On a consolidated basis, PVR reported a net loss of Rs 289.12 crore in Q4 FY21, higher than net loss of Rs 74.49 crore in Q4 FY20.
Revenue from operations declined 71.8% to Rs 181.46 crore in Q4 FY21 from Rs 645.13 crore in Q4 FY20. The multiplex operator registered a pre tax loss of Rs 244.81 crore in Q4 FY21 as against a pre tax loss of Rs 70.19 crore in Q4 FY20.EBITDA stood at Rs 25.06 crore in Q4 FY21 sharply lower than Rs 189.30 crore in Q4 FY20. EBITDA margin declined to 9.5% in Q4 FY21 from 28.6% in Q4 FY20.
Even though there were no major Bollywood or Hollywood movie releases in Q4 FY21, the Southern film industry which saw new movie releases showed a strong recovery. In spite of capacity restrictions, South Indian box office continued to perform strongly with movies like Master, Uppena, Jathi Ratnalu, Vakeel Saheb, Sulthan, etc. 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.
The multiplex operator posted a consolidated net loss of Rs 747.79 crore for the year ended March 2021 (FY21) compared with net profit of Rs 27.30 crore for the year ended March 2020 (FY20). Revenue from operations tumbled 91.8% to Rs 280.01 crore in FY21 over FY20.
PVR said that FY21 was one of the toughest years for the multiplex industry. The COVID-19 situation across the country continued to adversely affect the operations of the Group during the FY2020-21. Cinemas across the country started operations during October 2020- December 2020 period in line with the guidelines from respective state authorities and by March 2021 there were signs of revival of the business. However due to sudden spurt of second wave of COVID-19 during April 2021, the cinema operations of the Group paused and all screens are once again closed in line with respective state government or regulatory bodies guidelines.
The company was able to successfully navigate the challenges through a continuous focus on reducing fixed costs and keeping adequate liquidity on the balance sheet. Through aggressive cost-containment measures, the company was able to reduce its fixed cost in FY21 by 63% as compared to FY20. This included a reduction in rent by 79%, CAM by 42%, and all other fixed overheads being reduced by 57%. The company also successfully raised additional liquidity of Rs 1600 crore (Rs 1100 crore through equity and Rs 500 crore through debt) during the financial year and had total liquidity in excess of Rs 750 crore as on 30 April 2021.
Commenting on the results and performance, Ajay Bijli, chairman cum MD of PVR said, "FY'21 was marked by never before seen challenges for the multiplex industry, which was one of the most impacted by the pandemic. PVR showed resilience and ingenuity in the face of this adversity. As we look towards putting the past few quarters behind us, the company has turned its focus towards vaccinating all its employees and their families. We want our patrons to feel safe when they return to theatres to enjoy the latest movies. We are buoyed by the great response received by movies that have been released theatrically in regions where Covid incidence has reduced viz. China, USA, UK, South Korea, Australia, France, UAE etc. and believe that our business will bounce back stronger than ever once things start to normalize in the face of mass vaccinations that are being rolled out and the strong line up of content awaiting release across Hindi, English and Regional languages."
PVR is a multiplex chain operator. Currently, it operates 845 screens in 176 cinemas in 71 cities in India and Sri Lanka with an aggregate seating capacity of approximately 1.82 lakh seats.
Shares of PVR closed 1.17% higher at Rs 1,323.05 on BSE.
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