PVR Ltd has announced a 47 per cent jump in its net profit in the second quarter ended September 30, 2011. The Q2 net stood at Rs 14.30 crore, as compared to Rs 9.73 crore in Q2 FY11. The consolidated revenues for Q2 FY12 stood at Rs 138.64 crore, up 3 per cent from Rs 135 crore in the corresponding quarter of the previous fiscal.
The exhibition business showed a stellar performance in Q2 FY12, where the revenues increased from Rs 106.19 crore in Q2 FY11 to Rs 128.02 crore, a climb of 21 per cent. EBITDA for Q2 stood at Rs 28.42 crore, as compared to Rs 22.19 crore in Q2 FY11, up 28 per cent. PAT for the exhibition business stood at Rs 12.27 crore, a jump of 54 per cent over the Q2 FY11 figure of Rs 7.96 crore.
The exhibition business has been able to demonstrate promising growth in revenues, led by 23 per cent growth in footfalls. During the quarter, the company had reported 7.1 million footfalls in its cinemas, clocking an average occupancy of 36 per cent. Food and beverage revenues also grew by 25 per cent during the quarter under review. Advertising and sponsorship revenues have shown a stellar growth of 47 per cent over the corresponding period of the previous fiscal.
Commenting on the Q2 results and performance, Sanjeev Kumar, Joint Managing Director, PVR Ltd, said, “The revenues and profitability in Q2 Fy12 have shown a robust growth over the corresponding period of previous year.” He attributed the good results to the company’s long term location strategy to partner in best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning.
Kumar further said, “This is demonstrated by the fact that PVR’s average revenue per screen across its cinema circuit is almost 30 per cent higher than our competition. In fact, in the area of advertising and sponsorship revenue, our total revenues for 2010-11 were more than the revenues of the next three operators put together. The company is on a strong growth trajectory and is adding 57 new screens this fiscal year. The company’s subsidiary, PVR BluO, is also setting up bowling centers across the country, with three new centers with 74 lanes slated to open in the current financial year.”
During the quarter under review, the company added three new multiplex properties with 16 screens at Udaipur, Surat and Delhi. It also opened its new flagship bowling center with 26 lanes at Ambience Mall, Vasant Kunj.