PVR INOX closes 50 screens; Q4 net loss at Rs 333.37crore

NEW DELHI: Leading cinema exhibitor PVR Inox Ltd Ltd (earlier known as PVR Ltd) on Monday reported a consolidated net loss of Rs 333.99 crore for the fourth quarter that ended on March 31, 2023. The company had posted a net loss of Rs 105.49 crore in the January-March period a year ago, PVR Inox said in a regulatory filing. Its revenue from operations was at Rs 1,143.17 crore during the quarter under review. It was Rs 536.17 crore in the year-ago period. During the quarter ending March 2023, two leading cinema exhibitors PVR Ltd and INOX Leisure merged and created a new identity PVR Inox Ltd.

The merger was effective from February 6, 2023, hence the results are not comparable, it said. “Q4 FY’23 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q4 FY’22 reported results. Similarly, FY’23 full year results are based on 9-month numbers for PVR and 4th quarter numbers for PVR & INOX combined making them not comparable with FY’22 reported results,” it said.

“The year gone by marks the not comparable with Q4 FY’22 reported results. Similarly, FY’23 full year results are based on 9-month numbers for PVR and 4th quarter numbers for PVR & INOX combined making them not comparable with FY’22 reported results,” it said. “The year gone by marks the 1st full year of uninhibited operations for the exhibition industry. There was considerable volatility in box office quarter on quarter. We believe that the 2 major factors that marred the industry in FY’23 – underperformance of Hindi films and less number of Hollywood releases will both ease out in FY’24,” said Ajay Bijli, managing director, PVR INOX Ltd. “The recently culminated merger with INOX will act as a key milestone for the company and the Indian film industry as a whole. The integration process is proceeding smoothly and we are confident of achieving operational synergies of INR 225 crore over the next 12- 24 months.” The company said it plans to open 150-175 more screens in FY24. Most of these screens are in different stages of fitout, it added.