PVR reports Rs 53 cr net profit in Q1; revenue zooms multi-fold on low base

Leading multiplex chain operator PVR Ltd on Thursday reported a consolidated net profit of Rs 53.38 crore for the June quarter.

The company had posted a net loss of Rs 219.44 crore in the April-June quarter a year ago, PVR said in a regulatory filing.

Its revenue from operations rose to Rs 981.40 crore in comparison to a lower base of Rs 59.39 crore in the corresponding quarter last fiscal, when the screening business was disrupted due to the second wave of the coronavirus pandemic.

PVR's quarter-on-quarter revenue was up 82.70 per cent as against Rs 537.14 crore in the January-March quarter of FY22, when some of its markets were disrupted due to a rise in Covid cases.

Its total expenses was at Rs 917.19 crore in the period under review compared to Rs 417.06 crore in the year-ago period.

In the latest June quarter, PVR's revenue from movie exhibition was at Rs 984.04 crore and Rs 25.34 crore from movie production, distribution and gaming, among others.

It is currently operating 854 screens pan-India spread over 75 cities.

The company said it is on track to open 125 screens in the current financial year.

It has "14 screens across 3 properties opened so far, 82 screens currently under fitout" and entering 9 new cities," PVR said in an investor presentation, adding that bulk of the properties will open in third and fourth quarters of this fiscal.

On Thursday, shares of PVR Ltd closed 1.41 per cent up at Rs 1,911.60 apiece on BSE.