Movies

PVR Q3 results: Revenue surges 5.3x QoQ, 36% below pre-Covid levels

The company’s net loss narrowed down to Rs 220 million.

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Mumbai: Multiplex chain PVR has reported a revenue surge of 5.3 times QoQ and approximately nine times YoY to Rs 5.9 billion in the third quarter ending 31 December 2021. 

Occupancies remained soft at eight per cent, but saw a strong improvement to nearly pre-Covid levels by the end of Q3'FY2022. This was offset by a 26 per cent ATP (Average Ticket Price) increase to Rs 255. Spends/head (SPH) remained constant at Rs 128, PVR said in a statement.

The total screen count improved to 860 from 855 in Q2’FY2022. PVR added five screens in Q3'FY2022 and 40, or five per cent, since the pre-Covid (Q3'FY2020) period. The company’s net loss narrowed down to Rs 220 million.

The business has been impacted by the third Covid-19 wave. However, as releases in February and March 2022 have not been postponed, a quick recovery is expected once the situation normalises, said the company.

At present, multiplexes have an exclusive window of four weeks. This is expected to return to the pre-Covid standard of eight weeks after March, it added.

Currently, PVR is focusing on the completion of screens that are in the pipeline. It expects to resume the pace of additions (80-100 screens pre-Covid) as soon as normalcy returns.

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