 "PVR Q2 net grows 400% at Rs 41 cr")
Consolidated revenues of Rs 484.1 crores for quarter were up 21% as compared to Rs 399.6 crores during thecorresponding period of last year. Consolidated EBITDA for Q2FY16 was Rs 100crores (EBITDA margin 20.7%) as against Rs 58 crores (EBITDA Margin 14.5%) in the same period last year, up 73%.
The strong financial and operational performance comes on the back of the successful performance of films like Bajrangi Bhaijaan, Baahubali- Welcome Back, Drishyam, and Mission Impossible at the box office.
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"July was by far the best month with both Bajrangi Bhaijaan and Baahubali doing very good business. August was good as well with a spillover from July coupled with releases like Brothers and Welcome Back, which carried the momentum. September was slow though," says Nitin Sood, CFO, PVR Limited.
Footfalls increased by 20% to 18.8 millionin the quarter against same period last year. While Food and beverage revenues showed a strong growth of 32%, the segment's contribution to thetopline increased marginally to 27% (from 25%). Cinema advertisingshowed 13% growth year on year, though it's continuation to revenues remained constant at 10%.
The company made a loss of Rs 48 lakh(versus profit of Rs 1.34 crore last year) in the movie distribution arm. Sood explains that movie distribution is a seasonal business and the company expects the segmentto do better in the October-December quarter. Other services like bowling, restaurant and gaming have also shown loss of Rs 65 crore, mainly because the company is in investment mode for this segment.
During the first seven months PVR added 13 screens across Bokaro, Vadodara & Kolhapur and currently operates a networkof 477 screens spread over 107 properties in 44 cities across the country. The company continues its aggressive expansion plans and intends to add approx. another 45-50 screens in the remaining part of the year. Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR Ltd said: "We see the momentum continuing in forthcoming quarters on back of much anticipated content pipeline with movies like Prem Ratan Dhan Payo, Spectre,The Hunger Games: Mockingjay Part-2 and Tamasha in November and Bajirao Mastani, Dilwale and Star Wars in December.
"Our growing circuit of high quality cinemas, heightened levels of demand for movie watching and our company-wideemphasis on customer service excellence remain critical factors in our abilityto generate positive operating results over the long-term. We have maintained the position as the leading multiplex player in India and soon will pass the500 screens mark in next few months."