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PVR FY20 profit falls to Rs 27 crore as coronavirus takes toll on earnings in Q4

PVR reported a loss in Q4 FY20 due to coronavirus while revenue saw a dip of 23 per cent during the quarter

twitter-logoBusinessToday.In | June 8, 2020 | Updated 19:01 IST
PVR FY20 profit falls to Rs 27 crore as coronavirus takes toll on earnings in Q4
PVR Cinemas is a film entertainment public limited company in India.

PVR Limited on Monday reported consolidated profit after tax for FY20 at Rs 27 crore as compared to Rs 189 crore in FY19. Consolidated revenue for the financial year ending March 31, 2020, was Rs 3,452 crores as compared to Rs 3,119 crores last year, a growth of 11 per cent, PVR Limited said in an exchange filing. Consolidated EBITDA for the year was Rs 1,114 crore as against Rs 619 crore last year, a growth of 80 per cent. EBITDA margin for the year was 32 per cent. PVR Cinemas is a film entertainment public limited company in India.

PVR reported a loss in Q4 FY20 due to coronavirus while revenue saw a dip of 23 per cent during the quarter. However, operational revenue and margin saw a rise on yearly basis. Consolidated revenue for the quarter ended March was Rs 662 crore compared to Rs 846 crore during the corresponding period of last year, a drop of 22 per cent impacted by outbreak of coronavirus in the last month of the quarter.

Consolidated loss after tax for the quarter was Rs 75 crore as compared to profit of Rs 47 crore reported during the corresponding period of last year. "Results for quarter and year ended March 31, 2020 are not strictly comparable with results for quarter and year ended March 31, 2019 on account of adoption of IND-AS 116 "Leases". After adjusting for impact of IND-AS 116 -Leases, EBITDA, and PAT of the company would have been Rs. 59 crores and Rs (48) crores respectively," the company said.

Commenting on the results, Ajay Bijli, Chairman & Managing Director, PVR said, "COVID-19 is an unprecedented event that has impacted people across the Globe.The environment that we are operating in today is one that no one could have predicted at the start of the year. We are extremely confident that the business will come back stronger once the health concern due to spread of COVID-19 gets controlled and we are looking forward to welcoming back our patrons to the PVR experience."

Also read: Coronavirus update: India reports nearly 10,000 cases in 24 hrs; tally surges to 2.56 lakh

Also read: Restaurants, malls, religious places reopen today; Here's a list of do's and don'ts

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