PVR INOX reported its first earnings after the two entities officially merged in March. Shares of the company were in the red on Tuesday, as investors seem to have been disappointed by the numbers.

What Happened: The company’s consolidated revenue from operations stood at ₹1,143.17 crore. EBITDA for the quarter stood at ₹285.6 crore. The theatre giant reported a loss of ₹334 crore.

One should note that the results of this quarter should not be compared with the results of the corresponding quarter last year, as the merger has brought several changes.

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A major chunk of losses came from several exceptional one-off items. Accelerated depreciation expense ₹10.58 crore as the company looks to shut down 50 loss-making cinema halls. Impairment of assets of INR 10.82 crore relating to a now-suspended project. Deferred tax asset write-off of ₹134.3 crore on account of the transition to the new tax regime and reinstatement of deferred tax assets.

The company had 30.5 million moviegoers visit its cinemas during the quarter. The average ticket price of ₹239, average F&B spend per patron of Rs 119. The company added 79 screens across 13 properties during the quarter. As of date, PVR INOX operates 361 cinemas with 1,689 screens across 115 cities.

Price Action: PVR share price was down 3.9% to trade at ₹1,407.55 as the markets opened on Tuesday.

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