Tag: PVR

PVR Inox Q4 Results: Multiplex firm’s net loss narrows to ₹90 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Multiplex firm PVR Inox on Tuesday reported narrowing in net loss at ₹90 crore for the quarter ending March 31, 2024. It reported net loss of ₹285.7 crore in the year-ago period.

The company’s revenue rose 11% year-on-year to ₹1,290 crore in the quarter under review.

PVR Inox’s operating profit or EBITDA jumped 31% YoY to ₹35 crore, compared to ₹26.9 crore in the corresponding quarter of last year. Margin stood at 2.7% in the quarter on review.

The multiplex firm said as many as 33 new screen opened across six properties during the quarter. PVR INOX operates 360 cinemas with 1,748 screens across 112 cities.

“The key strategic priorities as envisaged above, should help the company in charting a new, less capital intensive and incrementally profitable growth path. 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,” said Ajay Bijli, Managing Director at PVR Inox.

The company generated free cash flow of ₹115.8 crore during the year and used it to reduce its net debt from ₹1,430 crore on March 31, 2023 to ₹1,294 crore on March 31, 2024.

Shares of PVR Inox Ltd. were trading with losses of 1.39% at ₹1,297.30 apiece on the NSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

On-ground campaigns to screening, corporate houses join Ram Temple consecration fervour

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Many companies are joining the bandwagon of Ram Temple consecration, from declaring a contribution in lighting at the complex to planning to screen the event live on multiplexes. Some companies are donating a portion of their profit from sales in the region during the inauguration period to distribute special foods across the city of Ayodhya.

Several companies operating in consumer space have activated on-ground marketing campaigns by putting up large numbers of hoardings, gate branding, shopboards, and kiosks offering products to devotees, arriving in the holy city for the Ayodhya Ram Temple. The Pran Pratistha’ ceremony commenced on 16 January and will continue till January 22. Leading multiplex operator PVR INOX has announced a live screening of Ram Mandir’s inauguration during the consecration ceremony on its 160 cinema screens across 70-plus cities on January 22, 2024.

“It will be a privilege for us to be able to connect the devotees with this celebration in a truly unique manner. We hope that we will be able to recreate the buzz of the temple, the auspicious chants and the breath-taking visuals and bring alive the magic of the most awaited moments in India’s contemporary history,” said PVR INOX Co-CEO Gautam Dutta. Homegrown major Dabur India will be donating a portion of the profits from the sale of its products from January 17 to January 31 to Shree Janmabhumi Teertha Kshetra.

“The Ram Mandir consecration is undoubtedly one of the most momentous occasions in our history. To mark this occasion, Dabur, as a home-grown Indian brand, has committed to donate a portion of the profits generated from the sale of our products from January 17 till January 31 to Shri Ram Janmbhoomi Teerth Kshetra,” said Dabur India CEO Mohit Malhotra. Besides ramping up the distribution of products in the city anticipating the demand surge for daily essentials, it is also creating special experience zones where visitors and pilgrims arriving in Ayodhya can touch, feel and experience its products. It has tied up with dhabas and eateries on the Lucknow, Gorakhpur and Varanasi highways leading to Ayodhya.

Food FMCG company Adani Wilmar has plans to distribute jalebis and organise a one-day event of bhog on a grand scale. It has also plans for BTL activities such as gate branding, hoardings, shopboards, and kiosks to capture the attention of the large congregation of devotees who will gather in Ayodhya.

Simultaneously, the brand is also leveraging television with its sponsorship for the entire duration of the Shrimad Ramayana, which coincides with the celebrations at Ayodhya. “The consecration of Ram Mandir in Ayodhya is a momentous occasion for every Indian. In keeping with Fortune’s brand sentiment, we are proud to be a part of this celebration, as this historical event is akin to a festival that celebrates the essence of being Indian,” said Adani Wilmar MD & CEO Anghsu Mallick.

Conglomerate ITC has associated with Shri Ram Janmbhoomi Teerth Kshetra and its Agarbatti brand Mangaldeep has donated its dhoop for a duration of six months from the Temple’s opening date. Besides two agarbatti stands have also been installed at ‘Ram Ki Phedi’ where devotees can light incense sticks and offer their prayers to Lord Ram. Mangaldeep has also provided platforms for Pujaris at river ghats as well as pooja outlets, hawker setups and umbrellas for shade in the markets of Ayodhya.

