Indian multiplex operator PVR swings to Q3 profit on strong movie runs

PVR INOX

19/01/2023 11:38

BENGALURU, Jan 19 (Reuters) - India's top multiplex
operator PVR Ltd  PVRL.NS  on Thursday swung to a third-quarter
profit as movie-goers thronged theatres to watch Hollywood
blockbusters such as "Avatar: The way of water."
    The multiplex industry is recovering from the pandemic-lows
on blockbuster releases both in Hollywood and at home. PVR had
logged losses in 10 of the 11 previous quarters.
    It reported a net profit of 161.5 million rupees ($1.59
million) for the quarter ended Dec. 31, compared with a loss of
101.8 million rupees a year ago.
    Revenue jumped 53% to 9.41 billion rupees, helped by a
recovery in advertisement revenues and a 29% increase in theatre
occupancy levels. 
    "Black Panther – Wakanda Forever" and domestic hits like
"Kantara" drew crowds in the quarter.
    The company opened 20 screens in the quarter. Its average
ticket price grew 16% from the pre-pandemic third quarter of
2020, while average food and beverage spend per head jumped 33%.
    The multiplex chain last week got approval from the Mumbai
National Company Law Tribunal (NCLT) to merge the operations of 
rival INOX Leisure  INOL.NS  in an all-stock deal, which will
make it the country's largest exhibition company. 
    "We intend to complete all the formalities within the
current financial year,” Ajay Bijli, chairman and managing
director of PVR, said in a statement.
    The company said it is on track to open a total of 100-110
new screens by the end of this fiscal year.
    ($1 = 81.3290 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Eileen Soreng)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))