PVR consolidated revenues up 8% to Rs 924 crore in Q3 FY20

Box office revenues for the quarter were up by 6% to Rs 453 crore from Rs. 425 crore in the same period last year

e4m by exchange4media Staff
Updated: Jan 23, 2020 5:54 PM
PVR

PVR Limited today announced its unaudited standalone and consolidated financial results for the quarter ended December 31, 2019.

Consolidated revenues for the quarter ended December 2019 were Rs 924 crores as compared to Rs 857 crores during the corresponding period of last year, witnessing a growth of 8%. Consolidated EBITDA for the quarter was Rs 315 crores as against Rs 179 crores in the same period last year, witnessing a growth of 77%. EBITDA margin for the quarter was 34.1%. Consolidated PAT for the quarter was Rs 36 crores as compared to Rs. 55 crores during the corresponding period of last year. After adjusting for the impact of Ind-AS 116 - Leases, EBITDA, and PAT of the company would have been Rs. 188 crores and Rs. 59 crores respectively. This would represent EBITDA and PAT growth of 5% and 7% respectively. The overall EBITDA margins of the company were 20.4% (after excluding IND-AS 116 impact)

The box office revenues for the quarter were up by 6% from Rs. 425 crores to Rs 453 crores. F&B revenues were up by 13% from Rs 217 crores to Rs 244 crores supported by robust growth in average F&B spend per person of 12%. Advertising revenues grew from Rs.112 crores to Rs 122 crores, up by 8% in spite of challenging business environment on media spends by companies.

Also Read: PVR Cinemas crosses 800 screens milestone

The company has aggressively expanded its screen portfolio in the current financial year by adding 67 new screens across 11 properties and now operates a network of 825 screens spread over 173 properties in 71 cities across the country.

Commenting on the results and performance,  Ajay Bijli, Chairman and Managing Director, PVR Ltd said “The operating and financial performance of the business for Q3 has been robust amidst difficult macro-economic conditions. The box office performance has been satisfactory with a strong performance from Bollywood and Hollywood film industry. The performance of the regional film industry, specifically Tamil and Telugu, however, has been below par in the current quarter resulting in muted growth in our overall box office performance. This truly reflects the strength of our business model and our strategy for a wide geographical distribution of our cinema footprint where we have reduced our dependence on any one film industry or region. Our operating performance on all other parameters remains strong and we continue to innovate and identify areas where we can serve our customers better. Our screen opening outlook remains strong and we are on track to open 90-100 new screens in the current financial year.”

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