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Encore! PVR repeats blockbuster results for Q2-2014

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BENGALURU:  Indian motion picture exhibition, production and distribution house PVR Limited (PVR) repeated, actually bettered by far, its Q1-2014 stellar results during Q2-2014. PVR’s consolidated revenue for quarter ended 30 September 2013 stood at Rs 367.1 crore up 89 per cent as compared to Rs 193.6 crore during the corresponding period of last year and nine per cent more than PVR's consolidated revenue for Q1-2014 which was Rs 337.3 crore.

Consolidated profit after tax (PAT) at Rs 27.7 crore up by 71 per cent as against of Rs 16.1 crore in the September quarter last year (Q2-2013), and more than double the PAT of Rs 13.6 crore in Q1-2014.

The company says that it has delivered a strong financial and operational performance in the quarter especially given that there were only two big releases - Chennai Express and Bhaag Milka Bhaag in the quarter as compared to five big films (Ek Tha Tiger, Barfi, Bol Bachan, Dark Knight  and Amazing Spiderman) a year-ago. The company also says that footfalls increased by eight per cent to 1.66 crore in the quarter while average ticket prices rose by four per cent as against same period last year.

NOTE : (1) The board of directors in the meeting held on 15 June 2013, approved the composite scheme of amalgamation (Scheme) for the merger of Cine Hospitality Private Limited its wholly owned subsidiary and Cinemax India Limited along with its subsidiaries companies, namely , Nikmo Entertainment Limited, Odeon Shrine Multiplex Limited, Vista Entertainment Limited, Growel Entertainment Limited and Cinemax Motion Pictures Limited with the Company from the appointed date of 1st April 2013. As per the proposed Scheme, which is subject to approval of shareholders, creditors and regulatory authorities, the minority shareholders of Cinemax India Limited will receive equity shares of PVR Limited in the swap ratio of four equity shares of PVR Limited against seven equity shares of Cinemax India Limited. Further, SEBI, NSE & BSE have given their NOC in the current quarter and 7 December 2013 has been fixed by the Hon'ble High Court, New Delhi for holding the meeting of members and creditors of the Company.

(2) The company in Oct 2013 entered into an agreement for sale of Anupam multiplex property located at Saket, New Delhi for a total consideration of Rs 52 crore. The sale and property is in line with company’s strategy to maintain an asset light business model.  The sale will release substantial capital to fund the future projects and enable the company to improve its Return on Capital Employed says PVR.1

Let us look at the figures reported by PVR Limited for Q2-2014

Exhibition Business

PVR



PVR’s standalone revenue of Rs 237.94 for Q2-2014 was 32 per cent more than the Rs 179.87 crore for Q2-2013 and 13.75 per cent more than the Rs 209.18 crore for Q1-2014.

Expense for Q2-2014 at Rs 192.58 crore was 33 per cent more than the Rs 145.26 crore of Q2-2013 and 11 per cent more than the Rs 173.16 crore of Q1-2013.

It’s EBIDTA for Q2-2014 at Rs 45.36 crore (Margin 19.1 per cent) as compared to the Rs 34.61 crore (Margin 19.2 per cent) for Q2-2013 and Rs 36.02 crore (Margin 17.2 per cent) for Q1-2014.111

PVR’s standalone PAT for Q2-2014 at Rs 21.83 crore was 46 per cent more than the Rs 14.96 crore of Q2-2013 and more than a third (up 34 per cent) of the Rs 16.25 crore in Q1-2014.

Cinemax

Revenue for Q2-2014 from Cinemax at Rs 111.77 crore was five per cent lower than the Rs 117.44 crore for Q2-2013 and three per cent more than the Rs 108.62 crore for Q1-2014.

Expense for Q2-2014 at Rs 84.43 crore was three per cent lower than the Rs 87.15 crore of Q2-2013 and 1.3 per cent lower than the Rs 85.52 crore of Q1-2014.

EBIDTA for Q2-2014 was Rs 27.34 crore (24.5 per cent); for Q2-2013 - Rs 30.9 crore (25.8 per cent) and Rs 23.09 crore (21.3 per cent) for Q1-2014.

Q2-2014 PAT at Rs 13.08 crore was 17 per cent lower than the Rs 15.81 crore of Q2-2013, but over 2 and half times (2.52 times) of the Rs 5.19 crore of Q1-2014.

PVR says that Cinemax ATP was flat on account of harmonising of ticket pricing on weekdays and weekends in accordance with PVR pricing strategy and tax free Marathi films played in the western circuit.

Food and beverage revenues grew by 25 per cent over corresponding quarter of previous year on account of success of the various strategic initiatives taken by the company. A 42 per cent growth in Sponsorship revenues reflected strong continuing positive performance year on year.

PVR chairman cum MD Ajay Bijli said, “The strength of the film line up for the second half coupled with our solid first six months performance underpins our confidence that we are on track with our plans for the full year. We have maintained the position as the leading multiplex player in India and in this quarter we will surpass an important milestone of 400 screens in India.”

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