PVR Inox share price gains 5% as weekend box office revenue crosses ₹100 crore on success of Jailer, Gadar 2, OMG 2

PVR Inox share price gains about 4% as the multiplex firm says it saw weekend box office revenue of more than ₹100 crore. The PVR Inox shares opened at ₹1,665 and then further gained to hit a high of ₹1,732.25. At the time of writing this story, PVR Inox share price was trading at ₹1,722.50, up ₹85.65, or 5.23% over the previous close.

Combined box office collection from Jailer, Gadar2, OMG2, BholaaShankar grossed at ₹390 crore over the August 11-13 weekend. A staggering 2.10 crore moviegoers flocked to the cinemas to partake in the magic of storytelling. The combined Box Office across India stands at over ₹390 crore for the weekend. This is the highest number in the history of Indian cinema, spanning more than 100 years, the Producers Guild of India and the Multiplex Association of India (MAI) said in a statement.

“PVR INOX achieved highest ever admissions and box office in a single day across our circuit on 13th August, 2023. We entertained ~12.8 lac guests and earned Gross box office revenue of ~39.5 crores. The weekend of 11-13th Aug’23 was also the biggest weekend ever in Company’s history. We welcomed ~33.6 lac guests at our cinemas and earned Gross box office revenue of ~100+ crores during the weekend,” PVR Inox said in a regulatory filing.

The Covid-induced lockdowns had paralysed the multiplex industry as people avoided going to a theatre to watch a movie. Lately, their businesses have come back to life. Some movies like Jailer, Gadar 2, OMG2, Barbie, Oppenheimer have helped PVR Inox mint a lot of money.

“These feats were achieved on the back of solid box office performances from the stellar content released last week including ‘Gadar 2’ (Hindi), ‘Jailer’ (Tamil) & ‘OMG2’ (Hindi) and continued success of content released in earlier weeks including ‘Rocky aur Rani ki Prem Kahani’ (Hindi) and ‘Oppenheimer’ (English) which continued their steady performance. This record setting result validates that consumer enthusiasm for experiencing films in an immersive, larger than life, cinematic environment is as strong as ever,” PVR Inox said.

PVR Inox shares touched a 52-week high of ₹2,068 on August 12, 2022 and a 52-week low of ₹1,336.5 on May 17, 2023. PVR Inox share price has been on the rise in last 6 months reflecting the reversal in business post Covid. The stock is up a percent in last 6 months, 18.4% in last 3 months and 21% higher in past month.

Gadar 2 has seen an impressive cumulative collection of ₹135.18 crore over the weekend, setting the stage for a thrilling cinematic experience.

PVR Inox reported a net loss of ₹44.1 crore in the quarter ended June 2023 as compared to a net profit of ₹68.3 crore in the year-ago period. The company’s net loss, however, narrowed sequentially from ₹285.7 crore in the previous quarter. Revenue from operations in Q1FY24 increased 31.7% to ₹1,266.6 crore from ₹961.5 crore, YoY.

The company’s average ticket price was up 2.9% in Q1 at ₹246 from ₹239, QoQ.