PVR INOX's Ajay Bijli sells 3.25 lakh equity shares in open market; promoters stake stand at 6.07%

PVR INOX's Ajay Kumar Bijli has sold 3,25,000 equity shares (0.33% stake) of the company in the open market, according to a stock exchange filing.

As per the BSE filing, Bijli and other promoters (Selena Bijli, Nayana Bijli, Niharika Bijli, and Aamer Krishan Bijli) total shareholding after the sale stood at 6.07% of the company's total voting capital.

PVR INOX's total revenue declined by 8.75% to Rs 1,190.7 crore in the first quarter of the current fiscal year as compared to Rs 1,304 crore in Q1 FY24.

The company reported a net loss of Rs 179 crore in Q1 FY25 from Rs 82 crore in the same quarter of the previous fiscal year. The cinema company's total income for the June quarter in FY24 stood at Rs 1,219 crore down 8.3% from Rs 1,330 crore in the corresponding quarter of FY24.

According to MD Ajay Bijli, the quarter's results were impacted by the 2024 general elections which prompted many producers to postpone film releases, resulting in a 13% drop in the number of releases in the quarter as compared to the first quarter of last year.

Besides, the entertainment industry witnessed a sharp decline in blockbusters between April and June this year with only three films crossing the Rs 100 crore mark compared to seven last year.

"The horror comedy, Munjya grossed over Rs 110 crores, and Chandu Champion, a biopic on India's first Paralympics gold medallist, Murlikant Petkar earned more than Rs 75 crores. But the real game changer was Kalki released at the very end of June, it became the year's biggest movie so far, pulling in nearly 16% of the quarter's total box office in just 4 days and grossing over Rs 1,000 crores globally till date," Ajay Bijli said during the PVR Inox earning call held this month.

He has expressed optimism for the upcoming quarters. "We see no other major event disruptions that could hamper the release calendar. Even Hollywood is rebounding with the impact of the writer and actor strikes now starting to fade away," Bijli added.

PVR INOX opened 50 new screens and exited 14 underperforming screens resulting in a net addition of 36 screens during the quarter. For FY25, the company expects to open 120 new screens and exit 70 screens resulting in a net addition of 50 new screens.