Shares of PVR Inox were upbeat on Tuesday afternoon after the company reported its second-quarter results.

What Happened: The theatre chain’s losses narrowed 93% to ₹11.8 crore in the July to September period compared with a ₹178.7 crore loss posted in the last quarter. The company logged a profit of ₹166.3 crore in the same period last year.

PVR Inox’s revenue from operations stood at ₹1,622.1 crore, 36% higher than the ₹1,190.7 crore it posted in the April to June period. In the second quarter of FY24, the company recorded an operational revenue of ₹1,999.9 crore.

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For the half year, the firm posted an operational revenue of ₹2,812.8 crore, compared with ₹3,304.8 crore in the corresponding period last year. It clocked a net loss of ₹190.5 crore for the period compared to a profit of ₹84.7 crore a year ago.

Nearly 7 crore people visited the cinemas in the given quarter, the company said. The average ticket price was ₹247 and the average spend per head on food and beverages was around ₹135. PVR opened 66 new screens across nine properties during the period.

PVR Inox has now reported losses for three straight quarters. In September, the company said it was looking to shut down a number of screens to shore up profits and reduce debt. The country’s largest multiplex chain said it plans to shut down 70 underperforming screens in the fiscal year 2025 as part of its strategy to enhance profitability.

Price Action: Shares of PVR Inox jumped 1.81% to ₹1,618.80 on Tuesday afternoon.

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