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Strong movie line-up boosts PVR’s Q1 net by 684% to Rs 58.5 cr

MUMBAI: A number of hit films at the box office have made the multiplex companies paint a strong bottomline picture in the first quarter of the fiscal.

For the quarter ended 30 June 2015, the consolidated net profit of leading multiplex chain operator PVR Ltd has jumped over seven times (684 per cent), which is in stark contrast to the previous fiscal quarter when the net profit had nearly halved due to poor performance of films.

PVR’s consolidated net profit stood at Rs 58.45 crore (Rs 584.5 million), compared to Rs 7.46 crore (Rs 74.6 million) in the corresponding quarter of the previous fiscal.

Revenues from operations jumped 34 per cent to Rs 486.84 crore (Rs 4.87 billion), from Rs 363.44 crore (Rs 3.63 billion) in the year-ago period.

Multiple successes in the quarter helped PVR post a 103 per cent jump in operating profit (EBITDA). Consolidated EBITDA stood at Rs 113.27 crore (Rs 1.13 billion) in the June quarter, compared to Rs 55.90 crore (Rs 559 million) a year ago. EBITDA margin also improved to 23.3 per cent, from 15.4 per cent.

The movie exhibition business, which continues to be the major bread-earner for the company, contributed 59.3 per cent to its topline.

PVR’s average ticket price jumped 4 per cent to Rs 183, from Rs 176 in the year-ago period.

The movie exhibition segment witnessed 19 million footfalls, up 25 per cent, compared to 15.2 million recorded in the corresponding quarter of the previous year.

Revenues from the food and beverages segment showed a strong growth of 46 per cent over the corresponding quarter of the preceding year. This was largely due to pricing and volume growth. Sponsorship revenues also witnessed a growth of 27 per cent over the corresponding quarter of the previous year.

Commenting on the results, PVR chairman and MD Ajay Bijli said, “This has been one of the best quarters in PVR’s operating history driven by strong box-office performance. We see the momentum continuing in forthcoming quarters on the back of strong content pipeline. Our 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. We have maintained the position as the leading multiplex player in India and soon will pass the 500 screens mark in next few months.”

The quarter saw eight blockbusters, namely ‘Tanu Weds Manu Returns’, ‘Fast & Furious 7’, ‘Piku’, ‘Avengers’, ‘ABCD 2’, ‘Jurassic World’, ‘Dil Dhadakne Do’ and ‘Gabbar is Back‘.

PVR scrip zoomed at Rs 859.70 apiece, up 5.36 per cent from its previous close on the BSE on Wednesday.