PVR records 27% growth in revenue for quarter ended June 30
The advertising revenues witnessed a growth of 28%, increasing to Rs 92 crore
PVR Limited on Thursday announced its unaudited standalone and consolidated financial results for the quarter ended June 30.
The revenues for the quarter were Rs 887 crore as compared to Rs 701 crore during the corresponding period of last year, witnessing a growth of 27 per cent.
Consolidated EBITDA for the quarter was Rs 285 crore as against Rs 141 crore in the same period last year, witnessing a growth of 102 per cent. EBITDA margin for the quarter was 32.2%. Consolidated PAT for the quarter was Rs 18 crore as compared to Rs 52 crore during the corresponding period of last year.
During the current quarter, the company transitioned to new accounting standard on leases - Ind AS 116. While this accounting standard has no economic impact on the business, there is a material change in the reported financials. Under this new standard the company needs to capitalise all operating leases on the Balance Sheet as Right of Use and its corresponding liability as Lease Liabilities. On account of this transition, the reported results of Q1 FY 2020 are not comparable to corresponding quarter last year. After adjusting for impact of this new accounting standard the Consolidated Revenue, EBITDA, EBITDA margin and PAT of the company would have been Rs 887 crore, Rs 165 crore, 18.6% and Rs 44 crore respectively. This would represent a revenue and EBITDA growth of 27% and 17% respectively.
The box office revenues for the quarter were up by 19% from Rs 385 crore to Rs 457 crore led by a 19% growth in admits. F&B revenues were up 29% from Rs 205 crore to Rs 263 crore.
The advertising revenues witnessed growth of 28%, increasing to Rs 92 crore, up from Rs 72 crores in Q1 last year.
During the current financial year, the company has aggressively expanded its presence adding 36 new screens till date across 6 properties and now operates a network of 794 screens spread over 168 properties in 67 cities across the country. The company intends to add a total of 80-100 screens in FY 2019-2020.
Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR Ltd said: “We are extremely pleased with the performance of the business for Q1 FY 19-20 with strong all round performance of content at the box office despite two big cricketing events, IPL and World Cup, taking place during the same period. This truly reflects the strength of the cinema as a medium for entertainment, especially during a period when the consumer is spoilt for choice in terms of modes available to him to consume content. This give us conviction to continue with our growth plans and keep innovating to provide a better movie watching experience to our consumers.”
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