PVR, India’s foremost film exhibition giant, stands as a trailblazer in the nation’s cinema landscape. Pioneering the multiplex revolution in 1997 with the inauguration of its first multiplex in New Delhi, PVR has consistently maintained its industry dominance through an unwavering commitment to innovation and operational excellence. Boasting a cinema network of 854 screens spread across 74 cities and 173 cinemas, offering a staggering ~1.8 lakh seats, PVR is synonymous with democratizing the grandeur of big-screen movie experiences.
In this article, we delve into the comprehensive facets of PVR, exploring its journey, achievements, and the dynamic realm of India’s premier film exhibition company.
About PVR Inox
In the fiscal year 2022, PVR Limited demonstrated a diversified revenue stream, with approximately 52% of its earnings stemming from movie ticket sales, underscoring its stronghold in the cinematic domain. The company’s financial landscape further reveals a balanced revenue distribution, with 30% attributed to the sale of food and beverages, while advertisement income, convenience fees, and other business activities contribute 6% each.
Notably, a significant milestone in PVR’s trajectory unfolded with the approval of a merger with INOX Leisure in March 2022. This strategic amalgamation envisages INOX shareholders receiving three PVR shares for every ten INOX shares, propelling the combined entity to the forefront as the largest cinema exhibition company in India, boasting a staggering 1500 screens across 110 cities. Furthermore, PVR’s strategic foresight was evident in its acquisition of SPI Cinemas Pvt Ltd during FY19, a key competitor in the southern market. The acquisition, totaling 72% ownership through a cash consideration of 635 crores and the issuance of equity shares, fortified PVR’s market presence and exemplifies its proactive approach to shaping the Indian cinema landscape.
PVR Inox Reports Q4 Results: Net Loss Shrinks to ₹130 Crore, Revenue Surges 10% YoY
- Narrowed Net Loss: PVR Inox’s consolidated net loss for Q4FY24 decreased to ₹130 crore, a significant improvement from ₹333 crore in the same period last year.
- Revenue Growth: The company experienced a 10% year-on-year increase in revenue from operations during Q4FY24, reaching ₹1,256 crore compared to ₹1,143 crore in the corresponding period.
- Annual Performance: For the full fiscal year FY24, PVR Inox’s loss narrowed to ₹32 crore from ₹335 crore in FY23. Meanwhile, its revenue surged to ₹6,107 crore from ₹3,751 crore in the previous fiscal year.
- Operational Metrics: During Q4FY24, PVR Inox recorded 3.26 crore patrons visiting its cinemas, with an average ticket price (ATP) of ₹233 and a food & beverage (F&B) spend per head (SPH) of ₹129. Additionally, the company expanded its footprint by opening 33 new screens across 6 properties during the quarter.
- Annual Admissions: In FY24, PVR Inox witnessed a significant increase in admissions, totaling 15.14 crore, with an average ticket price of ₹259.
- Debt Reduction: PVR Inox successfully reduced its net debt by ₹136.4 crore during the fiscal year, indicating efforts to strengthen its financial position.
Below are the trading platforms that you can use to purchase PVR Inox shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| May 2024 | 1,319.60 | 1,147.48 |
| June 2024 | 1,367.11 | 1,188.79 |
| July 2024 | 1,353.44 | 1,176.90 |
| August 2024 | 1,407.58 | 1,223.98 |
| September 2024 | 1,463.88 | 1,272.94 |
| October 2024 | 1,435.18 | 1,247.98 |
| November 2024 | 1,492.58 | 1,297.90 |
| December 2024 | 1,507.51 | 1,310.88 |
In May 2024, PVR Inox’s maximum price is projected to reach 1,319.60, while the minimum price is expected to be 1,147.48. By December 2024, the maximum price is anticipated to surge to 1,507.51, with the minimum price forecasted to rise to 1,310.88. Throughout the year 2024.
| When | Maximum Price | Minimum Price |
| January 2025 | 1,522.58 | 1,171.22 |
| February 2025 | 1,537.96 | 1,183.05 |
| March 2025 | 1,570.26 | 1,207.89 |
| April 2025 | 1,554.71 | 1,195.93 |
| May 2025 | 1,509.43 | 1,161.10 |
| June 2025 | 1,577.35 | 1,213.35 |
| July 2025 | 1,546.43 | 1,189.56 |
| August 2025 | 1,594.25 | 1,226.35 |
| September 2025 | 1,613.38 | 1,241.07 |
| October 2025 | 1,655.33 | 1,273.33 |
| November 2025 | 1,696.72 | 1,305.17 |
| December 2025 | 1,773.07 | 1,363.90 |
In January 2025, PVR Inox’s maximum price is expected to reach 1,522.58, while the minimum price is anticipated to be 1,171.22. By December 2025, the maximum price is projected to surge to 1,773.07, with the minimum price forecasted to rise to 1,363.90.
