PVR plans to invest Rs 750 mn in FY'12

MUMBAI: Multiplex chain PVR has a capital expenditure plan of Rs 750 million in the current fiscal even as it intends to add 50-60 screens across India, a senior company official said.

The multiplexes will come up in key markets like Surat, Nanded, Delhi, Pune, Kolkata, Jallandhar and Bangalore.

"The plexes will be spread out across the country this fiscal. We will have a more south focus in the next fiscal. The capex plan in FY‘12 is Rs 700 million-750 million," PVR Ltd. chief financial officer Nitin Sood told

PVR is sitting on a cash pile of Rs 1 billion and has no fund-raising requirement, added Sood.

PVR currently operates 34 properties with 146 screens in 19 cities across the country.
PVR Ltd. reported a 14 per cent jump in consolidated revenue to Rs 1.17 billion for the three months ended June 2011, compared with Rs 1.03 billion in the prior year quarter.

"The content pipeline has been strong this quarter. We were not impacted by the IPL (Indian Premier League) as there were many movie releases this year. We expect the growth momentum to last in the subsequent quarters this year," said Sood.

Operating profit grew 86 per cent in the fiscal first-quarter to Rs 343.4 million from Rs 184.3 million in the earlier year.

Net profit rose 159 per cent to Rs 144.2 million compared to Rs 55.6 million a year ago.

Revenue from the exhibition business grew 12 per cent to Rs 948.4 million. Operating profit stood at Rs 355.8 million compared to Rs 158.1 million a year ago. Core business EBITDA grew by 18 per cent to Rs 186.2 million. Net profit at Rs 220.8 million rose 389 per cent.

Continuing with its buyback proposal, PVR has purchased 1.08 million equity shares, or 4 per cent, according to the data provided by the company till 5 August.

Will PVR‘s expansion plans be upset by the market tumult hitting the globe due to the U.S. downgrade and the possibility of a double-dip recession? "The mall developers may slow down. But we are pretty locked up this fiscal and won‘t face any challenge as we intend to add 50-60 screens during this period," said Sood.

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