PVR Q2 2010-11 net profit up 39 per cent

MUMBAI: PVR Limited posted net profit of Rs 89.7 million (Rs 8.97 crore) in Q2 2010-11, which was up 30 per cent from Rs 64.4 million (Rs 6.44 crore) in the corresponding period last year.

Total consolidated revenues for the quarter ended September 2010, were Rs 1.35 billion (Rs 135 crore) as compared to Rs 922.2 million (Rs 92.22 crore) during the corresponding quarter ended Sept 2009, up by 46 per cent.

EBITDA for the quarter ended Sept, 2010 was Rs 345.9 million (Rs 34.59 crore) as compared to Rs 192.5 million (Rs 19.25 crore) in Q2 2009-10, up by 80 per cent.

The exhibition business revenues increased from Rs 868.7 million (Rs 86.87 crores) in Q2 2009-10 to Rs 1.06 billion (Rs 106.19 crore) during the quarter under review, a growth of 22 per cent. The operating profit margins were 21 per cent in Q2 2010-11 on back of sustainable revenues generated from operations and good movie content. PAT for the quarter ended Sept 2010 was Rs 79.6 million (Rs 7.96 crore), up by 30 per cent.

During the quarter the company had 5.5 million footfalls in its cinemas clocking an average occupancy of 31 per cent. The company at present operates 33 properties with 142 screens in 18 cities across the country. The company intends to add another 25-30 screens by March 2011 in key markets like Mysore, Vijaywada, Udaipur, Shimla, Ujjain, Nanded, Delhi etc.

PVR Pictures, a subsidiary of PVR which is engaged in the film production and distribution business, is distributing the Akshay Kumar – Aishwarya Rai Bachchan starrer Action Replayy on Diwali this year. This will be followed by company’s next production Khelein Hum Jee Jaan Sey starring Abhishek Bachchan and Deepika Padukone releasing on 3 December, 2010.

PVR chairman and managing director Ajay Bijli said, “This has been a good quarter for us. We have been able to consolidate our position in the exhibition space further with addition of 19 new screens in the first half of the year. Revenues and profitability have seen a robust growth over last year. The pipeline of films slated for release this quarter looks exciting and we expect exhibition revenues to consolidate further on the strength of our properties in best locations. This will also be a key quarter for the production and distribution business with two key films lined up for release. We are committed to build PVR Pictures as a full scale distribution and production company.”

PVR Cinemas group president and CEO Pramod Arora added, “The set of numbers reflected in this quarter are result of fundamental changes brought about in the system for better and sustained profitability.”

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