In addition to that Mangaldeep will be also providing 300 barricades at the main Temple and over 100 barricades at the Temple entrance to facilitate the management of large crowds. “For us at Mangaldeep, it is indeed an honour to be a part of this historic and sacred event. Our mission is to serve as the enablers of devotion in Temples as well as at devotees’ homes. We are fully committed to ensuring a harmonious and enriching experience for all those participating in the festivities of the Ayodhya Lord Ram Temple,” said Gaurav Tayal, Chief Executive, ITC’s Agarbatti Business.

Several companies such as leading FMEG products maker Havells and RAK Ceramics announced their association with the Ram Mandir project. Havells has announced successful completion of a landmark project of lighting Shri Ram Mandir at Shri Ram Janmabhoomi Complex in Ayodhya, Uttar Pradesh. H “Marking a significant milestone, Shri Ram Mandir is scheduled for inauguration and opening on January 22, 2024. Havells is honoured to have played a role in supplying and installing the lighting products of the Ayodhya Ram Mandir,” said Havells in a statement.

While UAE-based RAK Ceramics said it has participated in several projects in India. However, the Ram Mandir project is considered the grandest of them all, it said. “While our products are used in tens of thousands of projects globally every year, this prestigious association is one of a kind. To be associated with a project embedded in the cultural, religious, and social life of the people of Bharat is a matter of great pride for RAK Ceramics,” said RAK Ceramics India CEO Anil K Beejawat.

Ride-hailing app Uber has started operations in Ayodhya by flagging off EV Autos in the temple city. UberGo and Intercity Uber Rides will follow this up.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PVR INOX MD Ajay Bijli ventures into commercial music with ‘Ik Onkar’ spiritual video

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a notable leap from his roots in 80s rock music with Random Order, Ajay Bijli, Managing Director of PVR INOX, has embarked on a new venture as a commercial musician. The launch of his “side innings” takes form with the release of the Ik Onkar music video, a spiritual rendition that features as part of the background score for the Shah Rukh Khan starrer Dunki.

During an interaction with CNBC-TV18, Bijli delved into his musical journey, expressing a desire to create original music for commercial purposes. Collaborating with renowned composer Amit Trivedi, he aims to explore the world of commercial music production.

The Ik Onkar music video, shot at Gurudwara Pathar Sahib in Ladakh, boasts visually stunning imagery, adding a unique dimension to Bijli’s musical endeavour.

Reflecting on the return of big-screen cinema in 2023, Bijli highlighted notable releases like Pathaan, Gadar 2, Jawaan, Dunki, and Salaar. He said Pathaan was a big trigger as it not only stimulated the consumers, but stimulated the industry as well. “If a movie really connects, it can go to levels which were never there even pre-COVID. So Pathaan was a big confidence booster,” he said.

“We also saw smaller movies coming in. I still rate Oh My God 2 as a small movie despite Akshay Kumar being there, Gadar 2 did very well. So I am quite happy with the way things have panned out in 2023,” Bijli added.

Looking ahead to 2024, he addressed the competition from OTT players, underscoring the need for a strategic balance between premiumisation and expanding screen presence. “OTT is just another form of home entertainment and home entertainment has been around for a very long time. So OTT has never been a threat, it has always been something that has helped both forms of movie watching to coexist,” he said.

Bijli emphasised the necessity of investing in new screens rather than relying solely on premium offerings.

Discussing the crucial role of food and beverage (F&B) in cinema revenue, Bijli revealed plans to curate specific menus for diverse audiences and explore pre-booking meal options. This strategic approach aligns with the evolving landscape of cinema experiences, blending entertainment with culinary offerings.

Ajay Bijli’s foray into commercial music represents a dynamic expansion of his creative pursuits, demonstrating a multi-faceted approach that extends beyond the realm of cinema exhibition.

“India is a country which has got a consumer at every price point. So only 13% of our screens, which is 250 screens, are premium screens, otherwise all the rest 1,500-1,600 screens that we have got are all at an average price point of Rs 250.”

