PVR INOX announces results for the Quarter & 9 months ended 31st Dec’24
Gurugram: PVR INOX Limited today announced its unaudited standalone and consolidated financial results for the quarter and the 9 month period ended December 31, 2024.
Blockbuster movies propelled Q3 to the highest box office earnings of the year. This success led to record-breaking average ticket prices and spending per head, reaching Rs 281 and Rs 140 respectively. Advertising revenue also soared to Rs 1,486 mn, the highest since the pandemic. Admissions during the quarter were 37.3 mn. For the 9 month period, the company recorded 106.4 mn admissions with an average ticket price of Rs 259, spend per head of Rs 137 and ad income of Rs 3,513 mn.
Notably, Pushpa 2 made history as the biggest blockbuster ever in Indian cinema, contributing 36% of Q3’s India box office collections and 12% of CY 2024’s India Box office collections.
Q3 began with strong performances from Tamil and Telugu films. Spillover from Junior NTR’s Devara Part-1 and Rajnikanth’s Vettaiyan led October’s box office, together generating almost 25% of the month’s total box office collections. Their success highlights the growing popularity of South Indian cinema across various regions. However, underwhelming performance of Hindi and English releases like Jigra and Joker 2 impacted the overall October box office.
In November, Hindi cinema rebounded with two Diwali hits, Singham Again and Bhool Bhulaiyaa 3, each earning approximately Rs 300 crores. Regional films continued their strong performance, with Amaran surpassing Rs 250 crores and becoming the 2nd highest-grossing Tamil film of the year. The Telugu film Lucky Baskhar, a mid-budget production, also performed well, grossing around Rs 90 crores.
December emerged as the biggest month of the year, driven by the record-breaking release of Pushpa 2. The film grossed over Rs 1,450 crores in India, with its Hindi dubbed version achieving over Rs 900 crores, a new record for the highest-grossing Hindi film ever. Hollywood also found success with Mufasa: The Lion King, which resonated with urban family audiences and collected over Rs 100 crore at the Indian box office. Despite these successes, Q3’s overall momentum was impacted by the rescheduling of key films like Sitare Zameen Par and Chhaava amongst others.
Following a lackluster 2024, Hollywood anticipates a strong rebound in 2025 with a packed slate including sequels to popular franchises. Marvel fans can look forward to three releases: Captain America in February, Thunderbolts in May, and Fantastic Four: First Steps in July. Other major releases include Mission Impossible: Final Reckoning, Final Destination: Bloodlines and Karate Kid: Legends in May, Formula One starring Brad Pitt, Ballerina, and How to Train Your Dragon in June. Additional notable titles include Superman, Jurassic World: Rebirth, Conjuring: The Last Rites, Mortal Kombat 2, Now You See Me 3, Predator: Badlands, and Avatar 3: Fire and Ash among others.
Bollywood’s 2025 lineup looks promising with major releases – Chaava (Vicky Kaushal) releasing next week, followed by Shankara (Akshay Kumar and Madhavan), Diplomat (John Abraham), and Sikandar (Salman Khan) in March. Other notable titles for the year include Jaat (Sunny Deol), Raid 2 (Ajay Devgn), Housefull 5 (Akshay Kumar), War 2 (Hrithik Roshan), Jolly LLB 3 (Akshay Kumar, Arshad Warsi), Son of Sardar 2 (Ajay Devgn), Sitare Zameen Par (Aamir Khan), Thama (Ayushman Khurana) among others.
Regional cinema also promises a diverse selection. Thandel (starring Naga Chaitanya) releases tomorrow, while Empuraan (Mohanlal) and Hari Hari Veera Mallu (Pawan Kalyan) are expected in March. Other notable titles for the year include Good Bad Ugly (Ajith Kumar), Idli Kadai (Dhanush), Hit the 3rd Case (Nani), Retro (Suriya), Mass Jathara (Ravi Teja), VD 12 (Vijay Deverekonda), Thug Life (Kamal Hassan), Kantara 2 (Rishab Shetty), Raja Saab (Prabhas), Coolie (Rajinikanth), Thalapathy 69 (Vijay Thalapathy) among others.
Till date in the current fiscal, the company has added 77 new screens and exited 67 underperforming screens. For the whole year, the company expects to open about 100–110 new screens. Screen portfolio currently stands at 1,728 screens across 350 cinemas in 111 cities in India and Sri Lanka.
For future openings, the company has signed 100 new screens under the new ‘Capital Light’ growth model. These screens are expected to come up over the next 2-3 years. Of these, 31 screens are under the ‘Management Contract’ model, and 69 are under the ‘Asset Light model’.
Post-merger, the company has consistently managed to reduce its net debt. As of December 2024, net debt stands at Rs 9,958 mn as compared to Rs 14,304 mn in March 2023, a reduction of Rs 4,346 mn.
Commenting on the results and performance, Mr. Ajay Kumar Bijli, Managing Director, PVR INOX Ltd., said, “As we look ahead, our focus remains on pivoting to the capital light model, enhancing free cash generation, reducing net debt, controlling costs and delivering a diverse slate of films that excite and inspire moviegoers. With a robust content pipeline, a slew of strategic growth initiatives, and continued financial discipline, we are confident in sustaining our leadership and driving long-term value for all stakeholders.”