PVR INOX Q1 results: Net loss at Rs 82 crore; revenue up 33%; brokerage sees stock at Rs 1,704
PVR INOX Q1 results: PVR INOX said that Q1 FY24 saw the release of the highest number of Hollywood movies post-pandemic, which, combined with a robust performance at the Box Office, led to an impressive growth of 70 per cent in quarter-on-quarter box office collections for Hollywood films.
- Aug 1, 2023,
- Updated Aug 1, 2023 4:11 PM IST
Multiplex chain operator PVR INOX on Tuesday reported a consolidated net loss of Rs 81.6 crore for the June quarter (Q1 FY24) against a profit of Rs 53.4 crore in the year-ago period. The company's revenue from operations stood at Rs 1,304.9 crore in Q4 FY24, up 32.96 per cent compared to Rs 981 crore in the corresponding quarter of last fiscal.
"As the appointed date for the PVR INOX merger was January 1, 2023; Q4 FY23 and Q1 FY24 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q1 FY23," the company stated in an exchange filing.
"Sequentially, the quarter witnessed an 11 per cent increase in admissions from 3.05 crore admissions in Q4 FY23 to 3.39 crore admissions in Q1 FY24. Average ticket price and Spend per head on Food & Beverage increased by 3 per cent and 9 per cent. Driven by strong operating performance, ticket sales increased by 15 per cent and Food & Beverage sales increased by 22 per cent quarter on quarter. Ad income in Q1 FY24 remained at almost the same level as Q4 FY23," it further mentioned.
PVR INOX said that Q1 FY24 saw the release of the highest number of Hollywood movies post-pandemic, which, combined with a robust performance at the Box Office, led to an impressive growth of 70 per cent in quarter-on-quarter box office collections for Hollywood films.
Ajay Bijli, Managing Director, PVR INOX, said, "The exceptional performance of Hollywood movies both in terms of the increase in number of releases year on year and the box office collections during the quarter reinforces our belief in consumers love for theater-going. It's heartening to see the blockbuster success of unconventional movies like Barbie and Oppenheimer in India, clearly indicating that audiences choose the big screen for a unique cinema experience."
Brokerage Prabhudas Lilladher (PL) said the Q1 FY24 results were broadly in line with the Street estimates. "Top-line increased 33 per cent YoY (not comparable due to consolidation with Inox) to Rs 1,304.9 crore (PLe Rs1,341.4 crore) but was up 14.1 per cent on QoQ basis buoyed by movies. Footfalls stood at 3.39 crore (PLe of 3.3 crore) down 22 per cent YoY (on proforma numbers of Q1 FY23)," PL stated.
"ATP increased 2 per cent YoY to Rs 246 (PLe of Rs 245) while SPH was up 10 per cent YoY to Rs 130 (PLe of Rs 129). YoY comparison is based on proforma figures of 1QFY23. Ind-AS adjusted EBITDA stood at Rs 75.4 crore (PLe Rs 77.6 crore) and posted decent sequential recovery (Ind-AS adjusted EBITDA break-even was achieved in 4QFY23). Ind-AS adjusted loss stood at Rs 44.1 crore (PLe loss Rs 29 crore) in comparison with Ind-AS adjusted loss of Rs 285.7 crore in Q4 FY23," it further said.
PL has a 'Buy' rating on the stock with a target price of Rs 1,704. The stock today settled 0.51 per cent higher at Rs 1,565.
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Multiplex chain operator PVR INOX on Tuesday reported a consolidated net loss of Rs 81.6 crore for the June quarter (Q1 FY24) against a profit of Rs 53.4 crore in the year-ago period. The company's revenue from operations stood at Rs 1,304.9 crore in Q4 FY24, up 32.96 per cent compared to Rs 981 crore in the corresponding quarter of last fiscal.
"As the appointed date for the PVR INOX merger was January 1, 2023; Q4 FY23 and Q1 FY24 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q1 FY23," the company stated in an exchange filing.
"Sequentially, the quarter witnessed an 11 per cent increase in admissions from 3.05 crore admissions in Q4 FY23 to 3.39 crore admissions in Q1 FY24. Average ticket price and Spend per head on Food & Beverage increased by 3 per cent and 9 per cent. Driven by strong operating performance, ticket sales increased by 15 per cent and Food & Beverage sales increased by 22 per cent quarter on quarter. Ad income in Q1 FY24 remained at almost the same level as Q4 FY23," it further mentioned.
PVR INOX said that Q1 FY24 saw the release of the highest number of Hollywood movies post-pandemic, which, combined with a robust performance at the Box Office, led to an impressive growth of 70 per cent in quarter-on-quarter box office collections for Hollywood films.
Ajay Bijli, Managing Director, PVR INOX, said, "The exceptional performance of Hollywood movies both in terms of the increase in number of releases year on year and the box office collections during the quarter reinforces our belief in consumers love for theater-going. It's heartening to see the blockbuster success of unconventional movies like Barbie and Oppenheimer in India, clearly indicating that audiences choose the big screen for a unique cinema experience."
Brokerage Prabhudas Lilladher (PL) said the Q1 FY24 results were broadly in line with the Street estimates. "Top-line increased 33 per cent YoY (not comparable due to consolidation with Inox) to Rs 1,304.9 crore (PLe Rs1,341.4 crore) but was up 14.1 per cent on QoQ basis buoyed by movies. Footfalls stood at 3.39 crore (PLe of 3.3 crore) down 22 per cent YoY (on proforma numbers of Q1 FY23)," PL stated.
"ATP increased 2 per cent YoY to Rs 246 (PLe of Rs 245) while SPH was up 10 per cent YoY to Rs 130 (PLe of Rs 129). YoY comparison is based on proforma figures of 1QFY23. Ind-AS adjusted EBITDA stood at Rs 75.4 crore (PLe Rs 77.6 crore) and posted decent sequential recovery (Ind-AS adjusted EBITDA break-even was achieved in 4QFY23). Ind-AS adjusted loss stood at Rs 44.1 crore (PLe loss Rs 29 crore) in comparison with Ind-AS adjusted loss of Rs 285.7 crore in Q4 FY23," it further said.
PL has a 'Buy' rating on the stock with a target price of Rs 1,704. The stock today settled 0.51 per cent higher at Rs 1,565.
Also read: IRFC shares recover 87% from 52-week low; can they hit Rs 50 mark?
Also read: Hot stocks on August 1, 2023: Adani Green, Power Grid, Adani Energy Solutions, DLF and more