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Why India’s multiplex industry is an oligopoly and may not change soon

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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From a duopoly before the merger of PVR and Inox Leisure, the Indian multiplex industry has become an oligopoly, with the top two players now controlling around 65% of functional screens, according to domestic brokerage Nirmal Bang.

And barring some near-term “occupancy” level challenges, emanating partly from a “lack of material Hollywood content,” the merged entity of PVRINOX’s oligopoly will remain unchallenged. From an investor’s point of view, it means steady revenue growth and improved margins over a long period of time.

The reason – for starters, the entry barriers in the sector are “quite formidable,” and as per the brokerage’s industry sources, the other key competitor, Cinepolis, “does not have deep enough pockets to act as a spoiler.”

PVRINOX has built a better economic structure for itself that has helped the firm control the expansion of screens, given the competitive pressure behind it. The case in point is: that in the first quarter of FY24, PVRINOX added only a net of 28 screens. This has helped the firm pare net debt by ₹3.27 billion, along with a blockbuster second quarter of the fiscal year. It also leads to better control of fixed costs. The “better cost structure has led to breakeven levels of occupancy being brought down by 150-200bps to ~20% from 9-12 months back.”

From a stock price target stance, Nirmal Bang has maintained its ‘buy’ rating on PVRINOX Ltd albeit with a slightly reduced target price of ₹2,083 per share. The PVRINOX share price target still has an upside of nearly 20% from the current market price of ₹1,753.

“We have trimmed our occupancy estimates for 3QFY24 while broadly keeping estimates for 4QFY24 and for FY25/FY26 constant, leading to a small cut in EBITDA for FY24. We maintain our BUY rating with a slightly reduced target price (TP) of ₹2,083 (based on 13x Sept’25 EBITDA),” Nirmal Bang analyst Girish Pai wrote in an equity research report on December 7, 2023.

The primary reason for trimming the occupancy level is “the success of content,”— a critical variable that is beyond PVRINOX’s control.

“The next 2-3 quarters (3QFY24–1QFY25) are going to be muted partly due to a lack of material Hollywood content. Even if Dec’23 is as strong as Aug’23 (its best thus far), we think EBITDA for 3QFY24 will likely show a steep decline QoQ (50–55%) from the record levels seen in 2QFY24,” the Nirmal Bang research report said.

The more than six-month Hollywood strike of both writers and actors, which has now ended, will impact the availability of material Hollywood content in the fourth quarter of FY24 and the first quarter of FY25 as many release dates have been deferred, impacting the occupancy level, the report notes.

In a normal year, Hollywood contributes 15-20% of the box office revenue of PVRINOX. This content genre is primarily popular in large metros and Tier-1 cities, and the oligopoly of PVRINOX has captured a large part of the Indian box office revenue, anywhere between 50 and 70%.

In contrast, PVRINOX has not been able to grab box office revenue share (only 10–20%) from successful South Indian movies as single-screen players and regional chains dominate in the region. And that explains why PVRINOX’s bulk of new screen openings are going to be in South India, which may take a few years to translate into a higher box office revenue share.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How India’s biggest multiplex is dealing with its weekday blues

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In October, PVR INOX launched ‘Passport‘, a monthly subscription pass that would allow cinemagoers to watch 10 movies every month for ₹699. The service is available only on weekdays (Monday to Friday).

In an interaction with CNBC-TV18, PVR INOX MD Ajay Bijli said, that the PVR Passport was introduced as a solution for occupancy problems during weekdays.

“Monday to Thursday was an issue for us because people obviously have more discretionary time during the weekend. So we felt that from Monday to Thursday, we needed to come up with a solution that basically takes care of our occupancy levels. So the Passport was focused on that. It was also focused on people who have time during the week but are a little sensitive to how much they want to pay, and it worked out well.”

Bijli stressed that the PVR Passport was just the first version, and a second version will be launched soon. He said that the service will also be launched in Southern India.

Earlier this month, Reliance Industries inaugurated the Jio World Plaza in Mumbai’s Bandra Kurla Complex (BKC) area, what the company calls “an immersive retail destination for top-end, global standard shopping and entertainment experiences in India”.

“We already have Maison PVR, which is like the house of PVR, where all the brands and different experiences—the living room, library hall, loft, and drive-in—have all come under one roof,” Bijli said.

In 2021, PVR launched PVR Maison ahead of the reopening of cinemas in Maharashtra after the COVID-19 pandemic.

