PVR-INOX shares in red ahead of Q1 results today
At 10:13 am, PVR-INOX shares were down 0.8 per cent at Rs 1,545.4 apiece on the bourse.
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11:32 AM IST
PVR-INOX (PVRINOX) shares began Tuesday’s session in the red as investors awaited the cinema operator company’s financial results for the June quarter due later in the day. The stock of PVR-INOX — India's largest cinema operator — declined as much as one per cent to Rs 1,541 apiece on BSE.
At 10:13 am, PVR-INOX shares were down 0.8 per cent at Rs 1,545.4 apiece on the bourse.
Here’s how the company fared in the March quarter
In May, PVR-INOX reported a consolidated net loss of Rs 334 crore for the fourth quarter of the financial year 2022- 23, as against a net loss of Rs 105.5 crore for the corresponding period a year ago. Its revenue from operations came in at Rs 1,143.2 crore for the March quarter as against Rs 536.2 crore for the year-ago period, according to a regulatory filing.
The company’s total expenses stood at Rs 1,364.1 crore in the March quarter, according to the filing.
PVR and INOX Leisure merged during the March quarter to create a new identity, PVR-INOX. The merger took effect on February 6, 2023, and, hence, the results were not comparable, according to a company statement.
"Q4 FY’23 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q4 FY’22 reported results. Similarly, FY’23 full year results are based on 9-month numbers for PVR and 4th quarter numbers for PVR & INOX combined making them not comparable with FY’22 reported results," it said.
Like their global peers, Indian cinemas are struggling to attract crowds due to the popularity of streaming platforms such as Netflix.
PVR-INOX shares: Past performance
In 2023 so far, the stock has gained nearly seven per cent, in line with a rise of 8.4 per cent in the headline Nifty index.
In the June quarter, PVR-INOX shares lost 10.5 per cent of their value in stark contrast to a 10.5 per cent rise in the blue-chip index.
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