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Higher expenses, loss from F&B and gaming curb PVR Q2-2015 PAT

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BENGALURU: Last fiscal (FY-2014), Indian motion picture exhibition, production and distribution house PVR Limited (PVR) entered the Rs 1000 crore club by posting operating income (TIO) of Rs 1351.23 crore for the year. In Q2-2015, the company recorded a jump in TIO of 10.5 per cent to Rs 400.20 crore from Rs 362.26 crore in the immediate trailing quarter and recorded a 9.4 per cent increase from the Q2-2014 TIO of Rs 365.77 crore. In HY-2015, PVR reported TIO of Rs 762.46 crore, up 8.8 per cent from the Rs 700.96 crore in HY-2014.

The company’s PAT in Q2-2015, however did not quite keep up with the PT reported in the corresponding quarter of last year. Q2-2015 PAT at Rs 9.2 crore, though 20.1 per cent more than the Rs 7.66 crore in Q1-2015, was just a third of the PAT of Rs 27.55 crore reported in Q2-2014. For HY-2015, PVR’s PAT at Rs 16.86 crore was 59 per cent lower than the Rs 41.15 crore in HY-2014.

Note: 100,00,000 = 100 Lakhs = 10 million = 1 crore.

Its movie exhibition segment’s HY-2015 numbers were poor as compared to HY-2014. Further, higher total expenditure, higher loss from its ‘Others segment’ that comprises of bowling, gaming and restaurant services were partly responsible for erosion of the lower HY-2015 operating profits generated by PVR’s Movie exhibition segment.

PVR’s Others’ segments loss widened to more than double in Q2-2015 to Rs 5.04 crore from Rs 2.46 crore in Q1-2015 and Rs 2.42 crore in Q2-2014. Loss in HY-2015 also widened to Rs 1.21 crore from Rs 0.02 crore in HY-2014.

Let us look at the other Q2-2015 and HY-2015 numbers reported by PVR

PVR reported Total Expenditure of Rs 372.66 crore for Q2-2015, which was 10.7 per cent more q-o-q than the Rs 336.68 crore and 19.5 per cent more y-o-y than the Rs 311.88 crore. For HY-2015, TE was 7.1 per cent higher at Rs 709.34 crore against Rs 605.92 crore in HY-2014.

The company’s Film Exhibition Cost (FEC) in Q2-2015 went up 6.6 per cent in Q2-2015 to Rs 93.25 crore from Rs 87.48 crore in Q1-2015 and was 0.9 per cent more than the Rs 92.39 crore in Q2-2014. HY-2015 FEC at Rs.180.73 crore was 1.8 per cent more than the Rs 177.55 crore in HY-2014.

Movie production expense (MPE) in Q2-2015 was Rs 12.68 crore versus Rs 3.32 crore in Q1-2015 and Rs 0.21 crore in Q2-2014. For HY-2015, MPE at Rs 16 crore was 4.4 times the Rs 3.66 crore in HY-2014.

The cost of Food and Beverages consumed (food) in Q2-2015 at Rs 28.65 crore was 3.7 per cent more than the Rs 27.63 crore in Q1-2015 and 14.3 per cent more than the Rs 25.07 crore in Q2-2014. For HY-2015 food costs fell 15.3 per cent to Rs 47.65 crore from Rs 56.28 crore in HY-2014.

PVR’s other expense (OE) in Q2-2015 at Rs 32.78 crore was 16.2 per cent more than the Rs 28.2 crore in Q1-2015 and 5.2 per cent more than the Rs 31.15 crore in Q2-2014. OE in HY-2015 was almost flat (up by 0.5 per cent) at Rs 60.98 crore as compared to the Rs 60.70 crore in HY-2014. 

Segment Revenue

Three segments add to PVR’s numbers-Movies Exhibition, Movie production and distribution and Others that comprises of bowling, gaming and restaurant services.

Movie Exhibition

The largest contributor is Movies Exhibition. Revenue from this segment increased 8.9 per cent to Rs 368.18 crore in Q2-2015 from Rs 338.23 crore in Q1-2015 and by 7.2 per cent from Rs 343.36 crore in Q2-2014. For HY-2015, revenues from the Movies Exhibition segment increase 7.6 per cent to Rs 706.41 crore from Rs 656.44 crore in HY-2014.

Though this segment reported a 2.9 per cent growth in operating profits to Rs 27.14 crore in Q-2015 from Rs 26.37 crore in Q1-2015, its operating profit was just half of the Rs 54.22 crore reported in Q2-2014. For HY-2015, operating profit fell 44.3 per cent to Rs 53.51 crore from Rs 96.13 crore in HY-2014.

Movie production and distribution

Revenue from PVR’s MPD segment in Q2-2015 was 2.7 times at Rs 18.87 crore as compared to the Rs 6.99 crore in Q1-2015 and 3.1 times the Rs 6.12 crore in Q2-2014. In Hy-2015, revenue from the MPD segment went up 2.1 times to Rs 25.86 crore from Rs 12.44 crore in HY-2014.

This segment returned an operating profit of Rs 1.34 crore in Q2-2015 versus a loss of Rs 0.56 crore in Q1-2015 and a small profit of Rs 01 crore in Q2-2014. For HY-2015, this segment reported an operating profit of Rs 0.78 crore versus a loss of Rs 0.95 crore in HY-2014.

Others

PVR’s Others segment reported a 6.7 per cent drop in revenue to Rs 18.19 crore in Q2-2015 from Rs 19.5 crore in Q1-2015 and a drop of 2.8 per cent from Rs 18.72 crore in Q2-2104. For HY-2015, this segment’s revenue was almost flat at Rs 37.69 crore versus Rs 37.62 crore in HY-2014.

Other numbers for this segment has been mentions avove.

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