PVR reports net loss of Rs 105 cr in Q4

9 May 2022 , 03:08 PM

On a consolidated basis, total revenues jumped 120.19% to Rs 579.66 crore in Q4 March 2022 over Q4 March 2021. EBITDA surged 468.24% year-on-year to Rs 142.40 crore during the quarter. After adjusting for the impact of IND-AS 116 – Leases, consolidated revenue, EBITDA, and PAT of the company was Rs 553.6 crore, Rs. (17.7) crore and Rs (95.6) crore respectively as against Rs 190.9 crore, Rs (118.2) crore and Rs (271.7) crore for Q4 FY21. For the year ended 31 March 2022, consolidated revenue jumped 121.14% to Rs 1,657.13 crore and EBITDA surged 221.30% to Rs 431.86. Net loss stood at Rs 488.51 crore, lower than net loss of Rs 748.21 in FY21. After adjusting for the impact of IND-AS 116 – Leases, consolidated revenue, EBITDA, and PAT of the company was Rs 1,408.70 crore, Rs (155) crore and Rs (419) crore respectively as compared to Rs 310.4 crore, Rs (424) crore and Rs (665.6) crore for FY21. PVR said that the results of Q4 demonstrated the resilience and the ability of the theatrical business to quickly recover once new content was made available. New content releases, which had stopped as soon as Covid-related curbs were announced, started to regularly release from the last week of February. The last 35 days of the quarter were marked with strong content flow across regional and Bollywood genres. Movies like Valimai (Tamil), Bheemla Nayak (Telugu), Gangubai Kathiawadi (Hindi), The Kashmir Files (Hindi) and RRR (multilingual) helped admissions cross the 90 lakh mark in March. This coupled with highest ever quarterly ATP (average ticket price) of Rs 242 (up 33% YoY) and SPH (spending per head) of Rs 122 (up 27% YoY), helped achieve 20%+ margins in March. During the month of March, the company booked a forex loss on loans extended to PVR Lanka (100% subsidiary of PVR in Sri Lanka) due to the sudden devaluation of the local currency given the political and economic turmoil in the region. Excluding these losses the company has achieved EBITDA margin of 22.5% for the month of March. During the quarter the company opened 15 screens across 3 properties and plans to open ~120-125 new screens during FY23. The company said it continues to maintain adequate levels of liquidity with total available liquidity (including undrawn working capital lines) on the balance sheet being in excess of Rs 667 crore as on 31 March 2022. Ajay Bijli, chairman cum managing director, PVR said Our belief in the ability of the industry to bounce back swiftly was vindicated with this quarters results. 90+ lac admissions in the month of March and a stellar content pipeline for the next few quarters tells us that the best is yet to come. I strongly feel that this year can be the best year this industry has ever seen. We are doubling down on our investments and if everything goes as planned, this year we will break our own record of the maximum number of screens opened in a year in India. I am extremely positive about the impending merger with INOX which will give additional firepower to the combined entity to invest and innovate in bringing world class theatrical viewing experience for our discerning audiences. PVR is the market leader in terms of screen count in India. Currently, it operates 854 screens in 173 cinemas in 74 cities in India and Sri Lanka with an aggregate seating capacity of approximately 1.79 lakhs seats. Shares of PVR were down 0.46% to Rs 1692.85 on the BSE. Powered by Capital Market – Live News