Bijli also listed the other flagship offerings that the company offers at the Jio World Plaza.

“We have the Gatsby Bar here after the famous movie The Great Gatsby… people can have a drink or eat before or after the movie. The same menu that is here can also be served in Insignia. We have two luxury screens of Insignia here, and then we’ve got obviously the famous IMAX. Then we have got very high-quality three premium screens as well in another area that we have called Galleria. So with Gatsby’s, Insignia, Galeria, and IMAX, everything is like a premium facility, and just calling it the flagship property for the INOX brand.”

However, Bijli stated that the focus is not only on luxury.

“It is a very disparate market; you have a consumer at every price point, and people’s tastes and preferences are very varied,” Bijli said while adding that 50% of the market is from the big cities, and the other 50% is from tier 2 and tier 3 cities.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ten movies for Rs 699: PVR INOX launches subscription pass

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PVR INOX has launched a monthly subscription pass that allows cinema goers to watch 10 movies every month for Rs 699. Called ‘Passport’, this service will be available from October 16, and is applicable only on weekdays (Monday to Thursday).

PVR INOX has introduced Passport under a limited period offer, with only 20,000 subscriptions.

According to info on PVR’s website, this multi-use voucher can be redeemed to pay for one movie ticket a day at any of the participating PVR & INOX properties.

The idea, as per company sources, is to not only bring more consumers back to the movies, but also to address concerns raised about high ticket prices.

However, Passport comes with certain terms and conditions.

For instance, the ticket pricing for Passport holders is capped at Rs 350, meaning one can purchase any PVR INOX ticket up to ₹350 and can only be bought on the PVR or INOX official app/web

In addition, users will also have to pay a convenience fee (and related taxes) over and above the ticket price.

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“If a movie ticket costs ₹250 and ₹25 is the online booking/convenience fee, the passport holder needs to pay ONLY ₹25 (plus tax),” the FAQ states.

The Passport voucher also cannot be used to book Recliner seats or equivalent, but can be used for all other types of seats, and in terms of screens, it excludes premium offerings like IMAX, Gold, LUXE and Director’s Cut.

It also cannot be transferred to someone else for booking.

The Passport is valid at all PVR & INOX cinemas across India, except the Southern states including Tamil Nadu, Andhra Pradesh, Karnataka, Kerala and Telangana and cities including Chandigarh, Puducherry, Pathankot, Srinagar, Bharuch, Bhiwadi, Jorhat, Kalka, Siliguri and Colombo.

PVR INOX’s launch of this subscription pass comes at a time when the company has been launching several initiatives over the past few months to encourage consumers to come back to the theatres.

The company also launched Trailer shows for One Rupee earlier this year, along with offers in F&B and the launch of a new campaign ‘Fresh Dekho, Bada Dekho’, urging consumers to return to the big screens.

It is also now screening World Cup matches to further bolster footfalls. It has been screening sports for a few years now, with INOX screening the T20 World Cup last year, and other football, basketball and even eSports tournaments being showcased before.

This, along with a slew of big ticket releases like Barbie, Oppenheimer, Jawan, Gadar 2, Rocky Aur Rani Ki Prem Kahani, OMG 2 and Dream Girl 2, has augured well for PVR INOX with analysts saying the September quarter is slated to be its best ever, at least since the COVID-19 pandemic.

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PVR Inox’s bull case scenario playing out as content makes a strong comeback

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After a robust July for PVR Inox, August is seeing strong advance numbers from ‘Gadar 2’ and impressive numbers from ‘Jailer’ starring Rajinikanth as well. With content making a strong comeback, strong footfalls were seen for extended days given August 15 was a holiday, and a pent-up demand for the sequel of ‘Gadar’ and Rajinikanth’s ‘Jailer’.

PVR Inox‘s performance update states that they have achieved the ‘highest ever daily and weekend admissions and box office’. According to foreign brokerage CLSA, PVR Inox, on August 13, achieved its highest-ever admissions and gross box-office collection in a single day.

“On August 13, PVR Inox had 12.8 lakh admits and 33.6 lakh admits over Friday to Sunday with GBO revenue over Rs 100 crore. We think this implies an occupancy of 72-75 percent on Sunday and 63-65 percent over three days,” said domestic brokerage ICICI Securities in its report.

