PVR Inox shares in focus as Adipurush box office collection nears Rs 250 crore mark

Shares of PVR Inox were trading marginally lower in Monday's trade after a disappointing Friday, as the net box office collection (NBOC) of 'Adipurush' improved over the weekend, rekindling hopes of a healthy June quarter results ahead for the multiplex owner.

As per reports, Prabhas-starrer film is likely to cross the Rs 250 crore-mark on Monday. Adipurush collected Rs 86.75 crore on Friday, Rs 65.25 crore on Saturday, Rs 64.10 crore on Sunday and is expected to mint around Rs 30 crore on Monday. With this, the film’s total box office collection in the first four days is expected to stand close to Rs 245 crore. 

PVR Inox, whose shares fell 3.3 per cent on Friday, edged 0.47 pre cent lower to 1,443.70 apiece on BSE.

The big budget Hindi film got released on June 16. Elara Securities expects a net box office collection of Rs 350-40 crore. It, however, noted that the longer run time of 180 minutes could negatively impact footfall potential.

"In terms of Prabhas’ earlier films, Saaho and Radhe Shyam reported an average performance as both films posted a net box office collection of Rs 280 crore and Rs 150 crore, respectively, well below expectations, given their size and scale. However, Adipurush may change that as the film could breach at least Rs 350 crore," it said.

Prabhudas Lilladher noted that four  movies have crossed the NBOC barrier of Rs 100 crore in the June quarter and if Adipurush is able to net upwards of Rs 500 crore, PVR-Inox will report a better performance than March quarter.

June started on a modest note with movies such as ‘Zara Hatke Zara Bachke’ and ‘Spider-Man: Across the SpiderVerse – part one’ minting Rs 37.40 crore and Rs 25,40 crore, respectively, net domestic box office in their first week.

Breaking down the numbers, ticket sales reported by PVR INOX for the film’s first weekend stood at 5.5 lakh tickets sold.

"Next big movie to watch out for will be ‘Satyaprem Ki Katha’, releasing on 29 June (starring Kartik Aryan). Overall, on the content front FY24 looks promising, with some prominent releases. The content issue, which the Bollywood industry had been facing since FY22, needs to be addressed. We believe both OTT and cinemas would co-exist – evident in south. PVR INOX is spending Rs 700 crore this year on new screens. On the demand side (audience), habits have changed – there is anxiety and excitement since the audience is not getting the content they want consistently. Volatility exists, which has never been seen before. We remain enthusiastic on the sector at large," Nuvama said in a note.