PVR INOX reports highest quarterly ad revenue of Rs 1,486 mn since Covid

PVR INOX announced its unaudited standalone and consolidated financial results for the quarter and the 9 month period ended December 31, 2024. Blockbuster movies drove Q3 to the highest box office earnings of the year, with average ticket prices at Rs 281 and spending per head at Rs 140.

Advertising revenue also soared to Rs 1,486 mn, the highest since the pandemic. Admissions during the quarter were 37.3 mn. For the 9 month period, the company recorded 106.4 mn admissions with an average ticket price of Rs 259, spend per head of Rs 137 and ad income of Rs 3,513 mn. 

Pushpa 2 contributed 36% of Q3's India box office collections and 12% of CY 2024’s total India box office earnings, making it the highest-grossing film in Indian cinema.

Q3 started strong with Tamil and Telugu films. Junior NTR's Devara Part-1 and Rajinikanth's Vettaiyan contributed nearly 25% of October's total box office collections. However, underwhelming performance of Hindi and English films like Jigra and Joker 2 affected overall earnings for the month.

In November, Hindi films Singham Again and Bhool Bhulaiyaa 3 each earned around Rs 300 crores during Diwali. Regional films performed well, with Amaran surpassing Rs 250 crores as the second highest-grossing Tamil film of the year. The Telugu film Lucky Baskhar, a mid-budget release, grossed around Rs 90 crores.

December was the biggest month of the year, led by Pushpa 2, which grossed over Rs 1,450 crores in India. Its Hindi dubbed version earned over Rs 900 crores, making it the highest-grossing Hindi film ever. Hollywood's Mufasa: The Lion King collected over Rs 100 crores in India. However, Q3's overall momentum was affected by the rescheduling of films like Sitare Zameen Par and Chhaava.

After a slow 2024, Hollywood expects a strong 2025 with major franchise sequels. Marvel will release Captain America (February), Thunderbolts (May), and Fantastic Four: First Steps (July). Other key films include Mission Impossible: Final Reckoning, Final Destination: Bloodlines, and Karate Kid: Legends (May), followed by Formula One starring Brad Pitt, Ballerina, and How to Train Your Dragon (June). Additional releases include Superman, Jurassic World: Rebirth, Conjuring: The Last Rites, Mortal Kombat 2, Now You See Me 3, Predator: Badlands, and Avatar 3: Fire and Ash.

Bollywood's 2025 lineup includes several major releases. Chaava (Vicky Kaushal) hits theatres next week, followed by Shankara (Akshay Kumar, Madhavan), Diplomat (John Abraham), and Sikandar (Salman Khan) in March. Other key films this year include Jaat (Sunny Deol), Raid 2 (Ajay Devgn), Housefull 5 (Akshay Kumar), War 2 (Hrithik Roshan), Jolly LLB 3 (Akshay Kumar, Arshad Warsi), Son of Sardar 2 (Ajay Devgn), Sitare Zameen Par (Aamir Khan), and Thama (Ayushmann Khurrana).

Regional cinema in 2025 features a diverse lineup of releases. Thandel (Naga Chaitanya) premieres tomorrow, followed by Empuraan (Mohanlal) and Hari Hari Veera Mallu (Pawan Kalyan) in March. Other key films this year include Good Bad Ugly (Ajith Kumar), Idli Kadai (Dhanush), Hit: The 3rd Case (Nani), Retro (Suriya), Mass Jathara (Ravi Teja), VD 12 (Vijay Deverakonda), Thug Life (Kamal Haasan), Kantara 2 (Rishab Shetty), Raja Saab (Prabhas), Coolie (Rajinikanth), and Thalapathy 69 (Vijay Thalapathy).

The company has added 77 new screens and closed 67 underperforming ones in the current fiscal. It plans to open 100–110 new screens by year-end. The total screen count stands at 1,728 across 350 cinemas in 111 cities in India and Sri Lanka.

The company has signed agreements for 100 new screens under its ‘Capital Light’ growth model, set to open over the next 2–3 years. This includes 31 screens under the ‘Management Contract’ model and 69 under the ‘Asset Light’ model.

Post-merger, the company has consistently managed to reduce its net debt. As of December 2024, net debt stands at Rs 9,958 mn as compared to Rs 14,304 mn in March 2023, a reduction of Rs 4,346 mn. 

Commenting on the results and performance, Ajay Kumar Bijli, managing director, PVR INOX Ltd., said, "As we look ahead, our focus remains on pivoting to the capital light model, enhancing free cash generation, reducing net debt, controlling costs and delivering a diverse slate of films that excite and inspire moviegoers. With a robust content pipeline, a slew of strategic growth initiatives, and continued financial discipline, we are confident in sustaining our leadership and driving long-term value for all stakeholders."