PVR INOX declares its best-ever quarter thanks to Jawan and "Gadar 2," as the cinema network made Rs 166 cr in profit

 PVR INOX declares its best-ever quarter thanks to Jawan and "Gadar 2," as the cinema network made Rs 166 cr in profit

The biggest cinema chain in the nation, PVR INOX, reported its best-ever quarter from July to September 2023, swinging into a profit of Rs 166 crore because to the successful runs of Bollywood, Hollywood, and local films.

The outcome provides the multiplex chain with a much-needed reprieve after the pandemic decimated income from the exhibition industry and ultimately forced the merging of former competitors PVR and INOX.

The national multiplex network recorded a rise in its quarterly income to Rs 2,023 crore from Rs 702.4 crore in the same time last year. The company has 1,702 screens in 358 theaters spread across 115 locations in India and Sri Lanka. After posting a loss of Rs 71 crore the year before, its Profit After Tax (PAT) soared to Rs 166 crore.  

The company's earnings were reported on a combined basis starting on February 6, 2023, when the PVR INOX merger went into effect. They cannot be compared to the proforma PVR + INOX combined data from the prior year.

The outcome also heralds the return of Hindi films, which make up a sizable portion of the chain's theater receipts but have recovered from the epidemic the least quickly of all the languages.

Between July and September, PVR INOX earned Rs 1,335.8 crore at the box office, which is a 106% increase over the Rs 648 crore it made during the same period last year. Hollywood's Oppenheimer, "Mission Impossible: Dead Reckoning Part 1," "Barbie," "Nun II," and regional hits like "Jailer" (Tamil), "Baipan Bhari Deva" (Marathi), and "Carry on Jatta 3" (Punjabi) all contributed to this. Bollywood's "Jawan," "Gadar 2," "Rocky aur Rani ki Prem Kahani," "

The results for this quarter highlight the enormous potential of the Indian film industry and reflect the customers' insatiable desire to see movies in all languages on a huge screen, according to Ajay Bijli, Managing Director of PVR INOX.

In addition, the newly combined company reported a significant net debt reduction of Rs 3,27.6 crore between April and September 2023 and said that it is on course to achieve positive free cash flow by March 2024.

Following the merger, the firm said that its integration process had been going well and had produced operational efficiencies in a variety of business areas. It emphasized that, of the 160 new screens that would launch in FY24, 68 have already done so. It said that internal accruals will be used to pay for them.

Similar to this, it anticipates eliminating 60 underperforming displays throughout the current financial year; 33 of these screens have already been eliminated during the previous six months.