PVR Outperforms INOX During Q1 FY2023

PVR and INOX, India's largest multiplex chains, have emerged from their two-year slump to report their strongest quarters to date, thanks to big-ticket film releases. Between April and June, blockbuster films such as KGF: Chapter 2, Bhool Bhulaiya 2 or Doctor Strange forced audiences to return to theatres.

INOX reported on Wednesday its highest quarterly revenue, EBITDA, and net profit in two decades since its inception. PVR announced its quarterly results two week ago. It also had the same milestones for the quarter ended June 30. PVR managed to surpass INOX with nearly double the revenue in the April-June quarter 2022.

INOX's revenue was Rs589 crore during the April-June quarter 2022. This is a 22-fold increase over the Rs26 crore revenue reported one year ago. In Q1 FY2023, the company turned its net loss of Rs101 cr in the year-ago quarter into a profit worth Rs74 crore. EBITDA, or earnings before interest taxes, depreciation, and amortization, was at an all time high of 1.8 million people in April-June quarter. 

PVR's revenues surpassed Rs1,000 crore in the first quarter 2023 for the first-ever time, nearly a 10-fold increase over last year. Its net profit was Rs53 crore, as compared to Rs220 crore loss during the Q1 FY2021. PVR and INOX are currently undergoing a merger that will create India's largest multiplex chain, with over 1,500 screens. This deal is still awaiting regulatory approval.

PVR and INOX, two of the largest players in the film-screening industry, have announced a merger. The stock merger was approved by the PVR and INOX with a stock swap ratio that combines three shares of PVR with ten shares each of INOX.
PVR INOX Ltd. will be the new name of the entity. The company has now over 15,000 screens in 72 cities and 160 locations.