By Malvika Gurung
Investing.com -- Shares of PVR Inox (NS: PVRL ) fell 4.2% on Tuesday and hit a new 52-week low in the session as investors reacted to the company’s expanding losses in the quarter ended March 31, 2023.
The multiplex chain registered a jump in net loss during the March quarter, expanding to Rs 334 crore from a net loss of Rs 105.5 crore in the same period last year, on the back of one-time expenses related to the PVR-INOX merger and higher costs.
The company’s total revenues rallied a whopping 101.3% on a year-on-year basis to Rs 1,164.9 crore in the January-March quarter from Rs 578.7 crore in the same period last year.
Its EBITDA in the quarter under review jumped 100.7% to Rs 285.6 crore in the fourth quarter of the financial year 2022-23 from Rs 142.3 crore in the corresponding quarter of last year.
The company’s PAT margin in Q4 FY23 fell sharply to -28.7% from -18.2% reported in the year-ago period, and the EBITDA margin dipped to 24.5% in the March quarter from 24.6% in the March 2022 quarter.
Check out InvestingPro’s detailed breakdown of PVR INOX’s March quarterly earnings for better insights.
In FY23, PVR-INOX launched a total of 168 new screens in 30 cinemas, with plans to open 150-175 more screens in the ongoing fiscal year 2024.
“The quarter witnessed a soaring start with the resounding success of 'Pathaan' in January and the continued impressive performance of 'Avatar: Way of Water', which was released in Dec'22. However, February and March saw a dip in admissions due to lackluster performances from Hindi films,” said the company.
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