PVR Q1 net profit down 1.6% at Rs 42.81 crore

Multiplex operator PVR Ltd today reported a decline of 1.60 per cent in its consolidated net profit at Rs 42.81 crore for the first quarter ended June on account of higher expenses.
It had posted a net profit of Rs 43.51 crore in the April-June quarter a year-ago, PVR said in a BSE filing.
PVR's consolidated net sales were up 17.19 per cent to Rs 559.96 crore during the quarter under review as against Rs 477.81 crore in the year-ago period.
"The main reason was that the expenses of the last year were accounted in the subsequent quarter, which is the first quarter of the current year," PVR CFO Nitin Sood said.

PVR's expenses during the quarter under review was up 18.74 per cent to Rs 451.76 crore compared to Rs 380.46 crore of the corresponding quarter last fiscal.
During the quarter, the box office was up 1 per cent and the company has 7 per cent ticket growth on account of good releases as Kung Fu Panda 3, Jungle Book, Housefull 3, Baaghi, Sairat, The Conjuring 2, Udta Punjab, Captain America etc.

"We have a footfall of 20.7 million in the quarter, which is up 9 per cent from the corresponding quarter," he added.
Its revenue from movie exhibition was up 40.91 per cent to Rs 532.45 crore in the first quarter as against Rs 377.85 crore of the corresponding period of the previous fiscal.

PVR's earning from movie production and distribution was up 15.37 per cent to Rs 26.27 crore during the quarter compared to Rs 22.77 crore a year-ago.
For 'Others' segment which includes bowling, gaming and restaurants, it was Rs 20.37 crore, up 12.60 per cent as against Rs 18.09 crore in the first quarter last fiscal.
During the quarter, PVR added 37 screens and now has a network of 551 screens in 47 cities across the country.
Over the outlook, he said: "We have a very good content pipeline for the year. We have films as Sultan, Kabali, Mohanjodaro and Rustom. Hence outlook, for the coming quarter is very promising".

Meanwhile, in a separate filing PVR informed that it would raise Rs 300 crore from the markets by issuing non-convertible debentures (NCDs).
Its board in a meeting held today has approved to issue NCDs of Rs 50 crore and has also asked "for the approval of members in the ensuing annual general meeting issue of non-convertible debentures for a sum not exceeding Rs 250 crore."
Shares of PVR were today settled at Rs 1,145.10 on BSE, up 0.19 per cent from previous close.