PVR net profit up 93% to Rs 105 million

MUMBAI: Multiplex chain PVR Ltd posted a net profit of Rs 105.6 million (Rs 10.56 crores) for the year ended 31 March 2007. This was up 93 per cent over the previous year. The company’s revenue was up 62 per cent from last year and stood at Rs 1.72 billion (Rs 172 crores).


PVR chairman and managing director MD Ajay Bijli said, “We entertained about 14.7 million customers in our cinemas during 2006-2007 as against 8.78 million customers in the previous year, a growth of 68 per cent. The company has shown healthy growth in its revenues and profits, driven by growth in existing cinemas as well growth from new cinemas.”


Plans are to grow horizontally and vertically by strengthening the company’s presence in film exhibition and distribution business besides entering into innovative retail entertainment concepts, added Bijli.


The company reported a 148 per cent jump in its net profit for Q4 07 at Rs 22.1 million (Rs 2.21 crores) as against Rs 8.9 million (Rs 89 lakhs) in the corresponding quarter last fiscal.


PVR, which has a strong foothold in the North, presently has about 50 multiplex screens under various stages of construction. In addition to the above, the company has about 150 screens signed up for multiplex development across the country.


The company added 31 more screens during the fiscal taking its total screens to 82 across 13 Indian cities. During the year ended 31 March, 2007 PVR commenced operations at Indore, Lucknow, Gurgaon, Aurangabad, Juhu and Mulund in Mumbai, and Latur.


The company’s 100 per cent subsidiary CR Retail Malls (India), will be implementing the seven screen multiplex project at Phoenix Mills in Mumbai’s Lower Parel area.


Overall revenue from ticket sales and income from revenue sharing for the quarter ended March 2007 were higher by 61 per cent over the corresponding quarter of previous year. PVR’s advertising revenues saw a growth of 92 per cent at Rs 181 million (Rs 18.10 crores) for the year ended 31 March, 2007 viz-a-viz the previous year’s Rs 94.1 million (Rs 9.41 crores), which was driven by a surge in revenue from existing cinemas and new advertising and promotion deals signed by the company with corporates and media agencies.


During the year, the company has also received entertainment tax exemption for its multiplexes at Lucknow, Indore, Mulund, Aurangabad and Latur, which commenced operations in 2006-07.


PVR also forayed into film production and has inked a co-production deal with Aamir Khan Productions for their next two movies Taare Zameen Par and Jaane Tu Ya Jaane Na.

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