PVR reports Q3 PAT at Rs 16 cr

PVR reported consolidated net profit of Rs 16.15 crore in Q3 FY23 compared with net loss of Rs 10.18 crore in Q3 FY22.

Net sales jumped 53.2% to Rs 940.69 crore in Q3 FY23 as against Rs 614.15 crore in same quarter last year. Profit before tax stood at Rs 26.15 crore in Q3 FY23 as compared to pre-tax loss of Rs 19.22 crore in Q3 FY22.

EBITDA increased by 18.54% to Rs 308.8 crore in Q3 FY23 as compared to Rs 260.5 crore in Q3 FY22 while EBITDA margin stood at 32.1% during the quarter.

During the quarter PVR added 20 screens across 3 properties and as on date PVR operates 181 cinemas with 903 screens across 78 cities.

The quarter witnessed a sharp bounce back from the previous quarter on the back of strong content performance. The same was reflected in the growth of key operating metrics like admits, average ticket price (ATP) and spend per head (SPH).

The company said that 2023 appears to be a promising year for the film industry with significant increase in number of Hollywood film titles as compared to 2022 and three films are lined up for release from both marvel and DC comics universe. In addition, there are sequels to superhit franchises like mission impossible, indiana jones, transformers and fast & furious that will get released during the year.

On proposed scheme of amalgamation between PVR & INOX Leisure, the company expects to complete all the legal formalities with respect to proposed merger including issue of PVR shares to Inox shareholders within the next 45 days of receipt of certified true copy of the order passed by NCLT.

Ajay Bijli, chairman and managing director, PVR said, After a dismal Q2, it also marks good recovery in box office collections. With the regional movies superlative performance continuing across India, it is only a matter of time before performance of bollywood movies catches up. We are looking for a signi-cant uptick in box office collections for next fiscal year and a strong recovery in bollywood and hollywood film collections.

PVR is engaged in the business of movie exhibition & production and operates largest cinema circuit across India. The company earns revenue from sale of movie tickets, in-cinema advertisements/product displays and sale of food and beverages and restaurant business.

The scrip decline 1.23% to Rs 1658 on the BSE.

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