Movies

PVR declares FY20 Q3 results, witnesses growth of 8%

Box office revenues were up by 6% from Rs. 425 crores to Rs 453 crores

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MUMBAI: PVR Ltd today announced its unaudited standalone and consolidated financial results for the quarter ended 31 December 2019.

Consolidated revenues for the quarter ended December 2019 were Rs 924 crore as compared to Rs 857 crore during the corresponding period of last year, witnessing a growth of 8 per cent. Consolidated EBITDA for the quarter was Rs 315 crores as against Rs 179 crore in the same period last year, witnessing a growth of 77 per cent. EBITDA margin for the quarter was 34.1 per cent. Consolidated PAT for the quarter was Rs 36 crore as compared to Rs 55 crore during the corresponding period of last year. After adjusting for the impact of Ind-AS 116 - Leases, EBITDA, and PAT of the company would have been Rs 188 crore and Rs 59 crore respectively. This would represent EBITDA and PAT growth of 5 per cent and 7 per cent respectively.

 The overall EBITDA margins of the company were 20.4 per cent (after excluding IND-AS 116 impact). The box office revenues for the quarter were up by 6 per cent from Rs 425 crore to Rs 453 crore. F&B revenues were up by 13 per cent from Rs 217 crore to Rs 244 crores supported by robust growth in average F&B spend per person of 12 per cent. Advertising revenues grew from Rs 112 crore to Rs 122 crore, up by 8  per cent in spite of challenging business environment on media spends by companies. The company has aggressively expanded its screen portfolio in the current financial year by adding 67 new screens across 11 properties and now operates a network of 825 screens spread over 173 properties in 71 cities across the country.

Commenting on the results and performance, PVR Ltd chairman and managing director Ajay Bijli said, “The operating and financial performance of the business for Q3has been robust amidst difficult macro-economic conditions. The box office performance has been satisfactory with strong performance from Bollywood and Hollywood film industry. The performance of the regional film industry, specifically Tamil and Telugu, however, has been below par in the current quarter resulting in muted growth in our overall box office performance. This truly reflects the strength of our business model and our strategy for a wide geographical distribution of our cinema footprint where we have reduced our dependence on any one film industry or region. Our operating performance on all other parameters remains strong and we continue to innovate and identify areas where we can serve our customers better. Our screen opening outlook remain strong and we are on track to open 90-100 new screens in the current financial year.”

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