PVR Q3 profit falls 5.29 pc to Rs 29.88 cr

Multiplex operator PVR Ltd today reported 5.29 per cent decline in consolidated net profit at Rs 29.88 crore for the quarter ended December 31, 2015, due to sharp increase in tax expenses.
The company had posted a net profit of Rs 31.55 crore in the same period last fiscal.
Net sales of the company stood at Rs 499.31 crore for the third quarter of the current fiscal, up 19.20 per cent, as against Rs 418.87 crore during the same period of previous fiscal, the company said in a BSE filing.
"At Profit Before Tax (PBT) level, we have 33 per cent growth. Last year, we have lots of tax sops for us and in the current fiscal we have to go for higher taxes. That is the reason our Profit After Tax is lower," PVR CFO Nitin Sood told PTI.

PVR's PBT was up 31.49 per cent during October-December period to Rs 41.96 crore as against Rs 31.91 crore of the same period last fiscal.
PVR's tax expenses in the quarter under review stood at Rs 11.92 crore as against Rs 32 lakh in the corresponding period a year ago.

"We have a good performance in the quarter on account of successful films like Talvar, Pyaar Ka Punchnama 2, Dilwale, Bajirao Mastani at the Box Office," he added.
During the period PVR's footfalls increased by 3 per cent to 16.5 million in the quarter against same period last year.
"A 13 per cent growth in food and beverage revenues reflected strong continuing positive performance year on year. Sponsorship Revenues witnessed a stellar growth of 29 per cent over the same period last year," he said.

The company, which is currently operating 491 screens, has added 27 screens this fiscal and is aiming to cross 500 in next quarter.
"By February, we would cross 500," said Sood.
Over the outlook, said:" Q4 would be very good. Last year, we had cricket world cup in this period and no big films were there. But now, there are lot of good films as January has been a good month with Airlift and in February we have 2-3 good films releasing as Ghayal Once Again, Fitoor and Tere Bin Laden 2 and in March films as Rocky Handsome and Jai Gangajal are there".

Shares of PVR today settled at Rs 753.35 per scrip on BSE, up 2.29 per cent from previous close.