PVR INOX Surges with Record Breaking Quarter

PVR INOX reported a nearly three-fold increase in net profit to Rs 35.9 crore for Q3, driven by record ticket prices and food spend. The release of blockbusters like Pushpa 2 boosted revenue and attendance. The firm plans to open more screens while closing underperforming ones.

Multiplex giant PVR INOX has announced a nearly threefold increase in consolidated net profit, reaching Rs 35.9 crore for the third quarter, led by unprecedented ticket pricing and food and beverage expenditures.

According to a recent regulatory filing, the company, formerly known as PVR Ltd, had reported a net profit of Rs 12.8 crore during the same period last year.

The company's revenue from operations climbed to Rs 1,717.3 crore during the December quarter of the fiscal year, representing an 11 percent increase from the Rs 1,545.9 crore recorded in the year-ago period.

Blockbuster films have propelled the third quarter to the year's highest box office earnings, with such hits contributing to record-setting ticket prices and attendance.

Films like Pushpa 2, which has created history as India's biggest blockbuster, significantly contributed to the company's box office collections.

The quarter also saw a peak in food and beverage spending per head—Rs 140—and an unprecedented advertisement revenue of Rs 148.6 crore.

PVR INOX has opened 11 new screens, raising its total to 1,728 across 350 cinemas in India and Sri Lanka. However, the company is also shutting down non-performing screens as part of a strategy to focus on profit-driven growth.

The management aims to open 100 to 110 new screens this year, according to Managing Director Ajay Kumar Bijli. The firm will continue its focus on a capital-light model to improve cash flow.