India’s No. 2 multiplex cinema operator, Inox Leisure Ltd. on Wednesday said its second quarter loss has more than halved as box office and food and beverage revenues are close to pre-pandemic levels.
The company, set to merge with larger rival PVR Ltd, reported a loss of 403.7 million Indian rupees ($4.9 million) for the quarter ended September 30, compared to Rs 876.6 million a year ago.
PVR too posted a lower loss for the quarter, though it missed analysts’ expectations.
Multiplex chains like INOX and PVR have seen some traffic return to movie halls after nearly two years of Covid-led restrictions, with patrons back to spend on theatre’s food and drinks.
It has helped relieve some of the pressure from a weak slate of releases with films like “Raksha Bandhan” and “Lal Singh Chaddha” flopping at the box office.
Siddharth Jain, Director, INOX Leisure, said, “The Q2 was impacted by inconsistencies in the content value chain, which once again proves the importance of good quality content.”
Still, net box office revenue of 2.09 billion was up from Rs 270 million in the pandemic-hit quarter a year ago, while food and beverage revenue rose to Rs 1.10 billion from Rs 150 million a year ago.
Box office revenue stood at Rs 3.11 billion in the same pre-pandemic quarter, while food and beverage revenue stood at Rs 1.41 billion.
The jump in box office and food sales helped total revenue from operations jump eight-fold to Rs 3.74 billion and total expenses jumped 155.1%.
A leading indicator for the industry, INOX’s average ticket price rose from Rs 178 to Rs 215, while the average amount spent by each customer hit a record high of Rs 102.
Jain said he expects an “excellent” content pipeline and festive fervor to support the current quarter’s results. ($1 = 82.9800 Indian Rupee)
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)