Television

PVR announces blockbuster results for Q1-2014

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BENGALURU: Indian motion picture exhibition, production and distribution house PVR Limited (PVR) today declared stellar results for Q1-2014.

Let us take a look at the performance for Q1-2014

PVR's consolidated revenues for Q1-2014 were Rs 337.3 crore as compared to Rs 180.7 crore during the corresponding period of last year (Q1-2013), up by 87 per cent. Consolidated EBITDA for Q1-2014 was Rs 61.4 crore as against Rs 34.6 crore in the same period last year, up by 78 per cent. Consolidated PAT for the quarter was Rs 13.9 crore in Q1-2014 as against of Rs 7.8 crore in the same period last year, up by 79 per cent.

Correspondingly, PVR's profit before tax for Q1-2014 grew by 64.5 per cent to Rs 19.7 crore from Rs 11.98 crore in Q1-2013. PVR had reported a loss of Rs 17.94 crore for Q4-2013.

Net total income from operations for Q1-2014 was Rs 208.54 crore, up 29 per cent from the Rs 161.29 crore reported for Q1-2013 and 43 per cent higher than the Rs 146.2 crore reported for the preceding quarter (Q4-2013).

Total expenses at Rs 183.16 crore were up 25.7 per cent from the Rs 145.68 crore during Q1-2013 and up 23.5 per cent as compared to the Rs 148.34 crore for Q4-2013.

PVR says that its exhibition business in Q1-2014 grew on back of strong same store growth, addition of new multiplex properties and Cinemax multiplex circuit (post acquisition in January 2013). The revenue growth was driven by strong box office, food and beverage revenues and advertising revenues.

Revenues from PVR's movie exhibition more than doubled (grew by 111.5 per cent) at Rs 313.08 crore in Q1-2014 as compared to the Rs 148.05 crore reported for Q1-2013. Revenues for Q1-2014 were higher by 47.1 per cent as compared to the Rs 212.85 crore revenues that the company reported for Q4-2013.

The other contributing segment to profits was 'Others (includes bowling, gaming and restaurant services)', revenues from which almost doubled (grew by 98.2 per cent) for Q1-2014 to Rs 18.91 crore from the Rs 9.54 crore reported for Q1-2013 and grew by 17.6 per cent as compared to the Rs 16.98 core revenues reported for Q4-2013. Segment results from the Movie production and distribution recorded a loss of Rs 0.96 crore for Q1-2014.

During Q1-2014, PVR says that it had Rs 1.52 crore footfalls in its cinemas, up by 17 per cent as compared to corresponding quarter of previous year (Q1-2013). The average ticket price across the cinema circuit also grew by 10 per cent on the back of strong content and flexible pricing launched by company in various markets. Food and beverage revenues grew by 37 per cent over corresponding quarter of previous year. Sponsorship revenues also showed a stellar growth of 60 per cent over corresponding quarter of previous year.

PVR chairman cum managing director Ajay Bijli said, "The revenues and profitability in the quarter has shown a robust growth over the same period last year. The integration of PVR & Cinemax at operating level is progressing well and the management is focusing on driving synergies from the combined scale of operations which is reflecting in the market share and the reported results. The string of big budget Bollywood Films like Chennai Express, Once upon a Time in Mumbai Again, Satyagraha, Krrish 3, Dhoom 3, Boss, Beshram, Singh Sahab the Great, Bullet Raja etc., will further augment the strong box office performance for the remainder of FY 2013-14.

The company is bullish on its expansion plans and says that it intends to add 85-90 screens in FY 2013-14. During the Q1-2014, PVR added five properties with 35 screens across Kochi, Mumbai, Bangalore, Chandigarh and Delhi. On a combined basis, PVR and Cinemax have a network of 383 screens spread over 89 properties in 35 cities across the country.

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