India's INOX Leisure reports quarterly profit as hits bring back moviegoers

PVR INOX

30/01/2023 11:52

BENGALURU/CHENNAI, Jan 30 (Reuters) - Indian multiplex
operator INOX Leisure Ltd  INOL.NS  on Monday posted profit
before exceptional items and tax for the third quarter, as movie
buffs returned following a string of hits and splurged on
pricier tickets and in-theater purchases.
    The company, which is in the process of merging with market
leader PVR Ltd  PVRL.NS , reported profit before exceptional
items and tax of 286.2 million Indian rupees ($3.51 million) for
the third quarter ended Dec. 31, compared to a net loss of 16
million rupees a year ago.
    PVR also swung to a profit last quarter, underscoring a
change in fortunes for India's theater operators after a slate
of flop Hindi language movies earlier in the year.
    A few of the more popular movies in the quarter included
"Drishyam 2," a Hindi remake of the eponymous Malayalam flick,
Kannada-language action thriller "Kantara," Tamil-language
historical fiction "PS-1" and Hollywood's "Avatar: The Way of
Water".
    Revenue from operations jumped 74% to 5.16 billion rupees.
    The average ticket price in the quarter increased to a
record 230 rupees from 226 rupees in the comparable quarter a
year earlier, while the average spend per customer was 106
rupees, up from 97 rupees and the company's highest ever.
    With the INOX-PVR merger expected to be completed in the
next 30-40 days, INOX in the December quarter had written off
deferred tax asset of 433.7 million rupees. It also booked a
243.8 million rupees exceptional charge towards merger expenses.
 (Reporting by Anisha Ajith in Bengaluru and Praveen Paramasivam
in Chennai; Editing by Sriraj Kalluvila)
 ((anisha.ajith@thomsonreuters.com;))