PVR profit grows 7 times in Q1FY16 to Rs 58.5-cr

Company sees 34% increase in consolidated revenues for quarter ended June 30 at Rs 486.8 cr

Cinema exhibition and multiplex chain PVR Limited’s consolidated profit after tax (PAT) in Q1FY16 grew seven times over last year. PAT for the first quarter of the current fiscal was Rs 58.5 crores as against of Rs 7.5 crores in the corresponding quarter last year. 

The company saw 34% increase in consolidated revenues for the quarter ended June 30 at Rs 486.8 crores as compared to Rs 363.4 crores during the same period last year.

Consolidated EBITDA for the quarter was up 103% at Rs 113.3 crores (EBITDA Margin 23.3%) as against Rs 55.9 crores (EBITDA Margin 15.4%) in the same period last year. 

 

The performance has been led by a strong of successful films like Tanu Weds Manu, Fast & Furious, Piku, Avengers, ABCD, Jurassic World, Dil Dhadakne do, Gabbar is Back. The success of these films meant that the footfalls increased by 25% to 19 million in the quarter while average ticket prices rose by 4% as against same period last year.

Group CFO Nitin Sood adds, “The combination of successful Hollywood and Bollywood films has helped drive footfalls. Whether it was Piku or Tanu Weds Manu Returns or Hollywood films like Furious 7, these had a longer lifetime at the box office.”

Food and beverage revenues grew by 46% in Q1 FY16 driven by increase in average spend per person of 16% and growth of 27% in sponsorship revenues reflected strong continuing positive performance year on year. Sood attributes this to effective packaging and promotion of food and beverage products and services on the floor.

Ajay Bijli, chairman cum managing director, PVR Ltd said, "This has been one of the best quarters in PVR’s operating history driven by strong box office performance. We see the momentum continuing in forthcoming quarters on back of strong content pipeline. Our growing circuit of high quality cinemas and our company-wide emphasis on customer service excellence remain critical factors in our ability to generate positive operating results over the long-term. We have maintained the position as the leading multiplex player in India and soon will pass the 500 screens mark in next few months."

During the first four months PVR added 10 screens across Bokaro and Vadodara and currently operates a network of 474 screens spread over 106 properties in 43 cities across the country. The company continues its aggressive expansion plans and intends to add approx. another 50-55 screens in the remaining part of the year.