PVR Inox Q3 Results: Revenue Rises 8% Fueled By Synergy
The company's average ticket price rose 14% to Rs 271, and food and beverage spend per head was steady at Rs 132.
![<div class="paragraphs"><p>Representative image (Source: Company Twitter @_PVRCinemas)</p></div>](https://media.assettype.com/bloombergquint%2Fimport%2Fl8cvojbg_pvr-inox-logo_625x300_17_May_23.jpg?auto=format%2Ccompress&w=200)
PVR Inox Ltd.'s revenue surged in the third quarter despite industry headwinds, aided by synergies after the merger of India's two largest multiplex chains.
Revenue of the company rose 8% year-on-year on a pro forma basis to Rs 1,604.7 crore in the quarter ended December, according to its exchange filing issued on Wednesday.
The company's average ticket price rose 14% to Rs 271, and food and beverage spend per head was steady at Rs 132. This pricing strategy contributed to the revenue surge, even as overall movie production and distribution revenue declined from Rs 132.1 crore to Rs 68.1 crore year-on-year.
PVR Inox Q3 FY24 (Consolidated, QoQ)
Revenue down 22.7% at Rs 1,545.9 crore vs Rs 1,999.9 crore.
Ebitda down 33.13% at Rs 472.4 crore vs Rs 706.5 crore.
Margin at 30.55% vs 35.33%.
Net profit down 92.3% at Rs 12.8 crore vs loss of Rs 166.2 crore.
PVR Inox Q3 FY24 (Pro Forma, Consolidated, YoY)
Total income up 8% at Rs 1,604.7 crore vs Rs 1,481.6 crore.
Ebitda up 9.55% at Rs 531.2 crore vs Rs 484.9 crore.
Margin at 33.1% vs 32.7%.
Net profit up 152.25% at Rs 12.8 crore vs loss of Rs 24.5 crore.
The company is navigating a complex landscape with headwinds expected in Q4 FY24, according to Elara Capital.
The Hollywood Writer's Association strike, lower Hindi box office collection, and OTT platforms turning cautious about buying digital rights of movies are among potential triggers that could impact future revenue streams, it said.
Despite these challenges, PVR Inox's expansion strategy is evident with 29 new screen openings across seven properties during the quarter. It also reduced gross debt by Rs 184.6 crore over nine month of FY24.
Shares of PVR Inox ended 0.11% lower at Rs 1,460 apiece after the results were announced, as compared with a 0.95% rise in the NSE Nifty 50.