PVR INOX Limited announced its audited consolidated financial results for the quarter and 12-month period ending March 31, 2023. The quarter ending March 2023 saw the consummation of the PVR INOX merger. The Hon’ble National Company Law Tribunal (‘NCLT’), Mumbai Bench approved the ‘Merger Scheme’ between
INOX Leisure Limited and PVR Limited on January 12, 2023, and the merger officially became effective on February 6, 2023. The merged entity was renamed “PVR INOX Limited”, effective April 20, 2023.
PVR-INOX is up against a whopping Rs. Loss of Rs 333.37 crore due to poor performance of films
The date set for the merger of PVR INOX being January 1, 23; FY2023 fourth quarter results for the Company are reported on a combined basis for PVR and INOX and are not comparable to reported FY22 fourth quarter results. Similarly, FY2023 results are based in 9-month numbers for PVR and Q4 numbers for PVR and INOX combined, making them not comparable to reported results for FY22.
For the quarter ended March 31, 2023, consolidated revenues, EBITDA and PAT were 11,649mn, 2,856mn and (3,340)mn respectively compared to 5,787mn, 1,423mn and (1,055)mn for the relevant quarter in FY22. After adjusting for the impact of IND-AS 116 – Leases, Consolidated Revenue, EBITDA and PAT of the company was Rs 11,647 crore, Rs 269 crore and (2,857) crore. respectively compared to Rs 5,526 crore, Rs 178 crore and Rs (956) million for the corresponding quarter in FY’22.
For the 12 months ended March 31, 2023, consolidated revenue, EBITDA and PAT were Rs 38,297 crore, Rs 11,268 crore and (3,364) crore respectively compared to Rs 16,555 crore, 4,315 crore and (4,885) crore corresponding period in FY22. After adjusting for the impact of IND-AS 116 – Leases, consolidated revenue, EBITDA and PAT of the company was 38,190 mn, 3,886 mn and (2,429) mn respectively compared to 14,071 mn, 1,553 mn and Rs (4,189) million for the corresponding period in FY’22.
The quarter got off to a great start with the resounding success of lout in January and the continued impressive performance of Avatar: Path of Water, which was released on December 22. However, February and March saw a drop in admissions due to the lackluster performances of Hindi films. While movies like Your main Jhoothi Makkaar and bhola Bollywood were able to generate average box office receipts, selfie and Shehzada failed to create an impact. In the case of Hollywood premieres, John Wick: Chapter 4, Antman and the Wasp: Quantumania, Shazam: Fury of the Gods and creed III it delivered decent performances at the box office. On the other hand, regional films like varisu in tamil, waltair veraya and Thunivu in Telugu and Ved in Marathi have continued to achieve significant box office collections.
Over the course of fiscal year 2023, our company has witnessed a strong recovery despite the underperformance and volatility of Hindi films and significantly low Hollywood releases in the previous year. The exhibition business has experienced strong growth, driven by the exceptional performance of regional cinema, an increase in ticket prices and a substantial increase in F&B consumption/spend by our patrons. While there has been some volatility at the box office over the past few months, they are confident that this trend will level off in the next two to three quarters.
Looking ahead to fiscal year 2024, we are optimistic about the strong lineup of content in all languages. The upcoming release list includes several highly anticipated Hindi movies such as Maidan, adipurushand Satyaprem Ki Katha in June; Rocky Aur Rani Ki Prem Kahani starring Ranveer Singh and Alia Bhatt in July; dream girl 2 starring Ayushmann Khurrana and Animal starring Ranbir Kapoor in August; jawan starring Shah Rukh Khan and yodha starring Sidharth Malhotra in September; and tiger 3 starring Salman Khan in November.
They’re just as excited about upcoming Hollywood releases, including fast and furious 10 In May, Transformers: Rise of Beasts, The flashand Indiana Jones and the dial of fate in June, and Mission Impossible: Account Part Dead 1 and oppenheimer in July, among others. Of the regional genus we have carry is jatta in June, Maveeran in July, Prison guard starring Rajinikanth and Bhola Shankar starring Chiranjeevi in August, and viduthalai part 2 starring Vijay Sethupathi and Lettuce starring Prabhas in Sep’23, among others.
In the previous fiscal year, PVR & INOX opened 168 new screens in 30 theaters and PVR-INOX plans to open between 150 and 175 more screens in fiscal year 2024. Most of these screens are in various stages of refurbishment. As a strategy, the company has also realigned all upcoming installments of new sites for retrofits for the next calendar year until such time as there is a strong recovery at the box office. To date, its screen portfolio (including 38 management screens) stands at 1,689 screens in 361 cinemas in 115 cities in India and Sri Lanka.
Commenting on the results and performance, Mr. Ajay Bijli, Managing Director of PVR INOX Ltd, said: “Last year marks the first full year of uninhibited operations for the exhibition industry. There was considerable volatility at the box office quarter to quarter. We believe that the two main factors that marred the industry in FY2023 (poor performance of Hindi films and fewer Hollywood releases) will disappear in FY2024. The recently completed merger with INOX will act as a milestone. key to the company and the Indian film industry as a whole. The integration process is progressing smoothly and we are confident of achieving operational synergies of INR 225 crs in the next 12-24 months.”
READ ALSO: PVR MD Ajay Bijli says ticket prices will drop in several theaters after the merger with Inox: “Our goal is to attract more and more people, instead of looking at the ticket price”
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