Mumbai: Multiplex operator PVR has announced its unaudited standalone and consolidated financial results for the first quarter ended 30 June 2022.
Consolidated revenue, Ebitda and PAT were Rs 1,002 crore, Rs 362 crore and Rs 53 crore, respectively, as compared to Rs 93 crore, Rs 58 crore and Rs 220 crore for the corresponding quarter in FY '22. After adjusting for the impact of IND-AS 116-Leases, the consolidated revenue, Ebitda, and PAT of the company were Rs 1,000 crore, Rs 208 crore, and Rs 68 crore, respectively, as compared to Rs 71 crore, Rs 110 crore, and Rs 142 crore for Q1 FY’22.
This quarter was the best ever quarter in PVR’s history in terms of revenue, Ebitda, and PAT. The company recorded the highest ever ATP of Rs 250 for the quarter on the back of global and local tent poles that resonated with the Indian audience. The quarter was marked by the release of some of the biggest domestic hits like “KGF: Chapter 2,” “RRR,” “Vikram,” “Bhool Bhulaiya 2” and Hollywood tentpoles like “Doctor Strange” and “Top Gun: Maverick,” which PVR said performed exceedingly well at the box office. “KGF 2” went on to become the second largest blockbuster in the Indian market. It was the highest grosser ever for PVR, with a net box office of Rs 121 crore across its cinema circuit.
PVR added that its team’s consistent work on F&B resulted in the highest ever average F&B spend per head (SPH) of Rs 134 being reported during the quarter, reflecting a growth of 32 per cent over pre-pandemic levels. The company has recorded the highest monthly average F&B revenue of Rs.100+ crore during the quarter.
But the growth in ad revenue continues to lag. The company has reported advertising income of Rs 63 crore, which is 32 per cent lower than the pre-pandemic figures. Or in other words, it reflects a 68 per cent recovery in ad income vis-à-vis pre-pandemic levels.
On the back of significant growth in ATP and SPH and a significant recovery in admissions, the Ebitda margins for the quarter were 20.8 per cent.
The company said that the content pipeline for 2022 in the months ahead looks extremely robust. Over the next few months, it has several big-budget Bollywood movies lined up for release, like “Shamshera,” “Laal Singh Chaddha,” “Brahmastra,” “Vikram Vedha,” “Ram Setu,” “Phone Bhoot,” “Yodha,” “Drishyam 2,” “Cirkus,” “Kabhi Eid Kabhi Diwali,” etc.. “Bullet Train,” “Paws of Fury,” “DC League of Super Pets,” “Black Adam,” “Black Panther: Wakanda Forever (Marvel),” and “Avatar: The Way of Water” are among the films from Hollywood. From the regional genre, we have “Vikrant Rona,” “Liger,” “Godfather,” “Ponniyin Selvan.”
The company has revived its capex plans in a significant manner and is on track to open a total of 125 new screens during FY’23. It has opened 14 screens across 3 properties till date. About one-third of the new screen additions in this fiscal year will be in tier 2 and 3 cities. The company plans to enter nine new cities during the year.
The announced merger with Inox Leisure is progressing well. Both the companies have received "No Objection Certificates" from the two stock exchanges (BSE and NSE) on the proposed scheme of merger. We are on track to submit our application for the approval of the scheme of merger before the National Company Law Tribunal (NCLT) in the next couple of weeks.
PVR chairman and MD Ajay Bijli said, "This quarter’s results are a reflection of the strength of the domestic film industry we have in India and the consumer’s unsatiated appetite to watch films on the big screen. The Indian exhibition industry has been one of the fastest to recover as compared to other international markets. The content line-up for the year ahead looks very promising, and we hope this will be a very strong box office year for the Indian exhibitors. As we celebrate the silver jubilee for PVR this year, we are extremely confident that we will continue to set and exceed even greater benchmarks in the years to come.”