Gadar 2, Jawan

Revenue nearly doubles; highest BO collections come on back of Hindi film hits
Javed Farooqui (THE ECONOMIC TIMES; October 20, 2023)

Mumbai: Multiplex operator PVR Inox on Thursday delivered its best quarterly results ever, with a net profit of Rs. 207 crores for the three months ended September 30, compared with a net loss of Rs. 78 crore a year earlier. Revenue nearly doubled to Rs. 2,020 crores from Rs. 1,082 crores, boosted by several blockbuster movies. The results are on a pro-forma basis, as the merger between PVR and Inox became effective on February 6 this year.

The company, which operates more than 1,700 screens, recorded earnings before interest, tax, depreciation and amortization of Rs. 447 crore, compared with Rs. 16 crore a year earlier. Ebitda margin expanded to 22% from 1.5%.

PVR Inox recorded its highest ever gross box-office collections of Rs. 1,336 crore in the past quarter, with 48.4 million admissions, driven primarily by Hindi blockbuster films like Shah Rukh Khan starrer Jawan and Sunny Deol’s Gadar 2. Mid-scale movies like Rocky Aur Rani Kii Prem Kahaani, OMG 2, and Dream Girl 2 also lifted the Hindi box-office numbers to Rs. 727 crore during the quarter.

Gross Hollywood box-office collection for the company was Rs. 293 crore, on the back of robust performances by Oppenheimer, Mission Impossible: Dead Reckoning - Part One and Barbie, among others.

Rajinikanth's Jailer set the regional box office collection at Rs. 316 crore. “It's the best quarter of all time for PVR Inox. We were reasonably confident that business would come back. The debate over whether people want to watch movies in theatres is over. Films across the board have been done across multiple languages,” PVR Inox chief financial officer Nitin Sood said.