SerpApi.Org
July 23 (Reuters) - Indian multiplex operator PVR INOX on Thursday posted a first-quarter profit, helped by strong demand for films across languages, higher ticket prices and increased spending on food and beverages.
Here are the details:
• The company reported a consolidated net profit of 565 million rupees ($5.85 million) in the quarter ended June 30, compared with a net loss of 545 million rupees a year earlier.
• Revenue from operations in the first quarter rose 11.9% year-on-year to 16.22 billion rupees
• Revenue growth was driven by a 15.9% year-on-year increase in ticket sales to 8.37 billion rupees and a 16.7% rise in food and beverage sales to 5.58 billion rupees
• Shares of the company rose as much as 2.72% and were up 1.65% as of 1:11 p.m. IST
• Brokerages had expected a stronger quarter for multiplex operators, helped by a steady flow of movie releases, higher ticket prices and increased spending on food and beverages despite the absence of a major blockbuster
• The company said India's box office collections grew 20% during the quarter, driven by strong performances from Hindi, regional and Hollywood films across both metro and smaller cities
• Brokerage Prabhudas Lilladher had said that spillover collections from earlier releases and a healthy flow of new films were expected to support footfalls during the quarter
• "The industry delivered broad-based growth, our operating metrics improved across the board, and the company is now net cash positive," Managing Director Ajay Bijli said in a press release
($1 = 96.5425 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru; Editing by Nivedita Bhattacharjee)
