Multiplex chain PVR Inox shares fell nearly 3% to Rs 1,573 in Wednesday trade on BSE after the company reported a consolidated net loss of Rs 12 crore for the quarter ended September 30, 2024, compared to a net profit of Rs 166 crore in the same period last year.

The company's revenue from operations for the reported quarter stood at Rs 1,622 crore, which is 19% lower than the Rs 2,000 crore reported in the corresponding quarter of the previous financial year.

However, the loss narrowed on a quarter-on-quarter basis compared to the Rs 179 crore posted in Q1 FY25. Revenue increased by 36% sequentially, up from Rs 1,191 crore reported in the three-month period ended June 30, 2024.

The company managed to reduce its expenses by 7% year-on-year (YoY) to Rs 1,679 crore, down from Rs 1,802 crore in Q2 FY24. However, on a sequential basis, expenses increased by 15% compared to Rs 1,457 crore in Q1 FY25.

Following the Q2 results, Bank of America (BofA) maintained its 'Buy' rating and raised the target price to Rs 1860 from Rs 1820. The bank highlighted a healthy performance in the second quarter, with revenues in line with expectations and a notable beat on profitability. Looking ahead at the movie release slate, Bank of America anticipates that the third quarter will demonstrate even stronger sequential growth.

Segment-wise, PVR's revenue from movie exhibitions dropped to Rs 1,579 crore in Q2 FY25, down from Rs 1,970 crore in the same period last year, reflecting a 20% decline.

In contrast, revenue from movie production and distribution increased to Rs 108 crore in Q2 FY25, compared to Rs 61 crore in the corresponding quarter of the previous financial year.

PVR INOX shares have surged 16% in the past six months, while declined 8% over the past 12 months, with the company currently holding a market capitalization of Rs 15,857 crore.