SPI Cinemas adds flair to PVR's Q1 script; revenue up 26% at Rs 880 cr

Reported topline jumped 26 per cent, but net profit down 69 per cent due to change in accounting norms and weak show by key segments

PVR’s Q1 reported profits were disappointing, and fell short of meeting the Street’s expectations. Revenue at Rs 880.4 crore —a 26.4 per cent year-on-year (YoY) rise — was marginally higher than expectations of Rs 867 crore.

The major underperformance, however, was on the net profit front. The latter plunged 69 per cent YoY to Rs 16.2 crore, as against Bloomberg consensus estimates of Rs 42.7 crore. Higher interest and depreciation expenses on account of the shift to the new IND-AS 116 accounting norms, as well as a few one-time expenses, pulled net profit down.

Even though adjusted net profit (excluding