PVR Inox is optimistic about a strong fiscal fourth quarter for cinema exhibitors, citing an exciting lineup of movie releases that is expected to revive the industry after a lackluster third quarter impacted by disappointing Hindi film performances and the ICC Men’s Cricket World Cup.
Sanjeev Bijli, Executive Director of PVR Inox, expressed confidence in a more favorable Q4, highlighting the well-distributed schedule of film releases between January and March. Notable releases include Hrithik Roshan’s “Fighter,” Vijay Sethupathi’s “Merry Christmas,” and Kareena Kapoor Khan’s “The Buckingham Murders.”
While the third quarter fell short of expectations, Bijli anticipates an improved performance in December with the releases of Ranbir Kapoor’s “Animal,” Shah Rukh Khan’s “Dunki,” Prabhas’ “Salaar,” and Vickey Kaushal’s “Sam Bahadur.”
Bijli acknowledged the impact of the cricket World Cup on footfalls at multiplexes, noting that movies like Akshay Kumar’s “Mission Raniganj” and Tiger Shroff’s “Ganapath” underperformed at the box office. Additionally, Salman Khan’s “Tiger 3” fell short of expectations, grossing only ₹250-275 crore against an initial estimate of ₹450-500 crore.
Despite these challenges, Bijli highlighted the positive contributions of screening World Cup matches and the success of the Taylor Swift: The Eras Tour, which grossed ₹6 crore in a month for the company.
Looking ahead, PVR Inox plans to open 130-140 screens in FY24, with a focus on introducing more luxury-format properties in cities like Mumbai, Pune, and Bengaluru. Currently, around 5% of its 1,700 screens are in luxury formats.
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