PVR Q3 profit up 64% on volume growth

The leading multiplex chain PVR today said its consolidated net profit rose by 63.77 per cent to Rs 7.37 crore for the quarter ended December as against Rs 4.5 crore in the same quarter last fiscal.

"We had good movie content like Avatar and 3 Idiots in the quarter. While the footfalls saw an increase of 7-8 per cent, ticket prices were also up by about 10 per cent, contributing to the growth," PVR Chief Financial Officer Nitin Sood told PTI here today.

Overall, new properties that were opened last year have stabilised and are witnessing good occupancy rates, he said.

Asked about the buyout of DT Cinemas, he said: "We have already extended the date for completion of the deal to February 15 due to some compliance issues on DT's part."

As part of an acquisition deal signed last November, PVR was supposed to pay Rs 20.20 crore and issue 25.57 lakhs shares on a preferential basis to DT Cinemas.

"We will make the payment when the issues are sorted out and we expect it to happen by the said date," he added.

DT Cinemas has 26 screens across six locations and as part of the deal, PVR would also get exclusive access to multiplex chains in malls developed by the DLF Group.

Total income of PVR rose to Rs 114.28 crore for the quarter ended December, from Rs 89.65 crore in the same period last year. Currently, PVR has 108 screens in 26 multiplexes. "We plan to add another 28 screens by the end of this fiscal," Sood said.

The board has also approved the appointment of Vicha Poolvaraluk, a nominee of Major Cineplex Group, as a director on the board.