PVR to raise Rs 500 cr via QIP; posts Q1 net of Rs 7.66 cr

Multiplex operator PVR Ltd today got board approval to raise Rs 500 crore through a qualified institutional placement (QIP) issue for chasing inorganic growth opportunities.
On the QIP plan to raise Rs 500 crore, PVR CFO Nitin Sood told PTI: "We are just raising it for any inorganic growth or acquisition. We do not need it now."
The company's board of directors today approved an issue of securities upto Rs 500 crore through QIP subject to approval of the members in forthcoming Annual General Meeting of the company, a BSE filing said.
Meanwhile, the company reported a consolidated net profit of Rs 7.66 crore for the quarter ended June 30, 2014.

The company had reported a consolidated net profit of Rs 13.60 crore for the April-June quarter of the last fiscal, it said in a statement.
Consolidated net sales during the first quarter of 2014-15 fiscal stood at Rs 361.69 crore. It was Rs 334.45 crore in the year-ago period.

"During the first quarter, there was no big releases and also viewership and audience was impacted due to the Lok Sabha elections," Sood said.
About the future outlook of PVR, he said that big releases are planned in the coming months and the company is expecting a good business in the second and third quarters.

On expansion, Sood said,"We have added 23 screens this quarter. This fiscal we would add between 65 to 75 new screens."
The company has informed that its "standalone figures of the first quarter ended June 30, 2014 are not comparable to the corresponding quarter ended June 30 on account of merger of CHPL, CIL and its subsidiaries with PVR Ltd".
Shares of PVR today closed at Rs 621.75 per scrip on BSE, up 0.03 per cent from its previous close.