PVR Q4 results: Power-packed performance with a jump in revenue and narrowing of losses
Last Updated: 15th December 2022 - 03:21 pm
India’s largest and most premium film exhibition company reported its financial numbers for the quarter and year ended March 31, 2022. Net revenue during Q4FY22 jumped 196% to Rs 537.14 crore compared to Rs 181.46 crore.
EBITDA stood at Rs 99.88 crore as against a loss of Rs 56.74 crore in the same quarter last year. The company has booked a forex loss on loans extended to PVR Lanka (100% 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. Excluding these losses, the company has achieved an EBITDA margin of 22.5% for March. Net loss also narrowed significantly from Rs 289.21 crore to Rs 105.49 crore.
The multiplex chain operator added 15 screens across 3 properties during the quarter and plans to open 120-125 new screens during FY'23. As of today, PVR operates 173 cinemas with 854 screens across 74 cities. It also reported the highest ever quarterly ATP of Rs 242 and SPH of Rs 122 and yearly ATP of Rs 235 and SHP of Rs 124.
For the year ended on March 31, 2022, consolidated net revenue stood at Rs 1331 crore which was significantly up from last year's net revenue reported at Rs 280 crore, largely attributable to the opening up of multiplexes as the pandemic led restrictions on multiplexes were lifted. Consequently, PBITD stood at Rs 431.86 compared to Rs 134.41 crore in FY21. Net loss for the year narrowed to Rs 488.51 from Rs 747.62 last year.
"Our belief in the ability of the industry to bounce back swiftly was vindicated with this quarter's results”, said Ajay Bijli, Chairman and MD of PVR. With a strong content pipeline and plans to add a greater number of screens with doubled capex and synergies from the merger with INOX, the management is confident to outpace FY22’s performance in the current year.
Following the strong financial results announcement, the shares of PVR rallied 4.7% in the intraday trades. At the time of writing, PVR was trading at Rs 1761.60 up 3.32% or Rs 56.65 per share.
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