PVR reported a consolidated net loss of Rs 153.27 crore in Q2 FY22 as against a net loss of Rs 184.06 crore in Q2 FY21.
Revenue from operations during the quarter surged to Rs 120.32 crore. The company had recorded revenue of Rs 40.45 crore in the same period last year.
EBITDA for the quarter was Rs 86.76 crore. PVR had reported a negative EBITDA of Rs 14 crore in the corresponding quarter last fiscal.
The company recorded a pre-tax loss of Rs 185.47 crore in Q2 FY22 as against a pre-tax loss of Rs 279.20 crore in Q2 FY21.
PVR said that quarter was marked by cinema reopening from 30th July onwards and as on date, the company is permitted to operate all its screens across all states and UTs in India and Sri Lanka including Kerala which has allowed operations to start from 25th Oct onwards.
While there are continuing restrictions around capacity caps, timing of operations and vaccination requirements, those are also gradually getting lifted as the COVID cases in the country continue to remain under control. Certain states such as Telangana, Rajasthan, Karnataka, Andhra Pradesh, Punjab and Gujarat have already relaxed capacity restrictions.
During the quarter as the screens re-opened, the company continued with its strategy for keeping operating costs low and maintain adequate liquidity. The company was able to successfully conclude discussions with landlord partners for rental waivers / discounts in respect of approximately 80% of its properties and achieved in savings of approximately 75%. The total available liquidity on the balance sheet was in excess of Rs 700 crore as on 30 September 2021.
The company launched 13 new screens during the year. This includes the 6 screens in iconic Jio Drive Mall, Mumbai, 4 Director's cut screens in Ambience Mall, Gurgaon and 3 screens in Jamnagar, Gujarat. Additionally, the company also re-launched the revamped Priya cinema and PVR Anupam in Delhi during the quarter.
Ajay Bijli, chairman cum managing director, PVR, said: Our priority during the quarter was reopening our cinemas with all the safety guidelines in place so that our patrons can return to enjoying their favourite movies.
Looking at the sharp recovery in consumer demand evidenced by Box office collections of regional & Hollywood movies during the past two months we are absolutely confident that the strong content line up that is slated for release over the next few quarters will ensure that the business will bounce back sharply.
PVR is a world leader in the multiplex business.
The scrip fell 2.06% to end at Rs 1627.60 on the BSE on Friday.
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