PVR Q2 2009-10 EBITDA up 19 % & Net up 27%

PVR announces results for the quarter ended 30th September, 2009

• Total consolidated revenues for the quarter ended September 30th, 2009 were Rs 92.22 crores
• Consolidated EBITDA for the quarter ended September 30th, 2009 were Rs 19.25crores (up 19 % Q-O-Q)
• Consolidated  Profit after Tax for the quarter ended September 30th, 2009 were Rs 6.44 crores (up 27% Q-O-Q)

PVR Limited today announced its un-audited standalone financial results for the quarter and half year ended September 30th, 2009.

Total consolidated Revenues for the quarter ended September 2009, were Rs. 9222 lacs as compared to Rs.10863 lacs during the corresponding quarter ended September 2008, down by 15%. EBIDTA for the quarter ended September, 2009 was Rs.1925 lacs as compared to Rs.1623 lacs in Q2 2008-09, up by 19%. PAT for the quarter ended September 2009 was Rs.644 lacs, as compared to Rs.505 lacs during the corresponding quarter of previous year, up by 27%.

The Exhibition business revenues increased from 8298 lacs in Q2 2008-09 to Rs 8687 lacs during the quarter under review, a growth of 5%. EBIDTA margins grew from 19% in Q2 2008-09 to 22 % in Q2 2009-10 on back of sustainable revenues generated from operations and various cost rationalization measures initiated by the Company. PAT for the quarter ended September 2009 was Rs.611 lacs, as compared to Rs.472 lacs during the corresponding quarter of previous year, up by 29%.

The PVR Pictures business was slow during this quarter and there were no major movies distributed/released by the company. The other subsidiary PVR blu-O has been performing exceptionally well and delivering EBITDA margin of 33 %.

PVR Ltd is a leading film exhibition company with a pan India cinema circuit consisting of 26 theatres with a total of 108 screens and 27,890 seats across 14 cities. Over the years PVR Ltd has built strong brand equity with patrons. With about 17 million patrons visiting its multiplexes in 2008-09, its occupancy levels are higher than the industry average for the multiplex industry.

Commenting on the results and performance, Mr. Ajay Bijli, Chairman & Managing Director, PVR LTD, said, “The first quarter of the current financial year had been challenging on account of lack of movie content for more than 65 days due to strike between producers/distributors and exhibitors. The business was back to normal in this quarter ended Sept 2009. The occupancies in this quarter averaged at around 33% as compared to a dismal 20% in the first quarter of the current year.  The ATP also increased from Rs 132 in the previous quarter to Rs. 145 in this quarter showing a strong growth of 10%. On back of various operating initiatives taken by the management to improve  revenues and rationalize costs we have been able to achieve an EBITDA margin of 21% during the quarter as compared to 15% in corresponding period of last year. Overall we see the consumer sentiments really buoyant towards movie going and on back of a great line up of films that are releasing in next few quarters we remain highly positive about the long-term prospects of the Leisure and Entertainment Industry.”