PVR Q4 results: Consolidated loss narrows to Rs 105 cr, revenue rises 197%
PVR stated, "We believe that the pandemic may adversely impact the business in the short term, but the long-term drivers of the business are intact and we do not anticipate any material medium to long term risks to the business."
- May 9, 2022,
- Updated May 9, 2022 2:48 PM IST
Multiplex chain operator PVR Ltd on Monday reported narrowing of its consolidated loss after tax at Rs 105.49 crore for quarter ended 31 March, 2022. The company had reported a net loss of Rs 289.12 crore in the year-ago period.
PVR's revenue from operations surged 196.68 per cent to Rs 537.14 crore in the quarter under review as against Rs 181.46 crore in the same quarter last fiscal.
Consolidated total income during the period under review stood at Rs 579.66 crore as against Rs 263.26 crore in the year-ago quarter, it added.
The company also stated that during the quarter, it added 15 screens across 3 properties and plans to open around 120-125 new screens during FY23.
"The company continues to maintain adequate levels of liquidity with total available liquidity (including undrawn working capital lines) on the balance sheet being in excess of Rs. 667 crores as on March 31, 2022," it added.
"The COVID- 19 situation across the country continued to adversely affect the multiplex operations and the cinema industry at large during Q4 FY22 as well. Third wave was the shortest as compared to the previous two waves," the company said in a regulatory filing.
It also added, "Majority of our properties were operational during early Q4 (with exception of Delhi and Haryana which were shut during January 2022) with various capacity restrictions but with limited or no content.
Restrictions on cinema operations started easing from the1st week of February 22 and by the first week of March 2022, all restrictions were eased. New content started to release in theatres during the second half of February 22 and the month of March 2022 "saw a fabulous performance of movies at cinemas and strong recovery in footfall," it said.
During the quarter, the PVR said that it has deftly managed its operations and mitigated the impact of the third wave. "The strong admission recovery in March along with the sturdy operating parameters have clearly demonstrated the robust business model of the company and the affinity of the consumer to come back to the theatres."
"We have carried out an assessment of the appropriateness of going concern, impairment of assets and other related aspects and we believe that there is no impact on the same. We believe that the pandemic may adversely impact the business in the short term, but the long-term drivers of the business are intact and we do not anticipate any material medium to long term risks to the business," it added.
Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR Ltd said "Our belief in the ability of the industry to bounce back swiftly was vindicated with this quarter's results. 90+ lac admissions in the month of March and a stellar content pipeline for the next few quarters tell us that the best is yet to come. I strongly feel that this year can be the best year this industry has ever seen. We are doubling down on our investments and if everything goes as planned, this year we will break our own record of the maximum number of screens opened in a year in India."
"I am extremely positive about the impending merger with INOX which will give additional firepower to the combined entity to invest and innovate in bringing world class theatrical viewing experience for our discerning audiences," he added.
Shares of PVR on Monday traded 0.46 per cent lower at Rs 1,693 apiece on BSE during late trade.
Multiplex chain operator PVR Ltd on Monday reported narrowing of its consolidated loss after tax at Rs 105.49 crore for quarter ended 31 March, 2022. The company had reported a net loss of Rs 289.12 crore in the year-ago period.
PVR's revenue from operations surged 196.68 per cent to Rs 537.14 crore in the quarter under review as against Rs 181.46 crore in the same quarter last fiscal.
Consolidated total income during the period under review stood at Rs 579.66 crore as against Rs 263.26 crore in the year-ago quarter, it added.
The company also stated that during the quarter, it added 15 screens across 3 properties and plans to open around 120-125 new screens during FY23.
"The company continues to maintain adequate levels of liquidity with total available liquidity (including undrawn working capital lines) on the balance sheet being in excess of Rs. 667 crores as on March 31, 2022," it added.
"The COVID- 19 situation across the country continued to adversely affect the multiplex operations and the cinema industry at large during Q4 FY22 as well. Third wave was the shortest as compared to the previous two waves," the company said in a regulatory filing.
It also added, "Majority of our properties were operational during early Q4 (with exception of Delhi and Haryana which were shut during January 2022) with various capacity restrictions but with limited or no content.
Restrictions on cinema operations started easing from the1st week of February 22 and by the first week of March 2022, all restrictions were eased. New content started to release in theatres during the second half of February 22 and the month of March 2022 "saw a fabulous performance of movies at cinemas and strong recovery in footfall," it said.
During the quarter, the PVR said that it has deftly managed its operations and mitigated the impact of the third wave. "The strong admission recovery in March along with the sturdy operating parameters have clearly demonstrated the robust business model of the company and the affinity of the consumer to come back to the theatres."
"We have carried out an assessment of the appropriateness of going concern, impairment of assets and other related aspects and we believe that there is no impact on the same. We believe that the pandemic may adversely impact the business in the short term, but the long-term drivers of the business are intact and we do not anticipate any material medium to long term risks to the business," it added.
Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR Ltd said "Our belief in the ability of the industry to bounce back swiftly was vindicated with this quarter's results. 90+ lac admissions in the month of March and a stellar content pipeline for the next few quarters tell us that the best is yet to come. I strongly feel that this year can be the best year this industry has ever seen. We are doubling down on our investments and if everything goes as planned, this year we will break our own record of the maximum number of screens opened in a year in India."
"I am extremely positive about the impending merger with INOX which will give additional firepower to the combined entity to invest and innovate in bringing world class theatrical viewing experience for our discerning audiences," he added.
Shares of PVR on Monday traded 0.46 per cent lower at Rs 1,693 apiece on BSE during late trade.