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PVR bleeds in Q4 amid slow box-office performance

MUMBAI: Multiplex major PVR Ltd has turned red in the exit quarter of the financial year 2014–15 as the majority of movies released during the period failed to attract audiences.

The company posted a consolidated net loss of Rs 35.65 crore (Rs 356.5 million) for the quarter ended 31 March 2015, as against a profit of Rs 74 lakh (Rs 7.4 million) it had reported in the corresponding quarter of the previous fiscal.

Income from operations was down 4.7 per cent to Rs 299.55 crore (Rs 2.99 billion), compared to Rs 314.23 crore (Rs 3.14 billion) in Q4 FY14.

EBITDA for the quarter, at Rs 12.7 crore (Rs 127 million), was down by 64 per cent, as against Rs 35 crore (Rs 350 million) in the year-ago period.

The company said that during the quarter, it had 12.2 million footfalls in its cinemas, down by 12 per cent, compared to the corresponding quarter of the previous year, largely due to the muted performance of films because of the Cricket World Cup (mid Feb–end Mar).

In spite of the drop in footfalls, the average ticket price was up by 5 per cent.

Full fiscal performance

Meanwhile, for the full fiscal also, consolidated net profit was down 77.23 per cent to Rs 12.76 crore (Rs 127.6 million), from Rs 56.05 crore (Rs 560.5 million) in FY14.

Consolidated revenues in the fiscal were up 9 per cent to Rs 1,486 crore (Rs 14.86 billion), compared to Rs 1,359 crore (Rs 13.59 billion) in FY14.

EBITDA for FY15 was down by 6 per cent to Rs 210 crore (Rs 2.10 billion), as against Rs 223 crore (Rs 2.23 billion) in FY14.

EBITDA margin was at 14.1 per cent, down from 16.4 per cent in the year-ago period.

During the year, the company entertained 59.2 million patrons in its cinemas, down by 1 per cent, compared to the previous year owing to disappointing box-office performance of the movies released during the year, PVR said.

The adverse impact of poor content quality to an extent was mitigated by improvement in non-box-office revenues.

Food and beverage revenues for FY15 showed a strong growth of 17 per cent over FY14 due to the success of ‘various strategic initiatives’, the company said.

Sponsorship income also was up 18 per cent during the fiscal.

PVR opened 9 new properties with 50 screens during FY15 and currently operates a network of 467 screens spread over 105 properties in 43 cities across the country.

The company continues its aggressive expansion plans and intends to add approximately 60–70 screens in FY16.

PVR Ltd CMD Ajay Bijli said, “While the Q4 performance stood tepid, with the consumer sentiment coming back Q1FY16 box office have been very strong with movies like ‘Fast & Furious 7’, ‘Avengers’, ‘Gabbar’, ‘Piku’, ‘Tanu Weds Manu’ leading the pack. Going forward, we have ‘Dil Dhadakne Do’, ‘Jurassic World’, and ‘ABCD 2’ releasing in June followed by ‘Bajrangi Bhaijaan’, a Salman Khan-starrer, and ‘Drishyam’ in July. The content pipeline looks pretty promising and hopefully the worst in terms of content should be behind us and we expect a blockbuster 2015–16.”