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The release of the movie Adipurush, featuring Prabhas, is anticipated to compensate for the underperformance of Hindi films in the Indian market during the June quarter. It is estimated that the business of Hindi films in the first quarter of FY24 has decreased by 20%. Adipurush’s Hindi version is predicted to have an opening of Rs 20 crore and generate a total revenue of Rs 150 crore. Without considering Adipurush’s earnings, the decline in Hindi box office revenue would have been over 40% compared to pre-Covid levels. However, including Adipurush’s earnings, the decline is 20% compared to the pre-Covid period.
The revenue of Hindi films, which plays a significant role in the Indian box office business, is facing challenges. Small and medium-budget films are struggling in theaters, and the success rate of content has dropped notably in both the North and South circuits due to changing preferences in content consumption after the Covid-19 pandemic.
Furthermore, the first quarter of FY24 has been weak so far, with few films performing well at the box office. The only exceptions are The Kerala Story and certain Hollywood movies like Fast X, which have provided some relief. Occupancy rates in the June quarter are expected to be lower at 24%, compared to the pre-Covid level of 32%, mainly due to the underperformance of content.
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The performance of the film Adipurush is expected to have a significant impact on the financial results of PVR-Inox in the first quarter of the fiscal year 2024. According to Jinesh Joshi, a Research Analyst at Prabhudas Lilladher, four movies have already surpassed the Rs 100 crore net box office collection (NBOC) mark in the first quarter of fiscal year 2024. If Adipurush manages to earn more than Rs 500 crore, it is anticipated that PVR-Inox will report better performance compared to the fourth quarter of fiscal year 2023. As of 12:24 pm, PVR-Inox shares were trading at Rs 1,486, reflecting a 0.9 percent decrease from the previous close.
Jinesh Joshi, a Research Analyst, expects that the first quarter of fiscal year 2024 (Q1 FY24) will outperform the fourth quarter of fiscal year 2023 (Q4 FY23) for PVR-Inox. This optimism is based on the spillover revenue from the movie Bholaa, starring Ajay Devgn. Bholaa, which was released on March 30, earned Rs 80 crore. Additionally, other movies like Zara Hatke Zara Bachke (Rs 61 crore), Guardians of the Galaxy (Rs 49.4 crore), Virupaksha (Rs 64 crore), and Transformers-Rise of the Beast (Rs 31.2 crore) have contributed positively to the collections for the quarter.
Moreover, PVR-Inox showed a net consolidated loss of Rs 333.37 crore for the quarter ending in March. It is representing a wider loss compared to Rs 107.41 crore in the same period last year.
The film “Adipurush,” directed by Om Raut and based on the Ramayana, has garnered significant attention and popularity in advance ticket sales. The Hindi version of the film has witnessed a high number of ticket sales, with almost 300,000 tickets sold in national multiplex chains. PVR Inox, a prominent multiplex chain, reported that 600,000 tickets have been booked across all versions of the film in their theaters. BookMyShow, a ticketing platform, has recorded over 1.5 Mn advance ticket sales for “Adipurush.” This strong start indicates the film’s success and immense anticipation among audiences.
