Major Cinema Exhibitor PVR Inox Ltd (formerly known as PVR Ltd) on Monday disclosed a consolidated net loss of Rs 333.99 crore for the fourth quarter that ended on March 31, 2023. The company had posted a net loss of Rs 105.49 crore in the January-March period a year ago, PVR Inox said in a regulative filing. It is being reported that the company is in plans to shutdown 50 Screens owing to the big loss.
Its revenue from operations was at Rs 1,143.17 crore during the quarter under evaluation. It was Rs 536.17 crore in the year-ago period. During the quarter ending March 2023, two major exhibitors of movie PVR Ltd and INOX Leisure merged and created a new identity PVR Inox Ltd.
The merger came into effect as of February 6, 2023, so the results are not comparable, it said.
The company, formed by the merger of India’s top two multiplex operators earlier this year, said it is planning to shut down 50 loss-making screens in the next six months. Cinema operators in India have been struggling ever since the pandemic, when a lockdown forced people to sit home and made the OTT streaming more popular among movie lovers, prompting PVR and Inox to join forces.
“Q4 FY’23 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q4 FY’22 reported results. Similarly, FY’23 full-year results are based on 9-month numbers for PVR and 4th quarter numbers for PVR & INOX combined, making them not comparable with FY’22 reported results,” it said.
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