People love to visit cinemas during their off time and to make it better, they have the option to get popcorn. A surprising report is making rounds on the internet, according to which the top multiplex chain in India, PVR Inox, has reportedly earned more profits from their food sales compared to their ticket.
As per the reports, India’s top multiplex chain announced its quarterly earnings for the period between January and March 2024, along with the full financial year of 2024. The findings revealed that the food and beverages revenue was ahead of ticket sales revenue, indicating a significant change in the entertainment landscape.
According to more information, for the fiscal year of 2023 and 2024, PVR Inox saw a magnificent growth of 21 per cent for food and beverages revenue. It reportedly went as high as Rs 1,958.4 compared to last year’s Rs 1,618 crore. While the revenue for ticket sales showed a growth of 19 per cent, earning Rs 3,279.9 crore from last year’s Rs 2,751.4 crore.
The group CFO (Chief Financial Officer) of the multiplex chain, Nitin Sood put a statement regarding the unusual report. He stated, “Unfortunately, box office has been a mixed bag, as a result of which F&B (food and beverage) revenue growth has outpaced box-office revenue growth rate. And F&B will do better than ticket revenue.”
Furthermore, the box-office revenue of PVR Inox saw a growth of 19 per cent in the financial year 2024. It amounted to an impressive number of Rs 3,915.8 crore, while last year it was Rs 3,295.2 crore. As per more reports, the company mentioned the unpredictable box-office performances of the releases throughout the year.
The multiplex’s food and beverage business is almost head-to-head with quick-service restaurant chains. It became the second largest revenue contributor to the company, nearing Rs 2000 crore. According to Karan Taurani, the Senior Vice President at Elara Capital, the increase in revenue is a result of several stores opening in metro stations and non-metro places.
Comments
0 comment