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PVR narrows Q4 net loss on back of strong movie releases

MUMBAI: Backed by strong performance of movies, multiplex operator PVR Ltd has narrowed its fiscal fourth quarter consolidated net loss to Rs 10.25 crore (Rs 102.5 million) compared to a loss of Rs 35.65 crore (Rs 356.5 million) in the prior-year quarter.

EBITDA for the quarter was Rs 52.9 crore (Rs 529 million) as against Rs 12.7 crore (Rs 127 million) in the same period last year.

Consolidated revenue for the quarter ended 31 March 2016 was Rs 419 crore (Rs 4.19 billion), up 39% from Rs 301.5 crore (Rs 3.02 billion) a year ago.

Revenue from movie exhibition grew to Rs 377.87 crore (Rs 3.78 billion) from Rs 271.40 crore (Rs 2.71 billion) in the prior-year quarter.

Income from movie production and distribution stood at Rs 22.77 crore (Rs 227.7 million) in Q4 of FY16 compared to Rs 13.61 crore (Rs 136.1 million) a year ago.
Footfalls increased by 26% to 15.3 million in the quarter as against the same period last year, while average ticket prices grew by 9%.

Food and beverage revenues showed a 50% growth over the corresponding quarter of the previous year due to an increase in average spending per person of 18%. A growth of 19% in sponsorship revenues reflected strong continuing positive performance year-on-year.

For the full-fiscal, PVR reported consolidated net profit of Rs 118.73 crore (Rs 1.19 billion) compared to a profit of Rs 12.76 crore (Rs 127.6 million) a year ago.

Net sales at Rs 1,868.81 crore (Rs 18.69 billion) was up 26.51% from the prior year.

During the year, PVR added 52 screens across Bokaro, Vadodara, Kolhapur, Chennai, Bangalore, Pathankot and Noida.

PVR currently operates a network of 524 screens spread over 114 properties in 47 cities across the country. The company has continued its expansion plans and intends to add approximately 65 screens, including eight screens in Lucknow in the current financial year.

Commenting on the results and performance, PVR Ltd joint managing director Sanjeev Kumar Bijli said, “We were able to leverage strong box office collections across a growing cinema network. This has been a landmark year for us as we became the first multiplex chain in India to cross the landmark of 500 screens in India”.

“We see momentum of performance continuing in FY 2016-17 on the back of strong content pipeline and consumer demand. Our relentless pursuit of innovation and delivering the best movie viewing experience, growing circuit of high quality cinemas, and our company-wide emphasis on customer service excellence remain critical factors in our ability to generate positive operating results over the long-term,” he added.