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PVR's Q4 net loss widens to Rs 289 cr due to Covid-led disruptions

The company continued to be impacted by the Covid-19 pandemic

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PVR | Q4 Results

Press Trust of India  |  New Delhi 

An employee wears a protective mask while waiting to greet customers outside the PVR Icon cinema at the DLF Promenade Mall in New Delhi
FILE PHOTO: An employee wears a protective mask while waiting to greet customers outside the PVR Icon cinema at the DLF Promenade Mall in New Delhi before the second wave hit

Multiplex operator Ltd on Wednesday reported a consolidated net loss of Rs 289.12 crore in the quarter ended on March 31, 2021, as company continued to be impacted by the COVID-19 pandemic.

The company had posted a net loss of Rs 74.49 crore in the same quarter of last fiscal.

Total income during the period under review stood at Rs 263.26 crore against Rs 661.78 crore in the corresponding quarter a year ago, said in a regulatory filing.

said for the quarter and year ended March 31, 2021, are not comparable with for the quarter and year ended March 31, 2020, as the operations were severely impacted due to COVID-19 induced lockdowns, staggered re-openings, social distancing requirements, limited content flow and low consumer confidence.

"FY 2020-21 was one of the toughest years for the multiplex industry and the company was able to successfully navigate the challenges on account of COVID-19 through a continuous focus on reducing fixed costs and keeping adequate liquidity on the balance sheet," it added.

PVR said even though there were no major Bollywood or Hollywood movie releases in Q4 FY'21, the Southern film industry which saw new movie releases showed a strong recovery.

With the resurgence of the second wave of COVID-19 since April 2021 and consequent shutdown of cinemas, the company said it has again started taking all necessary measures to manage its costs and preserve liquidity.

PVR Chairman-cum-Managing Director Ajay Bijli said the company believes its business will bounce back stronger than ever once things start to normalise in the face of mass vaccinations that are being rolled out.

As on date, no cinemas are operational due to lockdowns implemented by state governments

Shares of PVR Ltd were trading 0.09 per cent higher at Rs 1,308.90 apiece on BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, June 02 2021. 16:28 IST
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