PVR INOX Limited announced its audited consolidated financial results for the quarter and the 12-month period ended March 31, 2023. The quarter ending March 2023 saw the consummation of the PVR INOX merger. The Hon’ble National Company Law Tribunal (‘NCLT’), Mumbai Bench approved the ‘Scheme of Amalgamation’ between
INOX Leisure Limited and PVR Limited on January 12, 2023, and the merger officially became effective on February 6, 2023. The merged entity was renamed ‘PVR INOX Limited,’ effective from April 20, 2023.

As the appointed date for the PVR INOX merger was January 1st, 23; Q4 FY’23 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q4 FY’22 reported results. Similarly, FY’23 full year results are based on 9 month numbers for PVR and 4th quarter numbers for PVR & INOX combined making them not comparable with FY’22 reported results.

For the quarter ended March 31, 2023, Consolidated Revenue, EBITDA and PAT was Rs 11,649 mn, Rs 2,856 mn and Rs (3,340) mn respectively as compared to Rs 5,787 mn, Rs 1,423 mn and Rs (1,055) mn for the corresponding quarter in FY’22. After adjusting for the impact of IND-AS 116 – Leases, Consolidated Revenue, EBITDA, and PAT of the Company was Rs 11,647 mn, Rs 269 mn and Rs (2,857) mn respectively as compared to Rs 5,526 mn, Rs (178) mn and Rs (956) mn for the corresponding quarter in FY’22.

For the 12 months ended March 31, 2023, Consolidated Revenue, EBITDA and PAT was Rs 38,297 mn, Rs 11,268 mn and Rs (3,364) mn respectively as compared to Rs 16,555 mn, Rs 4,315 mn and Rs (4,885) mn for the corresponding period in FY’22. After adjusting for the impact of IND-AS 116 – Leases, Consolidated Revenue, EBITDA, and PAT of the Company was Rs 38,190 mn, Rs 3,886 mn and Rs (2,429) mn respectively as compared to Rs 14,071 mn, Rs (1,553) mn and Rs (4,189) mn for the corresponding period in FY’22.

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 lacklustre performances from Hindi films. While movies like Tu Jhoothi Main Makkaar and Bholaa from Bollywood were able to generate average box office collections, Selfiee and Shehzada failed to create an impact. In the case of Hollywood releases, John Wick: Chapter 4, Antman and the Wasp: Quantumania, Shazam: Fury of the Gods and Creed III delivered decent performances at the Box Office. On the other hand, regional films such as Varisu in Tamil, Waltair Veerayya and Thunivu in Telugu, and Ved in Marathi have continued to achieve significant box office collections.

Over the course of FY’23, our company has witnessed a robust recovery despite the underperformance and volatility of Hindi movies and significantly low releases from Hollywood in the previous year. The exhibition business has witnessed strong growth, driven by the exceptional performance of regional cinema, an increase in ticket prices, and a substantial increase in consumption/spending of F&B by our patrons. While there has been some volatility at the box office over the past few months, they are confident that this trend will settle down over the next two to three quarters.

Looking forward to FY’24, we are optimistic about the robust content lineup across all languages. The upcoming release slate includes several highly anticipated Hindi movies such as Maidaan, Adipurush, and Satyaprem Ki Katha in June; Rocky Aur Rani Ki Prem Kahani starring Ranveer Singh and Alia Bhatt in July; Dream Girl 2 starring Ayushmaan Khurrana and Animal starring Ranbir Kapoor in August; Jawan starring Shah Rukh Khan and Yodha starring Sidharth Malhotra in September; and Tiger 3 starring Salman Khan in November.

They are equally excited about upcoming Hollywood releases, including Fast and Furious 10 in May, Transformers: Rise of the Beasts, The Flash, and Indiana Jones & the Dial of Destiny in June, and Mission Impossible: Dead Reckoning Part 1 and Oppenheimer in July, among others. From the regional genre, we have Carry on Jatta in June, Maveeran in July, Jailer starring Rajinikanth and Bhola Shankar starring Chiranjeevi in August, and Viduthalai Part 2 starring Vijay Sethupathi and Salaar starring Prabhas in Sep’23, among others.

In the previous fiscal year, PVR & INOX launched 168 new screens in 30 cinemas, and PVR-INOX plan to open 150-175 more screens in FY’24. Most of these screens are in different stages of fit-out. The company as a strategy has also realigned all upcoming handovers of new sites for fit-outs to the next calendar year till the time there is a strong recovery in the box office. As of date their screen portfolio (including 38 management screens) stands at 1,689 screens across 361 cinemas in 115 cities in India and Sri Lanka.

Commenting on the results and performance, Mr Ajay Bijli, Managing Director, PVR INOX Ltd said, “The year gone by marks the 1st full year of uninhibited operations for the exhibition industry. There was considerable volatility in box office quarter on quarter. We believe that the 2 major factors that marred the industry in FY’23 –the underperformance of Hindi films and less number of Hollywood releases, will both ease out in FY’24. The recently culminated merger with INOX will act as a key milestone for the company and the Indian film industry as a whole. The integration process is proceeding smoothly and we are confident of achieving operational synergies of INR 225 crs over the next 12-24 months.”
ALSO READ: PVR MD Ajay Bijli assures that ticket prices will come down in several theatres after the Inox merger: “Our focus is more on getting more and more people inside, rather than looking at ticket price”

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Megastar Amitabh Bachchan and Anushka Sharma recently opted for motorcycles as an option to reach their shoot locations amid Mumbai traffic. Hours after Big B shared pictures of himself riding a bike with a stranger, Anushka Sharma was also seen sitting on the pillion seat.

