MUMBAI: Multiplex major Shringar Cinemas Limited has posted a net profit of Rs 40.1 million (Rs 4.01 crores) for the second quarter of FY 2007-08 as against a net profit of Rs 26.6 million (Rs 2.66 crores) during the same period last year.
Reacting to the news the stock gained at the Indian bourses today. It was the only stock in the multiplex space which saw a sharp rise today. The stock closed at Rs 59.85 at its day high.
The company’s total revenues rose by 59 per cent year-on-year at Rs 243.5 million (Rs 24.35 crores) against Rs 153.3 million (Rs 15.33 crores). Operating profit grew to Rs 69.3 million (Rs 6.93 crores) as compared to operating profit of Rs 46.6 million (Rs 4.66 crores).
Currently Shringar Cinemas operates 13 properties with 44 screens. The company is fitting out six multiplexes with 24 screens, spread out across cities like Kolkata, Bangalore, Chandigarh, Mumbai.
Besides these, there are three more properties, which are expected to be handed over in the forthcoming quarter. Thus the company has a visibility into commencing commercial operations of further 32 screens over the forthcoming three quarters.
Shringar Cinemas Ltd. managing director Shravan Shroff says, “We have continued our growth in the second quarter of this fiscal on the back of improved occupancies and higher realization from tickets and food and beverage. We are in for exciting times with an additional 10 sites (comprising an additional 32 screens), which are expected to commercially open in the forthcoming three quarters.”