New Delhi: Multiplexes operator PVR INOX on Tuesday said it has registered a loss of Rs 90.1 crore (Rs 901 million) during the Q4 (January-March) period of financial year 2023-24 on a total revenue of Rs 1290.4 crore (Rs 12904 million).
As the PVR INOX merger became effective from 6th February 2023, full year FY’24 reported results for the company are not comparable with earlier periods, the company said in a statement.
During the quarter, the company recorded 32.6 million admissions (YoY growth of 7 per cent) with an average ticket price (ATP) of Rs 233 (YoY de-growth of -2 per cent) and food & beverage Spend Per Head (SPH) of Rs 129 (YoY growth of 8 per cent).
This led to a 6 per cent increase in ticket sales, a 17 per cent rise in Food & Beverage sales, and a 15 per cent boost in Ad sales when compared to the same period last year.
During the year (2023-24), the company recorded 151.4 million admissions (YoY growth of 59 per cent) with an ATP of Rs 259 (YoY growth of 8 per cent) and SPH of INR 132 (YoY growth of 3 per cent). This led to a 73 per cent increase in ticket sales, a 64 per cent rise in Food & Beverage sales, and a 56 per cent boost in Ad sales when compared to proforma figures from FY’23.
During the year, the company opened 130 new screens and closed 85 underperforming screening, resulting in net addition of 45 screens during the year. Currently, our screen portfolio includes 1,748 screens in 360 cinemas across 112 cities in India and Sri Lanka, the company said.
The company generated free cash flow of Rs 115.8 crore (Rs 1,158 mn) during the year and used it to reduce its net debt from Rs 1430.4 crore (Rs 14,304 million) on March 31, 2023 to Rs 1290.4 crore (Rs 12,940 million) on March 31, 2024.
Commenting on the results and performance, Mr. Ajay Bijli, Managing Director, PVR INOX Ltd., said, "The key strategic priorities as envisaged, should help the company in charting a new, less capital intensive and incrementally profitable growth path. Our endeavour is to redefine our growth strategy, focus on fixed cost reduction thus improving profitability resulting in enhanced return on capital and free cash flow generation.”