PVR net loss narrows in Q3FY22 on the back of strong operating profit

21 Jan 2022 , 03:49 PM

In its press release on Friday PVR Ltd

announced its Q3 results for FY 2021-22. The company’s performance showed significant growth after the covid restrictions hit the entire business abruptly last year. Its financials represent that the company is crawling to growth as against its last year’s performance.

For the quarter ended December 31, 2021, the company reported a Consolidated Revenue, EBITDA of Rs. 709.7 crores, Rs. 260.5 crores respectively as compared to Rs. 320.1 crores, Rs. 196.6 crores for the corresponding quarter last year. However, the company reported a net loss of Rs 10.18 crore for the quarter ending December 2021 against the net loss of Rs 49.10 crore for the previous corresponding quarter.

The company’s EBITDA for the 9M period ending on December 2021 stood at Rs 1077.47 crores against Rs 486.09 crores for the quarter ending December 2020, incorporating a growth of 121.66%.

The company states that the quarter under consideration is the best quarter for the company in terms of business since Mar’20 after getting hit by the covid strains, as it has reported significant sales in the quarter itself. However, rising covid strains might again push back business for the upcoming quarter. The quarter witnessed strong content flow from Hollywood, Bollywood, and Regional Genres. From an EBITDA loss in Oct’21 to 23.7% positive EBITDA margin in Dec’21, the business grew from strength to strength with content from all 3 genres of Regional, Bollywood and Hollywood doing well.

“The strength and agility of our business was demonstrated during the last quarter. The pace with which the business recovered from October to December, validates that as soon as new content was made available, our patrons came back to the cinemas. The success was seen across of all genres of content. Had the last week of December not been impacted by Omicron and the ensuing restrictions we would have closed with even better numbers for December. We continue to remain extremely bullish on the long-term prospects of the business and will continue to invest & innovate in bringing richer and more experiential formats for our audiences,” stated Ajay Bijli, Chairman cum Managing Director, PVR Ltd., commenting on the company’s performance.

During the quarter the company opened its flagship 7 screen multiplex cinema and India’s first Drive-in rooftop theatre at iconic Jio World Drive Mall at BKC Mumbai which has opened to stupendous reviews. With the above addition, the company has now opened 4 properties with 18 new screens across the country during the current fiscal year.

The company continues to remain strong financially with total available liquidity (including undrawn working capital lines) on the balance sheet being over Rs. 740 crores as of December 31, 2021.

PVR Ltd ended at Rs1,535.90 down by Rs26.35 or 1.69% from its previous closing of Rs1,562.25 on the BSE.

The scrip opened at Rs1,546.10 and touched a intraday high and low of Rs1,589.35 and Rs1,512.30 respectively.