PVR reports lower numbers for second quarter

BENGALURU: Indian entertainment and exhibition company PVR Limited (PVR) reported a slight decline in total revenue for the quarter ended 30 September 2017 (Q2-18, current quarter) as compared to the corresponding year ago quarter (y-o-y). Operating profit (EBIDTA), net profit after tax (PAT) and total comprehensible income attributable to equity shareholders (TCI) of the parent company for current quarter were also lower as compared to Q2-17.

PVR’s operating revenue declined 1.1 percent y-o-y in the current quarter to Rs 5,553.6 million from Rs 5,613 million. Total Income (TI) in Q2-18 declined 3.3 percent y-o-y to Rs 5,595.2 million from Rs 5,613 million. EBIDTA including other income for Q2-18 declined 18 percent y-o-y to Rs 946.7 million (16.9 percent of TI) from Rs 1,154.6 million (19.9 percent of TI). PAT for the current quarter declined 13.6 percent y-o-y to Rs 251.7 million (4.5 percent of TI) from Rs 291.3 million (5 percent of TI). TCI declined in Q2-18 by 14.4 percent y-o-y to Rs 246.5 million (4.4 percent of TI) from Rs 288.1 million (5 percent of TI).

PVR reports revenue from two segments – movie exhibition and others. The movie exhibition segment saw a 3 percent y-o-y increase in operating revenue to Rs 5,321.9 million from Rs 5,164.6 million. The segment had 4.4 percent y-o-y decline in operating results at Rs 381.7 million from Rs 399.4 million. Others segment revenue saw 42.3 percent y-o-y to Rs 331.8 million from Rs 575.2 million. Others segment had an operating loss of Rs 8.9 million as compared to an operating profit of Rs 40.5 million as compared to the corresponding year ago quarter.

PVR’s total expenditure for the current quarter was almost flat (up by 0.6 percent) y-o-y at Rs 5,202.3 million from Rs 5,173 million. Finance cost was up 6.9 percent y-o-y to Rs 207.1 million in Q2-18 from Rs 193.7 million.

Movie exhibition cost in Q2-18 increased 16.4 percent y-o-y to Rs 1,334.5 million from Rs 1,146.4 million. Cost of food and beverages in the current quarter increased 8 percent y-o-y to Rs 384.7 million from Rs 356.5 million.

Employee benefits expense in Q2-18 increased 7.8 percent y-o-y to Rs 586.6 million from Rs 544 million. Rent expenses in the current quarter were almost flat (declined 0.2 percent) y-o-y to Rs 971.6 million from Rs 973.4 million. Other expenses in Q2-18 declined 15 percent y-o-y to Rs 1,371.1 million from Rs 1,613.6 million.

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