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PVR Inox's food and beverage business growth outpaces movie ticket sales: Report

Upstox
By Upstox News Desk

2 min read | Updated on May 21, 2024, 13:56 IST

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SUMMARY

PVR Inox and Devyani International, which runs KFC and Pizza Hut in India, signed an agreement earlier this month to establish a new company for development and management of food courts in shopping malls in India.

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PVR Inox reported food and beverage revenue of ₹1,958.4 crore in FY24

PVR Inox, India's leading multiplex chain, witnessed a distinct trend in the financial year 2023-24 as the growth in the food and beverage (F&B) business outpaced the movie ticket sales.
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F&B revenue rose 21%, which is higher than the 19% growth recorded in movie ticket sales, Moneycontrol reported.

The company reported F&B revenue of ₹1,958.4 crore in FY24, up from ₹1,618 crore in the previous fiscal year.

The theatre chain's box office revenue stood at ₹3,915.8 crore in the year ended March 31, 2023, compared to ₹3,296.2 crore in FY23.

Nitin Sood, Group Chief Financial Officer of PVR Inox, told Moneycontrol that the box office had been a “mixed bag" due to which F&B revenue growth outran box-office revenue growth rate.

"F&B will do better than ticket revenue," he added.

Interestingly, earlier this month, PVR Inox and Devyani International, which runs KFC and Pizza Hut in India, signed an agreement to establish a new company for development and management of food courts in shopping malls in India, the cinema exhibitor had said in an exchange filing.

PVR Inox Q4 results

PVR Inox had posted a consolidated net loss of ₹129.7 crore in the fourth quarter of financial year 2023-24. In the year-ago period, the company had posted a net loss of ₹334 crore.

Consolidated revenue from operations stood at ₹1,256.4 crore in the March quarter, up from ₹1,143.2 crore in the same period last year.

"Significant volatility was observed in box office collections during the year. The quarter ended March 2024 was the weakest quarter of the year," the company had said in a regulatory filing.

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