PVR reported a consolidated net loss of Rs 71.5 crore in Q2 FY23 as against a net loss of Rs 153.3 crore in Q2 FY22.
Total revenues jumped by 155.5% YoY to Rs 703.1 crore during the quarter. EBITDA improved by 96% to Rs 170.1 crore in Q2 FY23 over Q2 FY22.
After adjusting for the impact of IND-AS 116 - Leases, consolidated revenue, EBITDA, and PAT of the company in Q2 FY23 was Rs 701.7 crore, Rs 12.9 crore and Rs (56.6) crore, respectively, as compared to Rs 142 crore, Rs (93.6) crore and Rs (159.5) crore for the corresponding quarter in FY22.
PVR said that the quarter was marked by the continued underperformance of Bollywood movies. The underperformance of Hindi films could be attributed to a variety of factors like films released were conceived before and during the pandemic not resonating well with the current consumer tastes, quality of content driving performance as compared to star presence and negative social media against certain Bollywood movies and stars.
In Hollywood, the quarter ending Sep-22 was the weakest globally in almost two decades both in terms of the number of movies released and their box office collections. Box office collections for Hollywood movies for PVR dropped by 47% in Q2 FY23 as compared to Q2 FY20.
On the other hand, regional movies continued their robust performance. For PVR, the box office contribution of regional movies increased from 28% in Q2 FY'20 to 44% in Q2 FY23.
"Quarter 3 has started off on a great note with strong response received to new releases. Content pipeline over the next 3 months looks extremely promising, the company said in a statement.
PVR has opened 14 screens across 3 cinemas in the last quarter (24 screens across 5 cinemas in H1 FY'23) and is fast ramping up its capex plan to open a total of 110-125 new screens by the end of the current fiscal year.
The announced merger with INOX Leisure is progressing well. Both the companies have received their respective shareholders and secured creditors approval for the proposed scheme of amalgamation. We expect that the NCLT process will complete in the next 3-4 months.
Commenting on the results and performance, Ajay Bijli, chairman cum managing director, PVR, said, "We remain focused on driving admissions back to our cinemas. I am confident of full recovery in the business driven by the robust content lineup for this year and the various initiatives that we are implementing to rekindle the cinema going habit amongst our loyal patrons.
PVR is the market leader in terms of screen count in India. Currently, it operates 854 screens in 173 cinemas in 74 cities in India and Sri Lanka with an aggregate seating capacity of approximately 1.79 lakhs seats.
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