Multiplex chain PVR posted a consolidated net profit of ₹16.15 crore in the third quarter ended December 31, 2022 compared to loss of ₹10.18 crore in the corresponding quarter in the previous fiscal. Consolidated revenue from operations was up 53.17 per cent to ₹940.69 crore for the quarter under review on the back of strong resurgence in footfalls.
During the fiscal year, it has opened 63 screens across 11 cinemas in line with its PVR has opened 63 screens across 11 cinemas till date and added that it is on track to open a total of 100-110 new screens by the end of the fiscal year.
Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd, said, “We saw significant improvement in average box office collections compared to the previous quarter. The same was reflected in metrics such as footfalls and average ticket prices and things are moving on the right trajectory. Drishyam 2, Avatar 2 and Kantara were among the movies that did really well at the box office.”
He added that 2023 appears to be a promising year for the exhibition industry with a strong line-up in terms of Bollywood, regional and Hollywood content.
On the proposed merger with Inox Leisure, Bijli added, “With the verbal approval for the merger coming through from NCLT, we are tracking well within the projected timelines for the closure of the transaction. We intend to complete all the formalities within the current financial year.”
On January 12, National Company Law Tribunal (NCLT ), Mumbai Bench, has through its verbal order approved the proposed Scheme of Amalgamation between PVR Ltd and INOX Leisure. “The company expects to complete all the legal formalities with respect to the proposed merger including issue of PVR shares to Inox shareholders within the next 45 days of receipt of certified true copy of the order passed by NCLT,” the company added in its statement.
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