PVR Inox, a leading multiplex chain operator in India, reported a dismal performance for the fourth quarter of fiscal year 2023 on Monday. The company posted a net loss of Rs 333.4 crore in Q4 FY23, compared to a net profit of Rs 105 crore in Q4 FY22, as the coronavirus pandemic severely impacted its business.
The company said in an exchange filing that its total revenue declined by 64.5% to Rs 1,143.2 crore in Q4 FY23, from Rs 3,217.7 crore in Q4 FY22. The company’s occupancy rate dropped to 18.7% in Q4 FY23, from 77.8% in Q4 FY22.
The company’s management said that the second wave of Covid-19 and the subsequent lockdowns and restrictions imposed by various state governments have adversely affected the multiplex industry. The company said it is taking various measures to conserve cash and reduce costs to mitigate the impact of the crisis.