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PVR’s Q1 revenue rides on back of ‘Jungle Book’ and Housefull 3′
MUMBAI: A mix of Hollywood and Bollywood successes at the box office has boosted the revenue of cinema exhibition chain PVR in the fiscal first quarter.
Consolidated revenue for the quarter ended June 2016 grew 18 per cent to Rs 576.6 crore (Rs 5.77 billion) compared to Rs 488.5 crore (Rs 4.89 billion) a year ago.
PVR said that the results reflect the successful performance of films like ‘Kung Fu Panda 3’, ‘Jungle Book’, ‘Housefull 3’, ‘Baaghi’, ‘Sairat’, ‘The Conjuring 2’, ‘Udta Punjab’ and ‘Captain America’ at the box office.
The company, however, has seen a marginal drop in its consolidated net profit for the quarter ended 30 June.
Net profit for the quarter was down 1.6 per cent to Rs 43.2 crore (Rs 432 million) compared to Rs 43.9 crore (Rs 439 million) in the year-ago period.
Consolidated EBITDA for the quarter was up 9 per cent to Rs 122.9 crore (Rs 1.23 billion) as against Rs 113.2 crore (Rs 1.13 billion) in the same period last year.
The footfalls increased by 9 per cent to Rs 20.7 million in the quarter while average ticket prices rose by 7 per cent from the year-ago period. Food and beverage revenues grew by 14 per cent. Sponsorship revenues grew by 13 per cent, reflecting strong performance year-on- year.
During the first quarter PVR added a total of 37 screens (29 screens through DT acquisition and 8 screens across Lucknow and Panvel through organic route) and currently operates a network of 551 screens spread over 120 properties in 47 cities across the country. The company continues its aggressive expansion plans and intends to add approximately another 60 screens in the remaining part of the year.
Commenting on the results and performance, PVR CMD Ajay Bijli said, “The good results is a function of our relentless pursuit of innovation & delivering the best movie viewing experience, growing circuit of high quality cinemas, and our company-wide emphasis on customer service excellence. We see the momentum continuing in forthcoming quarters on back of strong film slate. Over the next 3-6 months the management team’s focus will be to drive synergies from the DT acquisition. We have maintained the position as the leading multiplex player in India and will surpass the 600 screens mark in current financial year.”
Meanwhile, the company has said that it will raise Rs 300 crore (Rs 3 billion) by issuing non-convertible debentures (NCDs). It will seek approval of members in the ensuing Annual General Meeting to issue NCDs for a sum not exceeding Rs 250 crore (Rs 2.5 billion) and allotment of 8.90 per cent NCDs for a sum of Rs 50 crore (Rs 500 million).