PVR INOX (PVRINOX) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 was impacted by the 2024 general elections and a 13% drop in film releases, resulting in fewer blockbusters and a soft quarter for performance.

• General elections and last year's Hollywood strikes contributed to a weaker release calendar.

• 30.4 million guests visited cinemas in Q1 FY25, with a net addition of 36 screens during the quarter.

• Board approved unaudited standalone and consolidated financial results for Q1 FY25, reviewed by the Audit Committee and signed by the Managing Director.

• Statutory auditors issued unmodified review reports for both standalone and consolidated results.

Financial highlights

• Total revenue for Q1 FY25 was INR 1,209 crore, down from INR 1,324 crore year-over-year; consolidated revenue from operations was ₹11,907 million, down from ₹13,049 million in Q1 FY24.

• EBITDA loss stood at INR 20 crore, compared to a profit of INR 100 crore in Q1 last year; adjusted EBITDA turned negative at INR -199 mn versus INR 1,003 mn last year.

• PAT loss widened to INR 137 crore from INR 44 crore in the same period last year; consolidated net loss after tax and non-controlling interests for Q1 FY25 was ₹1,787 million, compared to ₹816 million in Q1 FY24.

• EPS (basic and diluted) declined to -13.9 from -4.5 year-over-year; consolidated EPS for Q1 FY25 stood at ₹(18.21), compared to ₹(8.33) in Q1 FY24.

• Fixed costs increased by 7% year-over-year, mainly due to new premium property openings.

Outlook and guidance

• Q2 has started strong with no major event disruptions expected, and a robust film lineup is anticipated to drive performance.

• FY25 guidance includes opening 120 new screens and exiting 70, resulting in a net addition of 50 screens.

• Management expects admissions for the full year to be similar to last year if scheduled releases perform as estimated.