| When | Maximum Price | Minimum Price |
| January 2026 | 1,826.26 | 1,404.82 |
| February 2026 | 1,780.60 | 1,369.70 |
| March 2026 | 1,816.22 | 1,397.09 |
| April 2026 | 1,853.28 | 1,425.60 |
| May 2026 | 1,834.93 | 1,411.49 |
| June 2026 | 1,880.81 | 1,446.77 |
| July 2026 | 1,843.93 | 1,418.41 |
| August 2026 | 1,900.96 | 1,462.27 |
| September 2026 | 1,938.98 | 1,491.52 |
| October 2026 | 1,989.39 | 1,530.30 |
| November 2026 | 2,039.12 | 1,568.56 |
| December 2026 | 2,090.10 | 1,607.77 |
| When | Maximum Price | Minimum Price |
| January 2027 | 2,111.00 | 1,623.85 |
| February 2027 | 2,165.13 | 1,665.48 |
| March 2027 | 2,249.57 | 1,730.44 |
| April 2027 | 2,205.46 | 1,696.51 |
| May 2027 | 2,141.22 | 1,647.10 |
| June 2027 | 2,237.58 | 1,721.22 |
| July 2027 | 2,193.71 | 1,687.47 |
| August 2027 | 2,261.55 | 1,739.66 |
| September 2027 | 2,340.71 | 1,800.54 |
| October 2027 | 2,401.56 | 1,847.36 |
| November 2027 | 2,461.60 | 1,893.54 |
| December 2027 | 2,523.14 | 1,940.88 |
| When | Maximum Price | Minimum Price |
| January 2028 | 2,573.61 | 1,979.70 |
| February 2028 | 2,639.60 | 2,030.46 |
| March 2028 | 2,742.54 | 2,109.65 |
| April 2028 | 2,688.77 | 2,068.28 |
| May 2028 | 2,610.45 | 2,008.04 |
| June 2028 | 2,727.92 | 2,098.40 |
| July 2028 | 2,674.43 | 2,057.26 |
| August 2028 | 2,757.15 | 2,120.88 |
| September 2028 | 2,853.65 | 2,195.11 |
| October 2028 | 2,927.84 | 2,252.19 |
| November 2028 | 3,001.04 | 2,308.49 |
| December 2028 | 3,076.07 | 2,366.20 |
- January 2028: ₹1,979.70 (Minimum)
- December 2028: ₹3,076.07 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 3,137.59 | 2,413.53 |
| February 2029 | 3,218.04 | 2,475.41 |
| March 2029 | 3,343.54 | 2,571.95 |
| April 2029 | 3,277.98 | 2,521.52 |
| May 2029 | 3,182.51 | 2,448.08 |
| June 2029 | 3,325.72 | 2,558.25 |
| July 2029 | 3,260.51 | 2,508.08 |
| August 2029 | 3,361.35 | 2,585.65 |
| September 2029 | 3,479.00 | 2,676.15 |
| October 2029 | 3,569.45 | 2,745.73 |
| November 2029 | 3,658.69 | 2,814.37 |
| December 2029 | 3,750.15 | 2,884.73 |
- January 2029: ₹2,413.53(Minimum)
- December 2029: ₹3,750.15 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 3,825.16 | 2,942.43 |
| February 2030 | 3,923.24 | 3,017.88 |
| March 2030 | 4,076.24 | 3,135.57 |
| April 2030 | 3,996.32 | 3,074.09 |
| May 2030 | 3,879.92 | 2,984.55 |
| June 2030 | 4,054.52 | 3,118.86 |
| July 2030 | 3,975.02 | 3,057.71 |
| August 2030 | 4,097.96 | 3,152.27 |
| September 2030 | 4,241.38 | 3,262.60 |
| October 2030 | 4,351.66 | 3,347.43 |
| November 2030 | 4,460.45 | 3,431.12 |
| December 2030 | 4,571.96 | 3,516.89 |
Throughout January 2030, PVR Inox’s maximum price is anticipated to reach 3,825.16, while the minimum price is expected to be 2,942.43. By December 2030, the maximum price is projected to rise to 4,571.96, with the minimum price forecasted to increase to 3,516.89. PVR Inox’s stock prices are likely to fluctuate throughout 2030, reflecting market dynamics and investor sentiment.
