PVR INOX (PVRINOX) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 was impacted by the 2024 general elections and a 13% drop in film releases, resulting in fewer blockbusters and a soft quarter for the industry.

• June saw strong box office performance, notably with Kalki grossing over INR 1,000 crore globally in four days.

• Board approved unaudited standalone and consolidated financial results for Q1 FY25, with unmodified review reports from statutory auditors.

Financial highlights

• Total consolidated revenue for Q1 FY25 was INR 11,907 million, down from INR 13,049 million year-over-year, with standalone revenue at INR 11,373 million.

• EBITDA margin (adjusted) turned negative at -1.6%, and consolidated net loss after tax widened to INR 1,787 million from INR 816 million in Q1 FY24.

• PAT loss widened to INR 1,366 million (adjusted), and basic/diluted EPS (consolidated) dropped to -18.21.

• Fixed costs increased by 7% year-over-year, mainly due to new premium property openings.

• Sale of movie tickets fell 14.5% and F&B revenue dropped 6.1% year-over-year; ad income grew 4.6%.

Outlook and guidance

• Q2 has started strong with no major event disruptions expected, and a robust film lineup is anticipated to drive performance.

• FY25 guidance includes opening 120 new screens and exiting 70, resulting in a net addition of 50-60 screens.

• Management expects admissions for the full year to be similar to last year if scheduled releases perform as estimated.