PVR INOX (PVRINOX) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 delivered record box office collections, highest quarterly ATP (INR 281) and SPH (INR 140), and welcomed 37.3 million guests, marking the best performance in five quarters.

• Blockbuster releases, especially Pushpa 2, drove strong performance, contributing 36% to Q3 India box office and 12% to 2024 India box office.

• Regional films, particularly from South India, showed robust traction, while Hindi and Hollywood content underperformed in October but rebounded in November and December.

• Board approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2024; audit committee reviewed and statutory auditors issued unmodified review reports.

• No deviations or variations in utilization of funds raised; no outstanding defaults on loans or debt securities; no related party transactions requiring disclosure for the period.

Financial highlights

• Q3 revenue reached INR 1,739 crores (INR 17,388 Mn), up from INR 1,569 crores YoY; consolidated Q3 revenue: Rs 17,173 million, up from Rs 15,459 million YoY.

• EBITDA was INR 258 crores (INR 2,583 Mn, 14.9% margin); PAT rose to INR 68 crores (INR 681 Mn, 3.9% margin) YoY.

• Standalone Q3 net profit: Rs 345 million (vs Rs 126 million YoY); consolidated Q3 net profit after non-controlling interests: Rs 359 million (vs Rs 128 million YoY).

• Ad revenues hit INR 149 crores (INR 1,486 Mn), the highest since the pandemic.

• Highest ever quarterly ATP (INR 281) and SPH (INR 140) in Q3 FY25.

Outlook and guidance

• Strong content pipeline for FY26 with major Bollywood and Hollywood releases expected to drive higher occupancy and revenue.

• Company expects to open 100-110 new screens in FY25, with 35%-40% of additions in South India and a net addition of 30-40 screens.

• Majority of new screens to be under capital-light models, reducing capex burden.

• CapEx for FY25 projected below INR 400 crores, with FY26 guidance at INR 400-500 crores, reflecting a 35% reduction from the previous year.

• Management and auditors confirm no material misstatements; results available on stock exchange and company websites.