PVR Inox Financial Condition: Last 5 Years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 3,414 | 280 | 1,329 | 3,751 | 6,107 |
| Expenses + | 2,338 | 616 | 1,224 | 2,703 | 4,297 |
| Operating Profit | 1,076 | -336 | 105 | 1,048 | 1,810 |
| OPM % | 32% | -120% | 8% | 28% | 30% |
| Other Income + | 38 | 469 | 326 | 68 | 157 |
| Interest | 482 | 498 | 498 | 572 | 791 |
| Depreciation | 542 | 575 | 614 | 753 | 1,219 |
| Profit before tax | 90 | -939 | -681 | -209 | -44 |
| Tax % | 70% | 20% | 28% | -61% | 26% |
| Net Profit + | 27 | -748 | -489 | -336 | -33 |
| EPS in Rs | 4.95 | -123.07 | -80.04 | -34.2 | -3.26 |
| Dividend Payout % | 75% | 0% | 0% | 0% | 0% |
- Sales Growth: From March 2020 to March 2024, there has been a substantial increase in sales revenue, rising from ₹3,414 crore to ₹6,107 crore. This represents a significant growth trajectory over the four-year period.
- Operating Profit: Despite fluctuations in expenses, the operating profit has shown improvement, particularly notable from March 2021 to March 2024, where it increased from a negative value of -₹336 crore to ₹1,810 crore. This indicates a positive turnaround in operational performance.
- Operating Profit Margin (OPM): The Operating Profit Margin (OPM) percentage, while fluctuating, has generally shown an upward trend. It increased from 32% in March 2020 to 30% in March 2024, indicating improved operational efficiency and profitability over time.
- Other Income: There has been variability in other income over the years, with peaks observed in March 2021 and March 2022. However, there was a slight decline in other income in March 2024 compared to the previous year.
- Interest and Depreciation: Both interest and depreciation expenses have increased steadily over the years, reflecting potential investment and asset acquisition activities.
- Profit Before Tax and Net Profit: The company reported losses in net profit from March 2021 to March 2023, but it managed to reduce these losses significantly by March 2024. There was a notable improvement in profit before tax from March 2023 to March 2024, indicating potential recovery.
- Tax Management: The tax percentage fluctuated over the years, reaching a low of -61% in March 2023. However, it rebounded to 26% in March 2024, suggesting better tax management practices.
- Earnings Per Share (EPS) and Dividend Payout: The Earnings Per Share (EPS) witnessed negative values from March 2021 to March 2023 but showed signs of recovery in March 2024. The dividend payout percentage remained at 0% throughout the period, indicating that the company retained its profits for other purposes rather than distributing them to shareholders.
ICICI Direct, in its research report dated May 13, 2024, has expressed optimism about PVR INOX, issuing a buy recommendation and setting a target price of Rs1700.00.
FAQs
What is the current valuation of PVR in the stock market?
PVR’s current market capitalization is an impressive ₹12,726 Crores.
As of May 14, 2024, the share price of PVR Inox stands at ₹1,298.
What’s the investment outlook for PVR Inox in 2024?
The 2024 outlook for PVR Inox suggests a price range fluctuating between ₹1,147.48 and ₹1,507.51.
In 2025, the share price of PVR Inox is forecasted to vary from ₹1,161.10 (minimum) to ₹1,773.07 (maximum).
What’s the recent trend in PVR Inox’s return on equity (ROE)?
PVR Inox’s ROE remains a challenge, yet there’s a slight improvement, reaching -0.44% in the last year.
Also Read
PVR Inox, a trailblazer in India’s cinematic landscape, has left an indelible mark through its journey of innovation and operational excellence. As a pioneer of the multiplex revolution, the company symbolizes the democratization of grand cinematic experiences, boasting an extensive network of 854 screens across 74 cities. The strategic merger with INOX and the acquisition of SPI Cinemas reaffirm PVR’s commitment to growth and market leadership.
In conclusion, PVR Inox has demonstrated resilience and a path towards recovery in its Q4 results for fiscal year FY24. The significant reduction in net loss from ₹333 crore to ₹130 crore indicates improved operational efficiency and cost management strategies. Moreover, the impressive 10% year-on-year growth in revenue, coupled with the expansion of its cinema network and reduction in net debt, reflects PVR Inox’s commitment to navigating challenging market conditions while focusing on long-term sustainability. Despite facing headwinds in the cinema industry, PVR Inox’s strategic initiatives and financial performance in Q4 FY24 suggest a positive trajectory for the company’s future.
What did we learn?
- 1 About PVR Inox
- 2 PVR Inox Reports Q4 Results: Net Loss Shrinks to ₹130 Crore, Revenue Surges 10% YoY
- 3 How to Purchase PVR Inox Shares?
- 4 PVR Inox Share Price Target: 2024 – 2030
- 5 PVR Inox Financial Condition: Last 5 Years
- 6 ICICI Direct on PVR Inox Share Price Target
- 7 FAQs
- 8 Conclusion: Navigating Cinematic Horizons with PVR Inox
