India’s largest multiplex chain, PVR Inox, encountered a net profit decline of 20 percent, reporting Rs 12.8 crore for the December quarter of FY24 compared to Rs 16.1 crore a year ago. The downturn is attributed to a scarcity of successful releases and a reduction in theatrical box office revenue.
Analysts had anticipated a subdued performance due to lackluster content in September and October, impacting overall cinema attendance. Sequentially, the net profit witnessed a substantial 92.2 percent decrease from Rs 166 crore.
The company’s revenue for the quarter amounted to Rs 1545.9 crore, marking an increase from Rs 940.69 crore the previous year, aligning with analyst predictions. However, the figure was lower than the Rs 1,999.9 crore recorded in the September quarter, underscoring the persistent challenges faced by the film industry.