PVR Inox stock slips 2% after company reports net loss of Rs 333.99 crore for Q4

PVR Inox Ltd share price: The company said in a statement that the appointed date for the PVR INOX merger was January 1, 2023; Q4 FY2023 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q4 FY2022 reported results.

PVR Inox Ltd share price: At the time of filing this report, PVR Inox scrip stood at Rs 1,431.9 on the BSE, down 2.22 per cent, image- PTI

PVR Inox Ltd share price: Shares of PVR Inox declined over 2 per cent on BSE on May 16, a day after it reported its March quarter (Q4FY23) numbers. At closing, PVR Inox scrip stood at Rs 1,433.3 on the NSE, down 2.17 per cent.

The earnings release showed that the company registered a net loss of Rs Rs 333.99 crore for Q4FY23. The company said in a statement that the appointed date for the PVR INOX merger was January 1, 2023; Q4 FY2023 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q4 FY2022 reported results. Similarly, FY2023 full-year results are based on nine-month numbers for PVR and fourth quarter numbers for PVR and INOX combined, making them not comparable with FY2022 reported results. The company had posted a net loss of Rs 105.49 crore in the January-March period a year ago.

PVR Inox registered revenue from operations at Rs 1,143.17 crore during the quarter under review against Rs 536.17 crore in the year-ago period. During the quarter ending March 2023, two leading cinema exhibitors PVR Ltd and INOX Leisure merged and created a new identity PVR Inox Ltd.

TRENDING NOW

PVR Inox's total expenses were at Rs 1,364.11 crore in Q4FY2023. Its total Income in the March quarter was Rs 1,164.92 crore. While sharing the highlights of the quarter, the company in its earning statement said its theatrical admissions (total number of people visiting cinema halls) were 30.5 million during the quarter. The average ticket price in the March quarter was Rs 239 and the average Food and Beverages spend per patron was Rs 119. It added 79 screens across 13 properties during the quarter.

Brokerage firm Nuvama has given a ‘buy’ call on PVR Inox for a target price of Rs 2,125 apiece.

“On balance, given innovations such as this, improving line-up of Hindi movies and a strong pipeline across languages in FY24E, we reiterate our positive stance on multiplexes over medium/long term,” Nuvama said in its report.

Sharekhan has also given a ‘buy’ call on PVR Inox Ltd for a target price of Rs 1,800 apiece. “We maintain a Buy given the likelihood of synergy benefits on revenues and costs over the medium term, promising content pipeline and potential market share gains from penetration in tier 2-3 regions,” the brokerage said.

PVR Inox share price history

On a year-to-date (YTD) basis, PVR Inox stock has declined over 17 per cent as compared to Nifty50’s rise of 0.88 per cent. On a six-month basis, the stock fell over 19 per cent against Nifty50’s decline of over 0.28 per cent.

Catch the latest stock market updates here. For more news on sports, politics follow Zee Business

TAGS:

PVR Inox PVR-INOX merger