South India driving screen expansion, small towns next growth engine: PVR Inox's Sanjeev Bijli moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
The general election impacts box office in April as Bollywood films underperform, leading to collections below Rs 500 crore for the first time since February 2023, according to Ormax Media. Despite holidays like Eid and Tamil New Year, only Aavesham crosses Rs 100 crore, with other top grossers including Manjummel Boys and Aadujeevitham - The Goat Life.
PVR Inox has partnered with Devyani International to expand into the food and beverage sector. Devyani will hold a 51% stake, while PVR will have 49%. This joint venture aims to boost pre-ticketing F&B revenue through branded food courts adjacent to cinemas. In FY24, PVR Inox s F&B sales rose 21% to Rs 1958 crore. The company plans to open 5-6 food courts initially. PVR Inox is also shifting to a capital-light model, reducing capex and adding new screens through a franchise model.
Revenue grew 6.4% from a year in the quarter to Rs 1,569 crore while expenses increased 7.8% to Rs 1,343 crore. Corporate tax fell 78.5% to Rs 14.2 crore from Rs 66.2 crore a year earlier