PVR’s Q2 PAT up 47 per cent to Rs 143 million

MUMBAI: Entertainment company PVR Limited has reported profit after tax of Rs 143 million (Rs 14.30 crore) in the quarter ended 30 September, 2011, which is up 47 per cent as compared to Rs 97.3 million (Rs 9.73 crore) in Q2, 2010-11.

The consolidated revenues for Q2, 2011-12 were Rs 1.39 billion (Rs 138.64 crore) as compared to Rs 1.35 billion (Rs 135 crore) during Q2, 2010-11, up by 3 per cent.

The exhibition business showed a stellar performance in Q2, 2011-12. The exhibition business revenues increased from Rs 1.06 billion (Rs 106.19 crore) in Q2, 2010-11 to Rs 1.28 billion (Rs 128.02 crore) in Q2, 2011-12, up by 21 per cent. EBITDA for Q2, 2011-12 was Rs 284.2 million (Rs 28.42 crores) as compared to Rs 222 million (Rs 22.19 crore) in Q2, 2010-11, up by 28 per cent. PAT for the exhibition business during Q2, 2011-12 was Rs 122.7 million (Rs 12.27 crore) as against Rs 79.6 million (Rs 7.96 crore) during corresponding period of previous year, up by 54 per cent.

The exhibition business has been able to demonstrate promising growth in revenues led by 23 per cent growth in footfalls. During the quarter the company had 7.1 million footfalls in its cinemas clocking an average occupancy of 36 per cent. Food and beverage revenues also grew by 25 per cent during the quarter under review. Advertising and sponsorship revenues have shown a stellar growth of 47 per cent over corresponding period of last year.
 
PVR joint managing director Sanjeev Kumar said, “The revenues and profitability in Q2, 2011-12 has shown a robust growth over the corresponding period of previous year. The good results is a function of company’s long term location strategy to partner in best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning . This is demonstrated by the fact that PVR’s average revenue per screen across its cinema circuit is almost 30 per cent higher than our competition. Infact, in area of advertising and sponsorship revenue our total revenues for 2010-11 were more than the revenues of next 3 operators put together.The company is on a strong growth trajectory and is adding 57 new screens this fiscal year. The company’s subsidiary PVR bluO is also setting up bowling centers across the country with 3 new centers with 74 lanes slated to open in current financial year.”
 
During the quarter under review the company added three new multiplex properties with 16 screens at Udaipur, Surat and Delhi. It also opened its new flagship bowling center with 26 lanes at Ambience Mall, Vasant Kunj.

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