PVR INOX Q1 net loss widens to Rs 179 cr

The cinema chain operator's consolidated net loss widened to Rs 179 crore in Q1 FY25 from a net loss of Rs 82 crore recorded in Q1 FY24.

Revenue from operations declined 8.75% year on year (YoY) to Rs 1,190.7 crore in the quarter ended 30 June 2024.

Total income in Q1 FY25 was at Rs 1,219.4 crore, down 8.3% as against Rs 1,329.8 crore posted in same quarter last year.

The firm reported a pre-tax loss of Rs 238.1 crore in the June quarter as compared with a pre-tax loss of Rs 107.9 crore reported in Q1 FY24.

EBITDA dropped 25.74% YoY to Rs 280.2 crore during the period under review. EBITDA margin reduced to 23% in Q1 FY25 as against 28.4% posted in corresponding quarter previous fiscal.

The companys revenue from movie exhibition stood at Rs 1,169.5 crore (down 9.56% YoY) while revenue from movie production and distribution stood at Rs 49.6 crore (up 17.81% YoY), during the quarter.

In Q1 FY25, the company recorded 30.4 million admissions with an ATP of Rs 235 and SPH of Rs 134 as compared to 33.9 million admissions with an ATP of Rs 246 and SPH of Rs 130 in the same period last year.

The quarter began on a soft note, with April and May getting impacted due to the general elections, which were the second longest in India's history at 44 days. This prompted many producers to postpone film releases, resulting in a 13% drop in the number of releases in the quarter as compared to the first quarter of last year, the company stated in the press release.

On the growth front, during the quarter, the company opened 50 new screens and closed 14 underperforming screens, resulting in a net addition of 36 screens. Currently, the firms screen portfolio includes 1,754 screens in 361 cinemas across 113 cities in India and Sri Lanka.

Ajay Bijli, managing director of PVR INOX, said, " With Kalki's continued success and a promising lineup ahead across languages, Q2 has begun on a positive note. There are no significant events expected in the near future to disrupt the release schedule. Additionally, Hollywood is expected to bounceback, as the effects of the writer and actor strikes are beginning to diminish. We anticipate a significantly improved performance in the remaining three quarters of the current fiscal year.

PVR INOX is engaged in the business of movie exhibition & production and operates largest cinema circuit across India. The company earns revenue from sale of movie tickets, in-cinema advertisements/product displays and sale of food and beverages and restaurant business.

The scrip advanced 1.56% to currently trade at Rs 1,425.95 on the BSE.

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