PVR Ltd reports 79% jump in net profit in Dec quarter at Rs 52 cr

PVR added 123 screens across 27 properties during the current financial year

Multiplex chain PVR Limited reported Rs 857 crore in consolidated revenues for the quarter ended December 31, 2018, as compared to Rs 560 crore during the corresponding period of last year, registering a growth of 53 per cent.  

Consolidated Ebitda (Earnings before interest, tax, depreciation and amortisation) for the quarter was Rs 179 crore, as against Rs 105 crore in the same period last year, up by 71 per cent. 

Ebitda margins for the quarter increased by 210 basis points from 18.7 per cent during the corresponding period last year to 20.8 per cent during the current period. Consolidated profit after tax (PAT) for the quarter was Rs 52 crore, as compared to Rs 29 crore during the corresponding period of last year, a growth of 79 per cent. The quarter under consideration was the first full quarter of consolidation of results of SPI Cinemas Pvt Limited, which delivered strong performance with revenue, Ebitda and Ebitda margins of Rs 137 crore, Rs 31 crore and 22.4 per cent, respectively, for the three months ended December 31, 2018.  

Ajay Bijli, chairman and managing director, PVR Ltd, said, "We are extremely pleased with the business performance in the current quarter with strong all-around performance further aided by our recent acquisition of SPI Cinemas. The recent reduction of GST rate on movie tickets above Rs 100 from 28 per cent to 18 per cent and for movie tickets below Rs 100 from 18 per cent to 12 per cent is a significant step, and we believe this augurs very well for the overall growth of the industry. This step would make movie watching a more affordable experience and provide an opportunity to many more patrons to watch movies on the bigger screen. In line with our business strategy, we would continue to innovate and provide better ways to entertain our patrons."

During the current financial year, PVR has added 123 screens across 27 properties (including screens added through the acquisition of SPI Cinemas). It operates a network of 748 screens, spread over 161 properties in 64 cities, as at January 23, 2019.