PVR net profit jumps 127% in Q3 FY15

Successful performance of Bang Bang, Haider, Happy New Year and PK at box office push up the profit

Multiplex chain PVR Limited’s consolidated net profit grew 127% at Rs 31.6 crore for the quarter ended December 31, 2014 as against of Rs 13.9 crores in the same period last year.

The company's consolidated revenues for quarter stood at Rs 421.2 crore as compared to Rs 338.8 crores during the corresponding period of last year, up 24%. Consolidated EBITDA for the quarter was Rs 84 crores (EBITDA Margin 19.9%) as against Rs 51.4 crores (EBITDA Margin 15.2%) in the same period last year, up by 63%.

PVR’s strong financial and operational performance in the quarter comes at the back of successful performance of films like Bang Bang, Haider, Happy New Year and PK at box office.

The overall footfalls increased by 12% to 16 mn in the quarter while average ticket prices rose by 5% as against same period last year. On a like-to-like property basis, the footfalls grew by three%, bucking the trend in the preceding quarters, where footfalls on like-to-like property basis saw a dip.

The multiplex chain’s food and beverage revenues showed a strong growth of 35% (Rs 98.78 crore) over corresponding quarter of previous year driven by increase in average spend per person of 23%, highest growth in PVR history. Sponsorship revenues grew by 28% to Rs 53.85 crore.

Ajay Bijli, Chairman cum Managing Director, PVR Ltd said “Revenues and profitability in the quarter has shown a robust growth over the same period last year. We were able to leverage the strong box office across a growing cinema network.

While the film slate varies from quarter-to-quarter, our growing circuit of high quality cinemas and our company-wide emphasis on customer service excellence remain critical factors in our ability to generate positive operating results over the long-term. We have maintained the position as the leading multiplex player in India and soon will pass the 500 screens mark in next few months.

During the first 10 months PVR added 41 screens across various cities and currently operates a network of 462 screens spread over 104 properties in 44 cities across the country.

The company continues its aggressive expansion plans and intends to add another 21 screens in the current quarter which will take the total screen count to 483 screens by end of March 31, 2015.