PVR Inox Q4 results: Net loss narrows to ₹130 crore, revenue up 10%

Multiplex chain PVR Inox's net loss narrowed to ₹130 crore during the fourth quarter of financial year 2023-24 (Q4FY24), as per the results declared by the company on Monday.

The net loss in the year-ago period was around two-and-a-half times higher at ₹333 crore.

The company's revenue from operations increased 10% year-on-year to ₹1,256 crore in the March 2024 quarter, as against ₹1,143 crore in the corresponding period of the previous year.

For the entire fiscal year ended March 31, 2024, the company reported a net loss of ₹32 crore, and a revenue of ₹6,107 crore. The numbers are not comparable with the FY23 period as the merger between PVR Ltd and Inox Leisure Ltd came into effect in February 2023.

ATP declines sequentially

The average ticket price (ATP), a key metric to assess the health of multiplex operators, declined 14% sequentially during the fourth quarter.

The ATP stood at ₹233 in the January-March period, as against ₹271 during the October-December quarter.

The price declined marginally on year-on-year basis, as it stood at ₹239 in Q4FY23.

Meanwhile, the overall footfall in PVR Inox theatres during Q4FY24 was 32.6 million.

The company's managing director Ajay Bijli, while commenting on the quarterly results, said, "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.”