PVR Q4 net profit up 23 per cent to Rs 27 million

Mumbai: PVR Limited announced its audited results for the quarter and 12 months ended 31 March, 2008. The revenues, net of entertainment, value added, sales and service taxes, for the quarter ended 31 March, 2008 of Rs 56.82 crores grew by 34 per cent and EBITDA of Rs 9.59 crores grew by 14 per cent.

The net profit during the quarter ended 31 March, 2008 was Rs 2.7 crores, grown by 23 per cent from Rs. 2.2 crores during the corresponding quarter of last year.

For the year ended 31 March, 2008, the company’s revenues grew by 49 per cent from Rs 183.11 crores to Rs 272.30 crores, EBITDA grew by 69 per cent from Rs 32.77 crores to Rs 55.23 crores and PAT grew by 112 per cent from Rs 10.19 crores to Rs 21.62 crores. The major factor behind the robust growth for this year has been a strong operational performance across the cinema circuit marked with significant growth in occupancy, ticket and F & B pricing.

Since 31 March 2007, the company has added 29 screens – Baroda (3-screen), Prashant Vihar (3-screen), Ludhiana (4-screen), Select City Walk, Saket (6 screen), Goregaon (6 screen) and Ambience Mall, Gurgaon (7-screen). PVR currently operates a total of 24 cinemas with 97 screens spread over 13 cities, namely Delhi, Gurgaon, Ghaziabad, Faridabad, Mumbai. Ludhiana, Baroda, Bangalore, Hyderabad, Indore, Lucknow, Aurangabad and Latur.

During the quarter under review, PVR expanded its presence in Lifestyle Retail Entertainment landscape by entering into a JV with Major Cineplex Group, a leading Film exhibition and retail entertainment company based out of Thailand. The Joint Venture would set-up bowling alleys, karaoke centers, ice skating rinks in and around the Company’s multiplexes to complete the out of home entertainment experience for Indian consumers. The company is setting up its first project, a 24-lane Bowling Alley Center at Ambience Mall in Gurgaon.

This quarter also witnessed the appreciable acclaim earned by Taare Zameen Par, PVR’s first film project co-produced by the company’s wholly owned subsidiary, PVR Pictures Ltd. with Aamir Khan Production Pvt. Ltd. The movie not only demonstrated a strong commercial performance by becoming the third highest grosser (as per Ibos network estimates) amongst the movies released during FY 2007-08, but also won five Star screen and five Filmfare awards.

The company is looking at expanding its presence in a significant manner in content production and distribution space. The company has acquired distribution rights for movies such as Sarkaar Raj; Mere Baap Pehle Aap and has lined up several projects for production including Jaane Tu Ya Jaane Na, a co-production with Aamir Khan Productions Pvt Ltd releasing on 4 July; Contract, a co-production with Ram Gopal Verma releasing on 18 July and Mere Khwabon Mein Jo Aaye releasing towards the end of the year.

PVR chairman and managing director Ajay Bijli said, "The company has continued to show promising growth in its revenues and profits, driven by growth in existing cinemas as well growth from new cinemas. We served around 18 million patrons during this year as against 14.73 million patrons served during previous year. The Indian Media & entertainment industry has been growing at promising rates and PVR, with its expansion plans, is completely focused on providing the customers with a complete lifestyle entertainment experience. We shall further continue to provide the highest exhibition standards at our cinemas besides bringing allied retail entertainment concepts such as bowling alleys, ice-skating, food courts etc to complement and complete the entertainment experience for our consumers."

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