PVR posts wider-than-expected Q2 loss at Rs 71 cr
Published On: Monday, October 17, 2022 | By: Team KnowMyStock
On Monday, leading multiplex chain operator PVR Ltd reported a bigger-than-expected second quarter (Q2FY23) loss at ₹71.23 crores, as lackluster Bollywood and Hollywood movie performances drew fewer crowds, hitting ticket prices. The company had posted a consolidated loss after tax of Rs 153.27 crore in the year-ago period. The company's revenue from operations was up at ₹686.72 crores during the quarter under review. It was ₹120.32 crore in the corresponding quarter last fiscal.PVR Ltd said that total expenses were higher at Rs 813.33 crore compared to Rs 460.68 crore. PVR's total income was also up at ₹703.13 crores, as against ₹275.21 crores in the corresponding quarter. EBITDA for the quarter came at ₹170 crores, compared to ₹86.8 crores for the corresponding quarter in FY22. Admissions and average ticket prices during the quarter were impacted by the weak performance of Bollywood and Hollywood movies, PVR said in an exchange filing.
"I am confident of full recovery in the business driven by the robust content lineup for this year and the various initiatives that we are implementing to rekindle the cinema-going habit amongst our loyal patrons," said Ajay Bijli, chairman and managing director of PVR.The multiplex chain is set to merge with rival INOX Leisure in an all-stock deal and become India's largest exhibition firm with 1,546 screens across 109 cities.
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