PVR Q2 net up 27% as exhibition biz picks up

MUMBAI: Multiplex companies are bouncing back after a dismal first quarter performance due to the strike that halted fresh Bollywood content for two months. Delhi-based PVR Ltd. posted a 27.52 per cent jump in its second-quarter net profit over the earlier year, showing growth signs in the exhibition business while it remained almost idle in film production.

The movie exhibition major, which had suffered losses in the first quarter because of a standoff between producers and plex owners, posted a consolidated net profit of Rs 64.4 million for the three months ended September, as against Rs 50.5 million a year ago.

PVR‘s total income fell 15.11 per cent in the quarter to Rs 922.2 million (from Rs 1.09 billion), mainly because of less activity in its movie production and distribution segment.

Total expenses in the quarter fell to Rs 806 million, while Ebitda at Rs 192.5 million was up 18.61 per cent from the earlier-year period.

PVR Ltd CMD Ajay Bijli commented, “The first quarter of the current financial year had been challenging on account of lack of movie content for more than 65 days due to strike between producers/distributors and exhibitors. The business was back to normal in this quarter.”

Occupancies in the fiscal second quarter averaged at around 33 per cent as compared to a dismal 20 per cent in the trailing quarter. Average ticket price increased to Rs 145, from Rs 132 in the previous quarter.

“On back of various operating initiatives taken by the management to improve revenues and rationalise costs, we have been able to achieve an Ebitda margin of 21 per cent during the quarter as compared to 15 per cent in corresponding period of last year. Overall, we see the consumer sentiments really buoyant towards movie going and on back of line up of films that are releasing in next few quarters we remain highly positive about the long-term prospects of the leisure and entertainment industry,” Bijli added.

In the segment wise result, the exhibition business revenues increased to Rs 876 million during the quarter under review, as against Rs 829.8 million. The operating profit zoomed up to Rs 127.7 million, from Rs 92 million.

The PVR Pictures business (movie production and distribution) was slow as there was no major movie distributed/released by the company. The revenue from the segment dropped to Rs 12.3 million, compared to Rs 302.5 million. The operating loss from the segment stood at Rs 19.9 million, as against Rs 1.3 million a year ago.

From the bowling alleys business, the company got a revenue of Rs 35.3 million and profit of Rs 8.4 million.

PVR has 108 screens and 27,890 seats spread across 14 cities.

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