PVR Posts Q3 Profit Of Rs 16 Cr Against Losses

From the September 2022 quarter's revenue of 686.72 crore, the revenue increased by 36.98 per cent

By generating PAT of 16.15 crore in Q3FY23 as opposed to losses of 10.18 crore in Q3FY22 and 71.23 crore in Q2FY23, the PVR multiplex operator achieved profitability. PVR had a significant improvement over the prior quarter thanks to outstanding content performance.

The top line of PVR also expanded significantly. Comparing Q3FY23 to Q3FY22, the company's consolidated revenue from operations increased by 53.17 per cent to 940.69 crore from 614.15 crore.

From the September 2022 quarter's revenue of 686.72 crore, the revenue increased by 36.98 per cent.

PVR stated in its financial report that in the strength of solid content performance, the quarter saw a sharp rebound from the prior quarter. The expansion of important operational measures like admits, ATP, and SPH mirrored this as well."

Ajay Bijli, Chairman and Managing Director of PVR  commented on the results, stating that they show how quickly business recovers when high-quality material is made available. It also represents a solid rebound in box office receipts following a disappointing Q2.

Avatar 2: The Way of Water, which had the biggest box office performance of the third quarter, and films like "Black Panther: Wakanda Forever" and "Black Adam" helped to fuel Hollywood's revival, according to the business.

Regional films continued to rule the third quarter thanks to blockbusters like "Love Today" and "Ponniyin Selvan 1." The largest regional release of the quarter was "Kantara," which ended to becoming a runaway hit.

Vikram Vedha and Bhediya helped Bollywood's "Drishyam 2" to become the second-biggest movie of the quarter.

According to PVR, 2023 seems to be a good year for the film industry due to an increase of huge tent pole releases and a much higher number of Hollywood feature titles compared to 2022. Three movies based on the Marvel and DC comics universes are scheduled for release.

The year will also see the release of sequels to successful titles including Fast & Furious, Indiana Jones, Transformers, and Mission Impossible. In addition, the Hindi film industry, which had a mediocre 2022, is preparing for a much stronger 2023 with a number of significant movies set to hit theatres in the following 12 months.

According to Bijli, the merger with Inox Leisure, they are on track to complete the merger in accordance with the expected timetables after receiving verbal approval from NCLT. Within the current fiscal year, they aim to finish all formalities.

Tags assigned to this article: