PVR INOX (PVRINOX) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 saw a strong quarter-on-quarter rebound in box office collections, driven by major Bollywood and Hollywood releases, though total income and admissions declined year-over-year.

• Re-releases contributed 6% of admissions, with curated content and producer partnerships supporting this strategy.

• National Cinema Day attracted nearly 1 million guests, and total Q2 admissions reached 38.8 million.

• Board approved unaudited financial results for Q2 and H1 FY25, with a net loss reported for the quarter and half-year periods.

• Mr. Vishal Kashyap Mahadevia was appointed as Independent Director for five years, effective October 22, 2024.

Financial highlights

• Q2 FY25 revenue was INR 1,642 crores (₹16,419 mn), EBITDA INR 207 crores (₹2,069 mn, margin 12.6%), and PAT INR 22 crores (₹224 mn), all down year-over-year.

• Standalone revenue from operations for Q2 FY25 was ₹15,327 million, with a standalone net loss after tax of ₹124 million.

• Net debt reduced by INR 131 crores (₹1,409 mn) in H1 FY25; cash and equivalents at ₹4,945 million as of September 30, 2024.

• Earnings per share (basic) for Q2 FY25: ₹2.2; H1 FY25: -₹11.6.

• Free cash flow was generated and prioritized for debt reduction after CapEx needs.

Outlook and guidance

• Management expects robust performance in Q3 and Q4, driven by a strong content pipeline and major releases.

• Plans to open 110-120 new screens in FY25, with a net addition of around 50 screens expected; next year, screen additions are expected to be around 100 per annum, focusing on asset-light and FoCO models.