The cinema chain operator's consolidated net loss narrowed to Rs 129.5 crore in Q4 FY24 from net loss of Rs 333.4 crore recorded in Q4 FY23.
Revenue from operations jumped 9.90% year on year (YoY) to Rs 1,256.4 crore in the quarter ended 31 March 2024.Total income in fourth quarter of FY24 was at Rs 1,305.5 crore, registering a growth of 12.07% from Rs 1,164.9 crore posted in same quarter last year.
The firm reported a pre-tax loss of Rs 175.2 crore in March 2024 quarter compared with pre-tax loss of Rs 210 crore recorded in Q4 FY23.
EBITDA grew 14.67% YoY to Rs 327.5 crore during the period under review. EBITDA margin improved to 25.1% in Q4 FY24 as against 24.5% posted in corresponding quarter previous fiscal.
As the PVR INOX merger became effective from 6th February 2023, full year FY24 reported results for the company are not comparable with earlier periods. The previous year numbers mentioned below are on a proforma PVR + INOX combined basis for like to like comparison.
During the quarter, the company recorded 32.6 million admissions (up 7% YoY) with an ATP of Rs 233 (down 2% YoY) and spend per head (SPH) of Rs 129 (up 8% YoY). This led to a 6% increase in ticket sales, a 17% rise in food & beverage sales, and a 15% boost in Ad sales when compared to the same period last year.
During the year, the company opened 130 new screens and closed 85 underperforming screening, resulting in net addition of 45 screens during the year. Currently, our screen portfolio includes 1,748 screens in 360 cinemas across 112 cities in India and Sri Lanka. The company generated free cash flow of Rs 1,158 million during the year and used it to reduce its net debt from Rs 14,304 million on 31 March 2023 to Rs 12,940 million on 31 March 2024, the company stated in exchange filing.
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Ajay Bijli, managing director of PVR INOX, said, "The key strategic priorities as envisaged above, should help the company in charting a new, less capital intensive and incrementally profitable growth path. Our endeavour is to redefine our growth strategy, focus on fixed cost reduction thus improving profitability resulting in enhanced return on capital and free cash flow generation.
PVR INOX is engaged in the business of movie exhibition & production and operates largest cinema circuit across India. The company earns revenue from sale of movie tickets, in-cinema advertisements/product displays and sale of food and beverages and restaurant business.
The scrip declined 2% to currently trade at Rs 1,290.45 on the BSE.
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