarter numbers for the combined entity of PVR and INOX, making them not comparable to the results reported in fiscal year 2022.
In the fourth quarter of fiscal yr 2023, PVR Inox recorded total expenses of Rs 1,364.11 crore, while its total income for the same period was Rs 1,164.92 crore. The company reported that it had a total of 30.5 million theatrical admissions during the quarter.
Additionally, PVR Inox stated that the average ticket price in the March quarter was Rs 239, and the average food and beverage spend per patron was Rs 119. The company also mentioned that it added 79 screens across 13 properties during the quarter.
In the earning statement, PVR Inox highlighted that it had a total of 30.5 million theatrical admissions during the quarter. The average ticket price in the March quarter was Rs 239, and the average food and beverage spend per patron was Rs 119. The company also expanded its operations by adding 79 screens across 13 properties during the quarter.
For the fiscal year ending in March 2023, PVR Inox reported a net loss of Rs 336.40 crore. Its consolidated revenue from operations in FY23 amounted to Rs 3,750.65 crore.
The company stated that despite the underperformance and volatility of Hindi movies and a decrease in Hollywood releases in the previous year, it observed a strong recovery throughout FY23.
Regarding the results, Ajay Bijli, the Managing Director of PVR INOX, stated that the previous year marked the first full year of unrestricted operations for the exhibition industry. He acknowledged the considerable volatility in the box office results from quarter to quarter.
Bijli expressed belief that the two major challenges faced by the industry in FY23, namely the underperformance of Hindi films and the limited number of Hollywood releases, would both improve in FY24.
In FY23, PVR and INOX collectively introduced 168 new screens across 30 cinemas.
The company stated, “In FY24, we have plans to open an additional 150-175 screens. Many of these screens are currently in various stages of fit-out. As a strategic measure, all upcoming site handovers for fit-outs have been rescheduled to the next calendar year, awaiting a strong recovery in the box office.”
By the end of FY23, PVR INOX operated a total of 361 cinemas with 1,689 screens across 115 cities in India and Sri Lanka.
Regarding the future outlook, PVR INOX expressed optimism about the robust lineup of content in multiple languages for FY24.
On the stock market, shares of PVR Inox Ltd closed at Rs 1,464.45 on BSE, marking a 1.19 percent increase from the previous close.
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