Following the photos of the two stars went viral on social media, netizens pointed out that the two of them weren’t wearing helmets and reached out to Mumbai Police. Replying to a few users on Twitter, the official account wrote, “We have shared this with traffic branch.” As per the Motor Vehicle Act, pillon riders are also expected to wear helmets and are fined for flouting the rules.

We have shared this with traffic branch. @MTPHereToHelp
— मुंबई पोलीस – Mumbai Police (@MumbaiPolice) May 15, 2023

 

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Taking to Instagram on Sunday, Amitabh posted photos in which he was sitting on the bike. He was wearing a black T-shirt, blue trousers and brown blazer with white sneakers. Sharing the photo, Amitabh captioned the post, “Thank you for the ride buddy .. don’t know you .. but you obliged and got me on time to location of work .. faster and in avoidance of the unsolvable traffic jams .. thank you capped, shorts and yellowed T-shirt owner.”

 

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On the work front, Amitabh Bachchan will next star in Project K alongside Deepika Padukone and Prabhas. It is helmed by Nag Ashwin. The actor also has Ribhu Dasgupta’s courtroom drama film Section 84.

Meanwhile, Anushka Sharma will next star in Chakda Xpress on Netflix. The actress will play the role of cricketer Jhulan Goswami.
ALSO READ: Anushka Sharma ditches car and embraces bike ride for a smooth work journey; see pictures

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Excitement is at an all-time high for Gautam Gulati who was recently spotted in London shooting for a new project. Gautam, who made his debut as a co-judge of MTV Roadies season 19 alongside Rhea Chakraborty, Prince Narula and Sonu Sood is currently shooting for a highly-anticipated international project in the England capital. While details about the project are being under wraps, the actor is expected to play a crucial role in this upcoming project which is said to be an international web-series.

Gautam Gulati, who made his television debut with a mythological show, gained fame with shows like Pyaar Kii Ye Ek Kahaani and Diya Aur Baati Hum as well as reality shows like Bigg Boss, has now taken his career to the next heights by signing this new international venture, for which he has kicked off the shoot schedule in London. Although he refrained from giving out too many details, Gautam confirmed about signing on an international project, saying, “I am doing something really big on an international level in London. It’s something really exciting for an equally big and valued channel there. It’s a web series, and I’m the only Indian actor on the cast. I am really excited and looking forward for the same.”

With Gautam Gulati’s takes a significant step forward in his career, fans and admirers are eagerly awaiting further updates on this international venture as they cannot wait to see what is in store for them in the show.

Besides that, Gulati will once again return to television with Roadies 19. This is his first stint with the show where he will be judging the contestants along with Rhea Chakraborty who also new to the reality show. While Sonu Sood has a little bit of experience, Prince Narula is quite experienced and has been a winner of the reality show.

Also Read: Gautam Gulati takes a dig at people calling Tejasswi Prakash undeserving winner of Bigg Boss 15; says the masses have made the winner

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Abhishek Bachchan starrer The Big Bull, which released on Disney+ Hotstar in 2021, was loosely based on the real stock market broker Harshad Mehta. Directed by Kookie Gulati, the film also starred Nikita Dutta, Ileana D’Cruz and Sohum Shah. Last year, Anand Pandit, who produced the film with Ajay Devgn, announced a sequel to the film.

In an exclusive chat with Bollywood Hungama, Anand Pandit shared the reason for coming up with the sequel of the film, saying, “We got an excellent response for The Big Bull on OTT. Because of this, we felt this could be a sequel and a regular sequel because a lot of financial crimes keep happening around us. I feel films should be made to expose these crimes and its masters. So, we felt let’s encash The Big Bull’s brand equity.”

Pandit has worked with Amitabh Bachchan in films like Chehre and Fakt Mahilao Maate. The Big Bull was the first time he was working with his son Abhishek Bachchan, who played the main lead. “He is a very simple and down-to-earth human being,” said Pandit. “He is also a very sensitive and cultured person. We all know that he is one of the finest actors in the industry. We all felt so good working with him. It was one of the most pleasant experiences.”

When asked whether Abhishek will be a part of The Big Bull sequel too, Pandit said, “We haven’t decided yet (on the cast) but definitely we will do it (the sequel) with him.”

Also Read: EXCLUSIVE: Anand Pandit opens up on Swatantra Veer Savarkar, “People might not agree with Savarkar ji’s theories, but…”

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Esha Gupta continues to shine globally with her glamour and makes style statements with her fashion choices across the world representing India! Adding another feather in her cap, Esha shall now make her debut at the Festival De Cannes this year! The 76th Festival de Cannes will begin on Tuesday, May 16, and end on May 27. Every year, various Indian celebrities attend the prestigious film festival on the French Riviera and walk the red carpet in enchanting ensembles.

This year, Esha Gupta shall walk the red carpet in a specially curated designation led by Union  Minister of state Dr.  L Murugan. Esha, Miss India International 2007, who has also represented India at Miss International pageant has been selected to represent India and its culture at the Indian pavilion along with the Oscar-fame Guneet Monga, 2017 Miss World Manushi Chillar, and Manipuri actor Kangabam Tomba.

Esha Gupta made her debut in 2012 alongside Emraan Hashmi in Jannat 2. The actress is known for films like Raaz 3, Rustom, Baadshaho, Commando 2, among others. She was last seen in the web-series Aashram alongside Bobby Deol.

Also Read: Esha Gupta sets the temperature soaring in pink unbuttoned shirt and black shorts for shoot day

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