Success of 'Jawan' and 'Gadar 2' allows PVR INOX to report its best-ever quarter with Rs 166 crore profit

PVR Profit: Thalapathy Vijay's movie Leo saw an outstanding welcome by the audience as it was released in the cinemas today. The movie is expected to collect Rs 80 crore in India and Rs 65 crore globally pushing the worldwide gross to be Rs 145 crore.

This comes at a time when the PVR INOX has reported its best-ever quarter results with Rs 166 crore profit.

Quarterly Revenue

India's largest multiplex chain PVR INOX's July-September quarter got a big boost by the blockbuster performances of Bollywood, Hollywood and regional films. The quarterly revenue of the multiplex which has 1,702 screens in 358 cinemas across 115 cities in India and Sri Lanka saw about 191.5% rise compared to the same period last year.

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The quarterly revenue jumped to Rs 1,999.9 crore from Rs 686 crore in the year-ago period. Its Profit After Tax (PAT) zoomed to Rs 166 crore after a seeing a Rs 71 crore loss a year ago. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was up 53.26 per cent. It stood at Rs 1,304.9 crore in Q1FY24

Jawan and Gadar 2's Contribution

As per Business Today, the box office collection was also the highest-ever, recording Rs 1,335.8 crore during July-September, up 106% compared to Rs 648 crore collection in the year-ago quarter.

This was driven by Bollywood’s 'Jawan', 'Gadar 2', ‘Rocky aur Rani ki Prem Kahani’, ‘Oh my God 2’, ‘Dream Girl 2’, ‘Fukrey 3’, Hollywood’s Oppenheimer' and 'Mission Impossible: Dead Reckoning Part 1, 'Barbie' and 'Nun II' as well as regional hits Jailer (Tamil), 'Baipan Bhari Deva (Marathi)' and 'Carry on Jatta 3 (Punjabi)

"This quarter’s results underscore the immense potential of the Indian cinema industry, reflecting the unsatiated appetite of Indian consumers to watch films across languages on the big screen,” said Ajay Bijli, Managing Director, PVR INOX.

PVR-INOX also saw a significant net debt reduction of Rs 327.6 crore during April-September 2023 and said it is on track to turn free cash-flow positive by March 2024.