Barbie, Shah Rukh Khan Hits Lift Profit at Top India Movie Chain
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2023-10-19 19:45
India’s biggest multiplex operator PVR INOX Ltd. swung to its highest ever quarterly profit as people thronged to

India’s biggest multiplex operator PVR INOX Ltd. swung to its highest ever quarterly profit as people thronged to theaters to watch a string of Bollywood and Hollywood blockbusters.

The cinema chain, formed earlier this year after a merger between PVR Ltd. and INOX Leisure Ltd., was struggling financially following Covid-19 lockdowns, a sluggish post-pandemic recovery and a spate of Bollywood flops.

Shah Rukh Khan’s ‘Masala Banger’ Jawan Lifts Flop-Hit Bollywood

But this quarter saw a turnaround, with the release of some of the best-grossing Hindi flicks of all time, including Jawan — starring Bollywood icon Shah Rukh Khan — and Gadar 2. That coincided with showings of Hollywood hits Oppenheimer and Barbie.

PVR INOX sold 48.4 million movie tickets in the three months through September, a 64% jump on merged ticket sales a year ago. Quarterly profit was 1.66 billion rupees ($19.9 million), a reversal from a loss of 712 million rupees a year earlier.

Jinesh Joshi, a Mumbai-based analyst at Prabhudas Lilladher Pvt., said the “sustainability of these numbers is difficult, but the trajectory is phenomenally good,” adding that “you cannot expect such repetition in every quarter.”

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