PVR Ltd., India’s largest multiplex operator, has reported its first profit after two years of slowdown, helped by a robust content line-up and rising footfalls.
Net box office collection shot up 16% to Rs 530.2 crore over the pre-pandemic levels supported by blockbuster contents such as ‘KGF: Chapter 2’, ‘RRR’, ‘Bhool Bhulaiya 2’, ‘Dr. Strange 2’ and ‘Vikram (Tamil)’, PVR said. The contribution of regional movies increased to 38% from 23% pre-pandemic.
“KGF 2 went on to become the second-largest blockbuster in the Indian market. It was the highest grosser ever for PVR with net box office of Rs 121 crore across our cinema circuit,” the company said in the statement.
“This quarter’s results are a reflection of the strength of the domestic film industry we have in India and the consumer’s unsatiated appetite to watch films on the big screen,” said Ajay Bijli, chairman and managing director, PVR. “The content line-up for the year ahead looks very promising and we hope this will be a very strong box office year for the Indian exhibitors.”
PVR expects its merger with rival Inox Leisure Ltd. to be completed this fiscal. It is in the process of filing application for the approval of scheme of merger before the National Company Law Tribunal in a couple of weeks.
The company has revived its capex cycle and plans to open about 125 screens in FY23, breaking its own record of 87 new screens in FY20.
“We have opened 14 screens across three properties till date. About one-third of the new screen additions in this fiscal will be in tier 2 and 3 cities. The company plans to enter nine new cities during the year,” said PVR
The company had opened 29 screens across five properties in FY22.
Shares of PVR were trading 2.41% higher after the results were announced against a 0.42%gain in the Nifty 50.
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