Gadar-2 lived up to its name and created havoc at the box office. The film’s domestic gross collection stands at Rs 308.5 crore.

Superstar Rajinikanth-starrer Jailer, another highly anticipated movie, has also stormed the box office with collections of Rs 470 crore worldwide.

After a slow start, Oh My God-2 has picked up pace and has netted Rs 111.8 crore worldwide.

Bhola Shankar, starring Chiranjeevi, experienced a mixed response at the box office, accumulating a total collection of Rs 28.95 crore in its initial seven days.

“Further, with movies like Dream Girl-2, Jawan and Salaar due for release in the second quarter of FY24, we expect sharp improvement in box office performance this quarter,” according to Jinesh Joshi – Research Analyst at Prabhudas Lilladher.

According to CLSA, the success of the latest Hindi films will likely help address concerns of under-delivery. It forecasts PVR Inox’s occupancy to rise from 22 percent in Q1 of FY24 to 30 percent by FY26. The recent trends reconfirm that cinemas do not face structural risks from OTT, the brokerage said, assigning a ‘Buy’ rating to the counter, with a target of Rs 2,015 per share.

Analysts believe that investor concerns around digital disruption by OTT (over-the-top) players were one of the key reasons behind PVR Inox’s de-rating. “Now, as a strong content pipeline manifests into tangible box office collections, we think investor concerns regarding the relevance of movie exhibition in today’s context should be assuaged,” ICICI Securities said.

Robust revenue likely in Q2

Analysts have been bullish on the recovery of the movie exhibition business given the strong pipeline since the July-September quarter of FY24. However, they believe the current performance is a positive surprise.

“Merger synergies have also started playing out. Given the high operating leverage that plays out in this business, we believe earnings upgrades are necessary. We, therefore, upgrade adjusted EBITDA estimates for FY24E/25E by 48 percent/12 percent,” ICICI Securities stated.

The brokerage is now 52 percent/8 percent above its consensus. Given its bull case is playing out, PVR Inox remains its top pick as the brokerage has a ‘Buy’ rating, with a revised target price of Rs 2,240.

Shares of PVR INOX Ltd were trading 0.22 percent higher at Rs 1,720 apiece in trade today. The stock has risen 5.09 percent in the last five trading sessions, while it’s up 22.64 percent in the last one month.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jailer, Gadar 2, OMG 2 among other movies break combined admissions records of past 10 years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The cinema industry which has been on the revival path since the pandemic had a reason to celebrate in the weekend that just passed.  The second weekend of August 2023 (August 11-13) has become the busiest single weekend after re-opening for the industry post the pandemic.

According to the Multiplex Association of India and Producers Guild of India, the weekend saw a new all-time theatrical gross box office record with collections over Rs 390 crore, drawing more than 2.10 crore moviegoers to theatres across the country, which is also the highest combined admissions record in the last 10-year history.

This weekend saw the release of three prominent films: the Rajnikanth-starrer “Jailer,” Sunny Deol’s “Gadar 2,” and Akshay Kumar’s “OMG 2.” “Jailer” achieved a opening day collection of approximately Rs 48 crore and a weekend gross box office collection of about 127 crore. Meanwhile, “Gadar 2” swiftly amassed box office collections of Rs 40 crore on its inaugural day.

PVR INOX, which is currently the market leader in the space also said in a stock exchange filing that it achieved the highest ever admissions and box office in a single day across its circuit on August 13, 2023. Shares of PVR INOX are trading at Rs 1727, up 5 percent from the previous close on the BSE.

“We entertained 12.8 lakh guests and earned Gross box office revenue of Rs 39.5 crores,” it said in a statement.

For the entire weekend, the company saw 33.6 lakh people coming to the cinemas and earned gross box office revenue of over Rs 100 crore.

Shibasish Sarkar, President of the Producers Guild of India, attributed this  success to the execution of mainstream storytelling.

“Mainstream storytelling executed in the right way has resulted in the box office records being shattered. The turnout at theatres has infused a new energy in our Industry,” he added.

These record footfalls come after years of a lull faced by the industry which was forced to shut down during the pandemic and following the opening, failed to impress when it came to occupancy rates and footfalls, barring a few blockbuster movies like Pathaan.

