PVR Q3 consolidated net down 34.33% at Rs 36.26 cr

MUMBAI: Cinema exhibition chain PVR‘s consolidated net profit for the quarter ended 31st December has declined 35% to Rs 36.26 crore as compared to Rs. 55.22 crore during the corresponding period of last year.

Consolidated EBITDA for the quarter was Rs 315 crore as against Rs 179 crores in the same period last year, witnessing a growth of 77%. The EBITDA margin for the quarter was 34.1%.

After adjusting for the impact of Ind-AS 116 – Leases, EBITDA, and PAT of the company would have been Rs. 188 crore and Rs. 59 crore respectively. This would represent EBITDA and PAT growth of 5% and 7% respectively. The overall EBITDA margins of the company were 20.4% (after excluding IND-AS 116 impact)

Consolidated revenue for the quarter was Rs 924 crore as compared to Rs 857 crore during the corresponding period of last year, witnessing a growth of 8%.

The box office revenues for the quarter were up by 6% from Rs. 425 crore to Rs 453 crore. F&B revenues were up by 13% from Rs 217 crore to Rs 244 crore supported by robust growth in average F&B spend per person of 12%. Advertising revenues grew from Rs. 112 crore to Rs 122 crore, up by 8% inspite of challenging business environment on media spends by companies.

The company has aggressively expanded its screen portfolio in the current financial year by adding 67 new screens across 11 properties and now operates a network of 825 screens spread over 173 properties in 71 cities across the country.

Admits were down 6% at 214 lakh compared to 228 lakh. Occupancy stood at 34% as against 36.1%. The gross average ticket price (ATP) was down 2% to Rs 210. Net box office for the quarter remained flat at Rs 375.08 crore.

The company stated that weakness in the content performance in Tamil & Telugu film industry resulted in a decline in comparable admits.

The top 5 movies in terms of box office collection were War (Rs 52.56 crore), Housefull 4 (Rs 34.39 crore), Bala (Rs 31.7 crore), Joker (Rs 26.45 crore), and Good Newwz (Rs 24.14 crore). The total admits for the top 5 films were 85 lakh while the net box office collection stood at Rs 169.2 crore.

PVR stated that the contribution of regional content fell from 34% to 23% YoY on account of the poor performance of Tamil and Telugu content.

Commenting on the results and performance, PVR CMD Ajay Bijli said, “The operating and financial performance of the business for Q3 has been robust amidst difficult macro-economic conditions. The box office performance has been satisfactory with a strong performance from Bollywood and Hollywood film industry. The performance of the regional film industry, specifically Tamil and Telugu, however, has been below par in the current quarter resulting in muted growth in our overall box office performance.

“This truly reflects the strength of our business model and our strategy for a wide geographical distribution of our cinema footprint where we have reduced our dependence on any one film industry or region. Our operating performance on all other parameters remains strong and we continue to innovate and identify areas where we can serve our customers better. Our screen opening outlook remains strong and we are on track to open 90-100 new screens in the current financial year.”

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