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Tag: PVR Limited

  • PVR Ltd reports consolidated revenue of Rs 579.7 crore in Q4 FY22

    PVR Ltd reports consolidated revenue of Rs 579.7 crore in Q4 FY22

    Mumbai: Cinema exhibition chain PVR Ltd has announced its fourth quarter and financial year 2021-2022 results on Monday. The company reported consolidated revenue of Rs 579.7 crore and a loss of Rs 105.5 crore for the quarter ended 31 March. 

    PVR earned Rs 263.3 crore and reported a loss of Rs 289.2 crore for the corresponding quarter. After adjusting for the impact of IND-AS 116 – leases, consolidated revenue stood at Rs 553.6 crore and loss at Rs 95.6 crore in Q4 FY22.

    The company reported consolidated revenue of Rs 1657.1 crore and loss of Rs 488.5 crore for the financial year ended on 31 March 2022. In comparison, the company earned Rs 749.4 crore and made a loss of Rs 748.2 crore last financial year. After adjusting for the impact of IND-AS 116 – leases, the company reported consolidated revenue of Rs 1408.7 crore and a loss of Rs 419 crore for FY22.

    The last 35 days of the fourth quarter were marked with strong content flow across regional and Bollywood genres including films like “Valimai” (Tamil), “Bheemla Nayak” (Telugu), “Gangubai Kathiawadi” (Hindi), “The Kashmir Files” (Hindi) and “RRR” (multilingual) helped admissions cross the 90-lakh mark in March.

    “Similar to Q3 FY’22, the results of Q4 demonstrated the resilience and the ability of the theatrical business to quickly recover once new content was made available,” said the statement. “The short span of the third wave ensured that the rate of infection subsided as drastically as it had peaked. At the onset of the wave, all the states had imposed capacity restrictions on cinema operations. These restrictions were gradually relaxed and were done away with by the end of February.”

    The company had booked forex losses on loans extended to PVR Lanka in March, a subsidiary of PVR Ltd in Sri Lanka, due to the sudden devaluation of the local currency given the political and economic turmoil in the region.

    The company opened 15 screens across three properties in the fourth quarter and plans to open 120-125 new screens in FY 2023.

    The company’s total available liquidity, including undrawn working capital lines on the balance sheet, is in excess of Rs 667 crore at the end of the fourth quarter.

    “Our belief in the ability of the industry to bounce back swiftly was vindicated with this quarter’s results. 90+ lakh admissions in the month of March and a stellar content pipeline for the next few quarters tells us that the best is yet to come,” said PVR Ltd chairman cum managing director Ajay Bijli. “I strongly feel that this year can be the best year this industry has ever seen. We are doubling down on our investments and if everything goes as planned, this year we will break our own record of the maximum number of screens opened in a year in India.”

    “I am extremely positive about the impending merger with Inox which will give additional firepower to the combined entity to invest and innovate in bringing world-class theatrical viewing experience for our discerning audiences,” he added.

  • Multiplex giants PVR, Inox announce merger to combat OTT onslaught

    Multiplex giants PVR, Inox announce merger to combat OTT onslaught

    Mumbai: Top multiplex chains PVR Ltd and Inox Leisure Ltd have announced a merger following a meeting of their board of directors on Sunday. The combined entity, called PVR Inox Ltd, will become the largest film exhibition company in India operating 1546 screens.

    “The merged entity would be able to strongly counter the advent of various OTT platforms and the after effects of the pandemic,” the two companies said in an exchange filing.

    The merger will be an all-stock amalgamation subject to approval of the shareholders of PVR and Inox respectively, stock exchanges, Sebi and such other regulatory as may be required.

    Post the merger, the promoters of Inox will become the co-promoters in the merged entity along with existing promoters of PVR. The board of directors of the merged company will be reconstituted with a total board strength of ten members and both the promoter families having equal representation on the board with two seats each. PVR promoters will have 10.62 per cent stake while Inox promoters will have 16.66 per cent stake in the combined entity.

    When the merger becomes effective, shareholders of Inox will receive shares of PVR in exchange of shares in Inox at the approved share swap ratio. Inox shareholders will receive three shares in PVR for ten shares of Inox.

    It was also decided that PVR chairman Ajay Bijli will lead the combined entity as managing director and Sanjeev Kumar will be the executive director.

    Inox Group chairman Pavan Kumar Jain will be named as non-executive chairman of the board, and Siddharth Jain will serve as non-executive non-independent director in the combined entity.

    “This is a momentous occasion that brings together two companies with significantly complementary strengths,” said PVR’s Ajay Bijli. “The partnership of these two brands will put consumers at the center of its vision and deliver an unparalleled movie going experience to them. The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long-term survival of the business and fight the onslaught of digital OTT platforms.”

    “Coming together of two iconic cinema brands, which are driven by passion, is certainly the most historic moment in the Indian cinema exhibition industry,” stated Inox Leisure director Siddharth Jain. “Both companies have set high service benchmarks in an endeavour to offer the best cinema experience in the world, to the most passionate moviegoers, and would continue to do so as a unified entity. As we head into the industry’s revival amidst headwinds, this decisive partnership would bring in enhanced productivity through scale, a deeper reach in newer markets and numerous cost optimisation opportunities, and continue to delight cinema fans with world-class experiences and landmark innovations.”

  • PVR declares FY20 Q3 results, witnesses growth of 8%

    PVR declares FY20 Q3 results, witnesses growth of 8%

    MUMBAI: PVR Ltd today announced its unaudited standalone and consolidated financial results for the quarter ended 31 December 2019.

    Consolidated revenues for the quarter ended December 2019 were Rs 924 crore as compared to Rs 857 crore during the corresponding period of last year, witnessing a growth of 8 per cent. Consolidated EBITDA for the quarter was Rs 315 crores as against Rs 179 crore in the same period last year, witnessing a growth of 77 per cent. EBITDA margin for the quarter was 34.1 per cent. Consolidated PAT for the quarter was Rs 36 crore as compared to Rs 55 crore 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 crore and Rs 59 crore respectively. This would represent EBITDA and PAT growth of 5 per cent and 7 per cent respectively.

     The overall EBITDA margins of the company were 20.4 per cent (after excluding IND-AS 116 impact). The box office revenues for the quarter were up by 6 per cent from Rs 425 crore to Rs 453 crore. F&B revenues were up by 13 per cent from Rs 217 crore to Rs 244 crores supported by robust growth in average F&B spend per person of 12 per cent. Advertising revenues grew from Rs 112 crore to Rs 122 crore, up by 8  per cent in spite of challenging business environment on media spends by companies. 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, PVR Ltd chairman and managing director Ajay Bijli said, “The operating and financial performance of the business for Q3has been robust amidst difficult macro-economic conditions. The box office performance has been satisfactory with 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 remain strong and we are on track to open 90-100 new screens in the current financial year.”

  • Al-Futtaim, PVR sign MoU to explore opportunities in MENA region

    Al-Futtaim, PVR sign MoU to explore opportunities in MENA region

    MUMBAI: Multiplex operator PVR signed a memorandum of understanding (MoU) with Dubai’s Al-Futtaim to explore opportunities to jointly develop cinema business in the Middle East and North Africa (MENA) region.

    The joint venture will introduce a collection of unique experiential cinema formats to the region including PVR’s Director’s Cut, a format that blends the best in high-end hospitality and entertainment.

    “We see great potential in the cinema business in the region, and particularly in Saudi Arabia, following the government’s decision to reopen the cinema industry,” said Al-Futtaim Group director corporate development Marwan Shehadeh.

    “PVR is the perfect partner for Al-Futtaim, given its 20 years’ proven track record of operating and creating experiential cinema formats, catering to customers looking for best in class experiences. To begin with, we have already identified locations in Al-Futtaim real estate developments such as Dubai Festival City and Festival Plaza in Dubai and are in discussion with landlords to secure other locations in Dubai and the Kingdom of Saudi Arabia,” he added.

    PVR in a regulatory filing said both parties will work together over the next few months to undertake a feasibility study and convert the MoU into a formal joint venture arrangement.

    In December last year, PVR had said it was scouting overseas destinations for expansion and planned to open its first project in Sri Lanka in next two years.

    Commenting on the partnership, PVR Ltd chairman and managing director Ajay Bijli said “We see a great opportunity in taking the PVR brand to the MENA region, particularly expansion in UAE and entry into the Saudi Arabian market which has recently decided to open up the cinema industry. We are delighted to partner with Al-Futtaim, which is one of the most diversified and progressive privately held businesses in the region.”

    At present, PVR operates over 600 screens in 52 cities in India.

  • PVR numbers up on higher ticket price in third quarter

    PVR numbers up on higher ticket price in third quarter

    BENGALURU: Despite lower admits and occupancy during the quarter ended 31 December 2017 (Q3 2018, the quarter under review), Indian entertainment and exhibition company PVR Ltd (PVR) reported higher revenue due to higher ticket prices. In its investor presentation, the company reported 2.8 per cent year-on-year (yoy) drop in admits during Q3 2018 at 1.74 crore as compared with Rs 1.79 crore in Q2 2017 and a yoy decline in occupancy to 29.1 per cent from 32 per cent. The company reported an increase in average ticket price per show to Rs 212 during the quarter under review from Rs 199 during the corresponding year ago quarter. PVR says that the top-five movies contributed 50 per cent to the gross box office in Q3 2018 as against 52 per cent in Q3 2017. The occupancy of top-five movies in Q3 2018 was 37 per cent as against 41 per cent in Q3 2017.

    PVR’s revenue from operations increased 5 per cent yoy in Q3 2018 to Rs 557.25 crore from Rs 530.88 crore. Total Income increased 3.4 per cent yoy to Rs 560.46 crore in Q3 2018 from Rs542.02 crore. The company says that other operating income in Q3 2017 included government subsidy of Rs 8.61 crore provided by various state governments. In the quarter under review, this component has not been accounted for on account of lack of clarity on refund mechanism for the tax exemptions under the new GST regime.

    PVR’s EBIDTA (including other income) increased 13.7 per cent yoy during the quarter under review to Rs 103.55 crore (18.8 per cent margin of total revenue) from Rs 91.10 crore (16.8 per cent margin of Total revenue). Net profit after tax (PAT) increased 24 per cent yoy in Q3 2018 to Rs 29.16 crore from Rs 23,52 crore. Total comprehensive income during the quarter under review increased 20.8 per cent yoy to Rs 28.87 crore from Rs 23.89 crore.

    Let us look at the other numbers reported by PVR

    PVR reports revenue from two segments–movie exhibition and others. The movie exhibition segment saw 6.9 per cent yoy increase in operating revenue to Rs 546.01 crore from Rs 510.94 crore. The segment had 17.4 per cent yoy increase in operating results at Rs 41.44 crore from Rs 35.27 crore. Others segment revenue saw 51.9 per cent yoy decline in revenue to Rs 17.85 crore from Rs 37.08 crore. Others segment operating profit grew 220.8 per cent to Rs 3.08 crore from Rs 0.96 crore during corresponding year ago quarter.

    PVR’s total expenditure during the quarter under review was up by 1.9 per cent yoy at Rs 515.55 crore as compared to Rs 505.77 crore. Finance cost was up 3.8 per cent yoy to Rs 21.17 crore in Q3 2018 from Rs 20.40 crore.

    Movie exhibition cost in Q3 2018 increased 13.4 per cent yoy to Rs 132.28 crore from Rs 116.69 crore. Cost of consumption of food and beverages in the quarter rose by 9.3 per cent yoy to Rs 37.90 crore from Rs 34.66 crore.

    Employee benefits expense in Q3 2018 increased by 8 per cent yoy to Rs 62.17 crore from Rs 57.57 crore. Rent expenses during the quarter were almost flat (increased by 0.2 per cent) yoy to Rs 99.356 crore from Rs 99.13 crore. Other expenses in Q2 2018 declined by 12.4 per cent yoy to Rs 125.21 crore from Rs 142.87 crore.

  • PVR reports lower numbers for second quarter

    PVR reports lower numbers for second quarter

    BENGALURU: Indian entertainment and exhibition company PVR Limited (PVR) reported a slight decline in total revenue for the quarter ended 30 September 2017 (Q2-18, current quarter) as compared to the corresponding year ago quarter (y-o-y). Operating profit (EBIDTA), net profit after tax (PAT) and total comprehensible income attributable to equity shareholders (TCI) of the parent company for current quarter were also lower as compared to Q2-17.

    PVR’s operating revenue declined 1.1 percent y-o-y in the current quarter to Rs 5,553.6 million from Rs 5,613 million. Total Income (TI) in Q2-18 declined 3.3 percent y-o-y to Rs 5,595.2 million from Rs 5,613 million. EBIDTA including other income for Q2-18 declined 18 percent y-o-y to Rs 946.7 million (16.9 percent of TI) from Rs 1,154.6 million (19.9 percent of TI). PAT for the current quarter declined 13.6 percent y-o-y to Rs 251.7 million (4.5 percent of TI) from Rs 291.3 million (5 percent of TI). TCI declined in Q2-18 by 14.4 percent y-o-y to Rs 246.5 million (4.4 percent of TI) from Rs 288.1 million (5 percent of TI).

    PVR reports revenue from two segments – movie exhibition and others. The movie exhibition segment saw a 3 percent y-o-y increase in operating revenue to Rs 5,321.9 million from Rs 5,164.6 million. The segment had 4.4 percent y-o-y decline in operating results at Rs 381.7 million from Rs 399.4 million. Others segment revenue saw 42.3 percent y-o-y to Rs 331.8 million from Rs 575.2 million. Others segment had an operating loss of Rs 8.9 million as compared to an operating profit of Rs 40.5 million as compared to the corresponding year ago quarter.

    PVR’s total expenditure for the current quarter was almost flat (up by 0.6 percent) y-o-y at Rs 5,202.3 million from Rs 5,173 million. Finance cost was up 6.9 percent y-o-y to Rs 207.1 million in Q2-18 from Rs 193.7 million.

    Movie exhibition cost in Q2-18 increased 16.4 percent y-o-y to Rs 1,334.5 million from Rs 1,146.4 million. Cost of food and beverages in the current quarter increased 8 percent y-o-y to Rs 384.7 million from Rs 356.5 million.

    Employee benefits expense in Q2-18 increased 7.8 percent y-o-y to Rs 586.6 million from Rs 544 million. Rent expenses in the current quarter were almost flat (declined 0.2 percent) y-o-y to Rs 971.6 million from Rs 973.4 million. Other expenses in Q2-18 declined 15 percent y-o-y to Rs 1,371.1 million from Rs 1,613.6 million.

  • FY-16: PVR PAT up nine-fold

    FY-16: PVR PAT up nine-fold

    BENGALURU: Indian motion picture exhibition, production and distribution house PVR Limited (PVR) reported more than nine-fold (9.3 times) profit after tax (PAT) for the fiscal ended 31 March 2016 (FY-16, current year, current fiscal) as compared to the previous fiscal FY-15. The company reported PAT of Rs 118.73 crore (6.3 percent margin of consolidated Total Income from Operations or TIO) as compared to PAT of Rs 12.76 crore (0.9 percent PAT margin of TIO). For fiscal FY-14, the company had reported PAT of Rs 50.39 crore (3.7 PAT margin of TIO).

    PVR’s consolidated TIO in the current year increased 26.5 percent to Rs 1,873.54 crore as compared to Rs 1,481.34 crore in FY-15. TIO plus other income in FY-16 increased 27.1 percent to Rs 1,896.99 crore from Rs 1,485.98 crore in FY-15.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:
    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.
    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

    PVR’s total operating profit including other income (EBIDTA) in FY-16 increased 70.8 percent to Rs 358.09 crore (18.9 percent EBIDTA margin of total income including other income) as compared to Rs 209.67 crore (14.1 percent EBIDTA margin of total income including other income) in the previous year.

    Total Expenditure in FY-16 increased 19.5 percent to Rs 1,664.09 crore (88.8 percent of TIO) as compared to Rs 1,393.11 crore (13.2 percent of TIO) in FY-15. Film Exhibition cost increased 22.4 percent to Rs 418.96 crore (23.4 percent of TIO) in FY-16 from Rs 324.18 crore (23.1 percent of TIO) in FY-15. Employee Benefit Expense (EBE) in the current year increased 29.5 percent to Rs 185.30 crore (9.9 percent of TIO) as compared to Rs 143.04 crore (9.7 percent of TIO).Other expenses in FY-16 increased 30.9 percent to Rs 212.29 crore (11.3 percent of TIO) as compared to Rs 162.21 crore (11 percent of TIO) in the previous fiscal. Food & Beverages and other costs increased 16.3 percent to Rs 124.83 crore (6.7 percent of TIO) from Rs 107.38 crore (7.2 percent of TIO) in FY-15.

    Segment Revenue

    Three segments contribute to PVR’s revenues.

    The largest segment – Movie Exhibition reported 26.3 percent growth in operating revenue in FY-16 at Rs 1,730.09 crore from Rs 1,370.39 crore in the previous year. The segment reported more than double operating profit 2.34 times) of Rs 206.51 crore in the current fiscal as compared to Rs 88.23 crore in the FY-15

    Movie Production and Distribution segment reported 59.1 percent growth in FY-16 at Rs 81.50 crore as compared to Rs 51.23 crore in FY-15. The segment’s operating profit in the current year increased 5.1 percent to Rs 2.88 crore from Rs 2.74 crore in FY-15.

    PVR’s ‘Other’ segment which includes bowling, gaming and restaurant services reported 3.9 percent increase in revenue in FY-16 at Rs 76.85 crore as compared to Rs 73.96 crore in the previous fiscal. The segment reported operating profit of Rs 0.1 crore as compared to an operating loss of Rs 2.80 crore in FY-15.

    The board of directors of PVR have approved a dividend of Rs 2 per equity share of face value of Rs 10 each

  • FY-16: PVR PAT up nine-fold

    FY-16: PVR PAT up nine-fold

    BENGALURU: Indian motion picture exhibition, production and distribution house PVR Limited (PVR) reported more than nine-fold (9.3 times) profit after tax (PAT) for the fiscal ended 31 March 2016 (FY-16, current year, current fiscal) as compared to the previous fiscal FY-15. The company reported PAT of Rs 118.73 crore (6.3 percent margin of consolidated Total Income from Operations or TIO) as compared to PAT of Rs 12.76 crore (0.9 percent PAT margin of TIO). For fiscal FY-14, the company had reported PAT of Rs 50.39 crore (3.7 PAT margin of TIO).

    PVR’s consolidated TIO in the current year increased 26.5 percent to Rs 1,873.54 crore as compared to Rs 1,481.34 crore in FY-15. TIO plus other income in FY-16 increased 27.1 percent to Rs 1,896.99 crore from Rs 1,485.98 crore in FY-15.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:
    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.
    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

    PVR’s total operating profit including other income (EBIDTA) in FY-16 increased 70.8 percent to Rs 358.09 crore (18.9 percent EBIDTA margin of total income including other income) as compared to Rs 209.67 crore (14.1 percent EBIDTA margin of total income including other income) in the previous year.

    Total Expenditure in FY-16 increased 19.5 percent to Rs 1,664.09 crore (88.8 percent of TIO) as compared to Rs 1,393.11 crore (13.2 percent of TIO) in FY-15. Film Exhibition cost increased 22.4 percent to Rs 418.96 crore (23.4 percent of TIO) in FY-16 from Rs 324.18 crore (23.1 percent of TIO) in FY-15. Employee Benefit Expense (EBE) in the current year increased 29.5 percent to Rs 185.30 crore (9.9 percent of TIO) as compared to Rs 143.04 crore (9.7 percent of TIO).Other expenses in FY-16 increased 30.9 percent to Rs 212.29 crore (11.3 percent of TIO) as compared to Rs 162.21 crore (11 percent of TIO) in the previous fiscal. Food & Beverages and other costs increased 16.3 percent to Rs 124.83 crore (6.7 percent of TIO) from Rs 107.38 crore (7.2 percent of TIO) in FY-15.

    Segment Revenue

    Three segments contribute to PVR’s revenues.

    The largest segment – Movie Exhibition reported 26.3 percent growth in operating revenue in FY-16 at Rs 1,730.09 crore from Rs 1,370.39 crore in the previous year. The segment reported more than double operating profit 2.34 times) of Rs 206.51 crore in the current fiscal as compared to Rs 88.23 crore in the FY-15

    Movie Production and Distribution segment reported 59.1 percent growth in FY-16 at Rs 81.50 crore as compared to Rs 51.23 crore in FY-15. The segment’s operating profit in the current year increased 5.1 percent to Rs 2.88 crore from Rs 2.74 crore in FY-15.

    PVR’s ‘Other’ segment which includes bowling, gaming and restaurant services reported 3.9 percent increase in revenue in FY-16 at Rs 76.85 crore as compared to Rs 73.96 crore in the previous fiscal. The segment reported operating profit of Rs 0.1 crore as compared to an operating loss of Rs 2.80 crore in FY-15.

    The board of directors of PVR have approved a dividend of Rs 2 per equity share of face value of Rs 10 each

  • PVR gets shareholder nod for Bijli amalgamation

    PVR gets shareholder nod for Bijli amalgamation

    BENGALURU: In September 2015, the board of directors of multiplex operator PVR Limited had said it had approved an amalgamation scheme between Bijli Holdings Pvt Ltd and itself to simplify PVR’s shareholding structure. Today, the company has informed the bourses that it has received 99.99 per cent of its shareholders approval though postal as well as electronic ballot forms.

    “The Board of Directors has considered and approved the Scheme of Amalgamation…Between Bijli Holdings, based on the recommendation of the audit committee,” the company said at that time in a BSE filing.

    The purpose of the amalgamation is to simplify the shareholding structure of PVR and reduce the shareholding tiers. It also envisages to demonstrate Bijli Holdings’ direct engagement with PVR, the September 2015 filing explained

    “Bijli Holdings is part of the promoter group of PVR. Post-amalgamation, paid-up capital of the company will remain the same and there shall be no dilution for any shareholders, including public shareholders,” PVR had said in its earlier filing.

  • PVR gets shareholder nod for Bijli amalgamation

    PVR gets shareholder nod for Bijli amalgamation

    BENGALURU: In September 2015, the board of directors of multiplex operator PVR Limited had said it had approved an amalgamation scheme between Bijli Holdings Pvt Ltd and itself to simplify PVR’s shareholding structure. Today, the company has informed the bourses that it has received 99.99 per cent of its shareholders approval though postal as well as electronic ballot forms.

    “The Board of Directors has considered and approved the Scheme of Amalgamation…Between Bijli Holdings, based on the recommendation of the audit committee,” the company said at that time in a BSE filing.

    The purpose of the amalgamation is to simplify the shareholding structure of PVR and reduce the shareholding tiers. It also envisages to demonstrate Bijli Holdings’ direct engagement with PVR, the September 2015 filing explained

    “Bijli Holdings is part of the promoter group of PVR. Post-amalgamation, paid-up capital of the company will remain the same and there shall be no dilution for any shareholders, including public shareholders,” PVR had said in its earlier filing.