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PVR narrows down losses to ₹105 crore in Q4 on the back of strong revival

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Leading multiplex chain, PVR Ltd narrowed down its consolidated net loss to ₹105.5 crore in the quarter ended March 31, compared to ₹289.2 crore in the corresponding quarter of the previous fiscal. This was on the back of a strong revival witnessed by the exhibition industry due to easing of pandemic-induced restrictions and strong content flow at the box-office.

Consolidated revenue from operations surged to ₹537.14 crore (₹181.46 crore).

For the full fiscal year ended March 2022, PVR reduced its consolidated net loss to ₹488.5 crore. It had reported a net loss of ₹748.2 crore during 2020-21.

Revenue from operations stood at ₹1,331 crore in 2021-22. This was almost four-fold higher than ₹280.01 crore in the year-ago period, when operations of movie halls were disrupted due to the first wave of the pandemic.

Ajay Bijli, Chairman and Managing Director, PVR Ltd, said: “Our belief in the ability of the industry to bounce back swiftly was vindicated with this quarter’s results. Over 90 lakh admissions in the month of March and a stellar content pipeline for the next few quarters tells us that the best is yet to come.”

Strong content flow

The company added that the last 35 days of the quarter were marked with strong content flow across Regional and Bollywood genres which helped admissions touch the new benchmark. This company also saw the higher every quarterly average ticket price of ₹242.

“We are doubling down on our investments and if everything goes as planned, this year we will break our own record of the maximum number of screens opened in a year in India. I am extremely positive about the impending merger with INOX which will give additional firepower to the combined entity to invest and innovate in bringing world class theatrical viewing experience for our discerning audiences,” Bijli added.

New screens

Nitin Sood, CFO, PVR, said during the fourth quarter, the company opened 15 screens across three properties. “We plan to open about 125 new screens during FY23 and have plans to invest ₹350-400 crore in terms of capex,” Sood added.

“The results of Q4 demonstrated the resilience and the ability of the theatrical business to quickly recover once new content was made available,” said PVR in its earnings statement.

Published on May 09, 2022

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