Shares of PVR Inox that were upbeat ahead of the results slumped after the company posted the results.

What Happened: The multiplex chain, reported a reduction in its net losses to ₹129.5 crore for the March quarter, compared to ₹333 crore in the same period last year. In the December quarter, the company posted a profit of ₹12.8 crore.

The company’s revenue from operation came in at ₹1,256.4 crore, up 9% from the ₹1,143 crore posted in the same quarter last year.

In the March quarter, PVR reported that 3.26 crore people visited its cinemas, up 7% from the year-ago period. The average ticket price (ATP) was reported at ₹233, down around 2% year on year, while the food and beverage (F&B) spend per head (SPH) stood at ₹129, up 8% YoY.

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PVR expanded its footprint by opening 33 new screens across six properties during the quarter. As of March 31, 2024, PVR, along with INOX, collectively operates 360 cinemas with 1,748 screens spread across 112 cities.

The entertainment giant said that the March quarter was the weakest quarter of the year. “The ongoing general election has also impacted the flow of new releases in the current quarter which is expected to stabilize by mid-June,” the company said in a press release.

Price Action: PVR Inox’s share price was down 0.65% to trade at ₹1,307 in the late hours of trading on Tuesday.

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