PVR Ltd Q2 net up 71% at Rs 28 cr

Revenues rise 89% to Rs 367 cr om increase in number of screens

PVR's consolidated net profit for the second quarter went up by 71 per cent to Rs 27.7 crore as compared to Rs 16 crore in the same quarter last year.

Its revenues too went up by 89 per cent to Rs 367 crore as compared to Rs 193.6 crore, as the company added revenues from Cinemax since January this year. As much as Rs 112 crore, or half of the revenues were contributed from the screens by Cinemax, which has 135 screens. PVR itself has 263 screens.

The company's EBITDA for the quarter was Rs. 76 crore as compared to Rs 37.5 crore in the same period last year, up by 103 per cent. The EBIDTA margins too went by 1.3 per cent to 20.7 per cent for the quarter.  

PVR's food and beverage revenues continued to grow as they clocked an increase of 25 per cent over corresponding quarter of previous year. The company attributed the increase to the success of the various strategic initiatives it has taken. Sponsorship revenues for PVR grew by 42 per cent.

The footfalls increased by eight per cent to 16.6 million in the quarter while average ticket prices rose by 4 per cent as against same period last year. This despite the fact that there were only two big release Chennai express and Bhaag Milka Bhaag for the quarter as compared tofive big films like Ek Tha Tiger, Barfi, Bol Bachan, Dark Knight and Amazing Spiderman, in the quarter, a year back.

Ajay Bijli, chairman and managing director, PVR said, “The strength of the film line up for the second half coupled with our solid first six months performance underpins our confidence that we are on track with our plans for the full year. We have maintained the position as the leading multiplex player in India and in this quarter we will surpass an important milestone of 400 screens in India.”

PVR intends to add almost 90 screens in the current financial year. In the first six months, it added nine properties with 50 screens across various cities and now has a network of 398 screens spread over 92 properties in 37 cities across the country.