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PVR Ltd. slipped into losses as subpar Bollywood movies dragged footfalls and dented collections of the country’s largest multiplex operator.
The movie exhibitor posted a loss of Rs 71.23 crore in the quarter ended September, against a profit of Rs 53.38 crore in the previous three months, according to its exchange filing. That compares with the Rs 49.8-crore consensus loss estimate of analysts tracked by Bloomberg.
PVR Q2 FY23 Highlights (QoQ)
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Revenue fell 30% to Rs 686.72 crore, as against the Rs 785.03-crore estimate.
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Ebitda fell 55% to Rs 153.65 crore. Analysts had projected it at Rs 151.35 crore.
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Margin stood at 22.37% against 34.8%, higher than the estimate of 19.3%.
The July-September period is one of PVR’s weakest quarters in normal times. It posted its first profit in Q1 FY23 after battling two years of covid-led slowdown. Negative reviews from film critics and the adoption of over-the-top platforms post-pandemic have impacted footfall in multiplexes.
The quarter featured a string of flops in the Hindi genre.
Shamshera (Rs 43 crore), Raksha Bandhan (Rs 44 crore) and Laal Singh Chaddha (Rs 59 crore) failed to attract crowds. “BoycottBollywood” trend for potential blockbusters and movie releases of A-listers like Amir Khan and Ranbir Kapoor also hurt.
However, two movies, Thor (Rs 102 crore) and Brahmastra (Rs 245 crore), breached the Rs 100-crore mark.
Shares of PVR were trading 0.19% lower after the quarterly results were announced, against a 0.56% gain in the Nifty 50.
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Image and article originally from www.bqprime.com. Read the original article here.