Multiplex operator PVR back in the black in Q3, revenue jumps 53%

PVR, the largest multiplex chain in the country, posted a consolidated net profit of Rs 16.2 crore in the December quarter, against a loss of Rs 10.2 crore in the corresponding period of the previous fiscal. The company beat Bloomberg estimates which had pegged net profit at Rs 15.82 crore. PVR had reported a loss of Rs 71.23 crore in the September quarter after reporting a profit of Rs 53.2 crore for the first time in two years in the June quarter.

PVR's consolidated revenue from operations rose 53 per cent year-on-year (YoY) to Rs 941 crore from Rs 614.2 crore a year ago. The Bloomberg estimates had pegged the topline at Rs 886.3 crore for Q3. In Q2, PVR reported revenue of Rs 686.72 crore, while in Q1, the company's revenue came in at Rs 981.4 crore.

Earnings before interest, tax, depreciation and amortization (Ebitda) grew 75.1 per cent YoY to Rs 288.8 crore in the quarter.

"The December quarter witnessed a sharp bounce due to a strong content performance. There was a growth in key operating metrics such as spends per head and average ticket price," Sanjeev Kumar Bijli, Joint managing director, PVR, said.

Among the films that did well during the quarter included Hollywood movies such as Avatar 2: The Way of Water, Black Panther: Wakanda Forever and Black Adam. Among regional films, Ponniyin Selvan 1, Kantara and Love Today clicked, while Bollywood film Drishyam 2 got the cash registers ringing in Q3, trade experts said.