PVR reports Rs 31.55 crore profit for Oct-Dec

Multiplex operator PVR Ltd today reported a consolidated net profit of Rs 31.55 crore for the quarter ended December 2014 driven by revenue increase from food & beverage, advertisement and decent movie contents.
The company had posted a consolidated net profit of Rs 14.16 crore for the October-December period of previous fiscal, in a statement.
PVR's consolidated net sales stood at Rs 419.35 crore during the quarter under review. It was Rs 335.70 crore during the same period of previous fiscal, it added.
Commenting on the performance, PVR CFO Nitin Sood said: "This quarter we have strong financial and operational performance because of factors as decent content, hike in ticket pricing, growth in food & beverage and advertising revenue".

In the third quarter, earning from movie exhibition was Rs 393.48 crore, movie production and distribution was Rs 11.85 crore and others which include food and beverage was Rs 19 crore.
"We have almost 25 per cent increase in in Average Spend per person to Rs 67. Our ad revenue has gone up by 28 per cent," he said.

On the outlook, Sood said: "We would continue to grow and achieve our target of having 500 screens in 3 to 6 months with Rs 1,600 crore revenue. This fiscal we have added 41 screens and 20 more would be added at places as Delhi, Chennai, Bangaluru, Bokaro and Pathankot. We would continue to add 70 to 80 screens on annual basis".

However, he also added that next quarter would be little slow and decent due to factors as releases and coming cricket world cup.
The company said standalone financial figures for the quarter and nine months ended December 2014 are not comparable to the corresponding quarter ended December 2013 on account of merger of Cine Hospitality Pvt Ltd, Cinemax India Ltd and its subsidiaries with PVR Limited.
In a separate filing, the company said its Board has approved entering into a share purchase agreement with L Capital Eco Ltd for purchase of their entire investment in equity and preference shares of PVR Leisure Ltd.

PVR currently operates a network of 462 screens in 44 cities pan India.
Company's shares today closed at Rs 680.40 on the BSE, up 0.96 per cent from previous close.