PVR Reports Net Loss Of INR 71 Cr In Q2 FY23

PVR Limited has declared its unaudited standalone and consolidated financial results for the quarter and a half year that ended September 30, 2022. 

The loss was more than anticipated at 71.23 crore due to subpar Bollywood and Hollywood movie performances that resulted in fewer viewers and higher ticket prices. This represents a 53 per cent decrease from the 153.13 crores reported during the same period last year (Q2FY22).

The company's operating revenue increased during the quarter under review, reaching 686.72 crores. In the equivalent quarter of the prior fiscal year, it was 120.32 crores.

PVR's overall revenue increased as well, going from 275.21 crores to 703.13 crores in the most recent quarter.

EBITDA for the quarter was USD 170 crore, up from USD 86.8 crore for the same period in FY22.

In Q2FY23, its overall expenses were USD 813.33 crore, up from USD 406.68 crore in the same quarter last year.

The poor performance of Bollywood and Hollywood films during the quarter had an impact on admissions and the average ticket price, according to PVR in a regulatory filing.

Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR says, “We remain focused on driving admissions back to our cinemas. India’s love for movies was well demonstrated by the massive success of ‘National Cinema Day’. I am confident of full recovery in the business driven by the robust content line-up for this year and the various initiatives that we are implementing to rekindle the cinema-going habit amongst our loyal patrons. As we celebrate the silver jubilee for PVR this year, we are extremely optimistic that we will continue to set and exceed even greater benchmarks in the years to come.”

With 1,546 screens spread over 109 locations, the multiplex chain plans to merge with rival INOX Leisure in an all-stock merger to become India's largest exhibition company.