For the quarter gone by, PVR INOX saw an occupancy rate of 22.3 percent. However, Q2 started on a strong note for the industry with releases like Oppenheimer, Barbie & Rocky & Rani ki Prem Kahani drawing cinema goers back to theatres.

Oppenheimer and Barbie opened with 68 percent occupancy on the opening weekend. While Oppenheimer is on track to clock Rs 100 crore in collections for PVR INOX, Barbie is set to clock Rs 40 crore, Gautam Dutta, CEO of PVR INOX told CNBC-TV18.

Rocky & Rani ki Prem Kahani also opened to 75 percent occupancy.

“This weekend is also an undeniable demonstration of Cinemas being the ultimate place to be part of a shared experience. Cinemas across the country would like to thank and congratulate our Filmmakers and Studios for pushing the boundaries to deliver unforgettable storytelling. This weekend shows that movies and cinemas are back in a big, big way. We look forward to this momentum continuing in the rest of 2023” said Kamal Gianchandani, President MAI said.

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Hollywood movie watchers steal the show for PVR while Hindi box office recovers, say analysts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Given the excitement in Indian audiences for Hollywood films like Barbie, Oppenheimer and Mission: Impossible – Dead Reckoning Part One, among others, this year, it does not come as a surprise that cinema exhibitor PVR INOX and brokerages are optimistic about the rest of the financial year.

PVR INOX saw a consolidated net loss of Rs 81.6 crore for the April to June quarter, which is much lower than Rs 330 crore in the previous quarter and also over 13 percent less than the CNBC-TV18 poll estimate of Rs 94 crore. The company, earlier known as PVR Ltd, posted a net profit of Rs 53.4 crore in June ended three month period a year ago, according to a regulatory filing.

On other parameters including revenue, earnings before interest, taxes, depreciation, amortisation (EBITDA) and margin, PVR witnessed sequential improvement and also performed largely better than estimates.

Though HSBC believes that the firm’s first quarter performance was “disappointing”, it says the sequential rebound augurs well for the rest of the 2023-24 financial year. The brokerage pointed out that Hollywood saw an impressive rebound while the Hindi box office appears to have stabilised. It noted the recovery in Hindi cinema and said the merger synergies are key catalysts.

In a post-earnings conversation, PVR MD Ajay Bijli and CFO Nitin Sood said content is coming back, people are wanting to consume movies on the big screen and even the smaller movies have done well in the June quarter.

In India, Oppenheimer has done much better than Barbie, the management said, adding that Independence Day weekend is expected to be big with Gadar 2 and OMG 2.

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During the quarter, PVR saw strong growth in the ticket price and is looking for a growth of 6-8 percent in the current fiscal year, they said, adding revenue could be around Rs 7,000 crore.

India box office number for July was at Rs 1,000 crore, they added.

CLSA highlighted that the management is optimistic about the current line-up. It believes volatility in Hindi films has reduced and the firm benefitted from the surge in Hollywood, the brokerage said.

PVR Inox added 27 net screens for a total of 1,707 screens now, results show.

Investec, meanwhile, pointed out that the improvement in sight of Q1FY24 performance of PVR (weaker YoY given the very high base) was better than Q4 across revenue and profitability metrics.

“We expect this improvement to continue in Q2FY24E given the recent trends and strong pipeline ahead. While Q1 performance is significantly below the annual run rate that we are building for PVR in FY24E, we expect a catch-up in performance in the next few quarters and hence maintain our estimates,” it said.

Nuvama also said the market share for Hindi and Hollywood movies rose significantly in the first quarter. “The content pipeline for Q2FY24 and FY24 at large is robust. We continue to reiterate our positive stance on multiplexes over the medium/long term,” it said.

It added that Hollywood and regional films are driving footfall while Hindi films are recovering. Movies such as The Kerala Story, Adipurush, PS 2 and Fast X were the major crowd pullers for Q1FY24, and the company registered 1.75x QoQ growth (from Rs 131 million to Rs 230 million) in the average box office of top 10 films. Market share for Hindi and Hollywood is significantly higher than last year and increased to 39 percent (from 23 percent) for Hindi and 24 percent (from 14 percent) for Hollywood movies, the brokerage noted.

Watch the accompanying video for more 

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow