Q4 PVR Results: Consolidated loss narrows to Rs 105 cr, revenue increases by 197%
Multiplex channel operator PVR Ltd on Monday announced a reduction in its consolidated after-tax loss to Rs 105.49 crore for the quarter ended March 31, 2022. The company had reported a net loss of Rs 289.12 crore during the period of the previous year.
PVR’s operating revenue jumped 196.68% to Rs 537.14 crore in the quarter under review from Rs 181.46 crore in the same quarter last year.
The consolidated total revenue during the reporting period stood at Rs 579.66 crore compared to Rs 263.26 crore in the prior year quarter, it added.
The company also said that during the quarter it added 15 screens at 3 properties and expects to open approximately 120-125 new screens in FY23.
“The company continues to maintain adequate levels of liquidity, with total available cash (including unused working capital lines) on the balance sheet exceeding Rs. 667 crores as of March 31, 2022,” it added.
“The COVID-19 situation across the country continued to negatively affect multiplexing operations and the film industry in general during the fourth quarter of FY22 as well. The third wave was the shortest compared to the previous two waves,” the company said in a regulatory filing.
He also added: “The majority of our properties were operational at the start of the fourth quarter (with the exception of Delhi and Haryana which were closed in January 2022) with various capacity restrictions but with limited or no content.
Restrictions on cinema operations started to ease from the 1st week of February 22 and by the first week of March 2022, all restrictions were eased. New content began hitting theaters in the second half of February 22 and March 2022 “saw a fabulous performance of films in theaters and a strong recovery in attendance,” he said. declared.
During the quarter, the PVR said it skillfully managed its operations and mitigated the impact of the third wave. “The strong rally in admissions in March along with the strong operating metrics clearly demonstrated the company’s robust business model and consumer affinity to return to theaters.”
“We have carried out an assessment of the relevance of going concern, asset impairment and other related aspects and we believe there is no impact on these. We believe that the pandemic may negatively impact the business in the near term, but the long-term drivers of the business are intact and we do not anticipate any material medium to long-term risks to the business,” he said. he adds.
Commenting on the results and performance, Ajay Bijli, Chief Executive Officer of PVR Ltd, said: “Our belief in the industry’s ability to rebound quickly has been confirmed by this quarter’s results. Over 90 lac admissions to the month of March and a great content pipeline for the next few quarters tell us that the best is yet to come. I am confident that this year can be the best year this industry has ever seen. We are doubling our investments and if all goes as expected, this year we will break our own record for the most screens opened in one year in India.”
“I am extremely positive about the impending merger with INOX which will give the combined entity additional firepower to invest and innovate in delivering a world class viewing experience to our discerning audience,” he said. added.
Shares of PVR traded down 0.46% to 1,693 rupees apiece on Monday on BSE in late trades.