Multiplex operator PVR on Thursday reported 69 per cent year-on-year decline in its consolidated net profit at Rs 16.18 crore for the first quarter ended June 30, 2019, due to sharp rise in financial cost.
"The company had posted consolidated net profit of Rs 52.15 crore in June quarter of 2018 and Rs 46.70 crore in March quarter 2019," PVR said in a filing to the Bombay Stock Exchange.
Consolidated total income rose by 27 per cent to Rs 887.16 crore as compared to Rs 700.53 crore in the year-ago period.
Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) zoomed 102 per cent to Rs 285.35 crore versus Rs 141.47 crore in the same quarter last fiscal. Adjusted EBITDA margin increased by 1200 basis points (bps) y-o-y to 32.2 per cent.
The financial cost of the company jumped 99 per cent y-o-y to Rs 131.43 crore in June quarter.
"This includes an amount of Rs 9.71 crore due to accounting adjustment made pursuant to IndAS-115 for income received in advance with respect to long-term agreement signed by the PVR and SPI Cinemas with online ticketing aggregators," PVR said in the regulatory filing.
In August 2018, PVR had announced to acquire 71.69 per cent stake in SPI Cinemas for about Rs 633 crore, in an all-cash deal.
As of June 30, 2019, PVR operates 785 screens in 67 cities across the country.
Ahead of Q1 results, shares of PVR closed trade at Rs 1,784.75 apiece, down 1.04 per cent, on the BSE on Thursday.
Edited by Chitranjan Kumar