PVR Q3 net profit soars 80% to Rs 52 crore
Multiplex chain PVR on Thursday reported a 79.51 % y-o-y jump in its consolidated net profit to Rs 51.7 crore for three months ended December. Revenues for the quarter jumped 53% y-o-y to Rs 857.3 crore.
Multiplex chain PVR on Thursday reported a 79.51 % y-o-y jump in its consolidated net profit to Rs 51.7 crore for three months ended December. Revenues for the quarter jumped 53% y-o-y to Rs 857.3 crore.
The company posted a growth of 24% y-o-y in net F&B (food and beverages) revenues and a 16% y-o-y growth in net advertising revenue.
The company’s EBITDA margins for the quarter increased by 210 bps y-o-y to 20.8%, compared with 18.7% in Q3FY18. Consequently, the EBITDA (earnings before interest, tax, depreciation, and amortization) rose 71% y-o-y to `179 crores.
“Strongbox office growth of 23% – in overall admissions – screen additions and acquisition of SPI Cinemas were the key drivers for the growth,” Nitin Sood, CFO of PVR,
Tax expenses for the company increased to `33.73 crores from `15.36 crore during the corresponding period last year. “We are extremely pleased with our recent business performance in the current quarter with strong an all-around performance, further aided by our recent acquisition of SPI Cinemas. The recent reduction of GST rate on movie tickets is a significant step which would make movie watching a more affordable experience and will provide an opportunity to many more patrons to watch movies on the bigger screen,” Ajay Bijli, chairman & MD, said.
“With the release of big-budget movies in Q3FY19 and strong ticket sales, we estimate around 42% y-o-y revenue growth for PVR (including SPI cinemas), driven by around 22% surge in footfalls, around 22% growth in ad revenue and strong contribution from SPI cinemas,” analysts at Edelweiss said in a report.
They observed that Q3FY19 sizzled with strong box office performances led by 2.0 (around `190 crore collection), Thugs of Hindostan (around `150 crores), Badhaai Ho (around `140 crores) and Simba (around `96.4 crores). Andhadhun sprung the year’s biggest surprise, garnering around `72 crore despite a weak opening. Among Hollywood screenings, A Star is Born and The Aquaman evinced good response, they said.
Analysts expect the strong footfall growth to sustain for multiplexes in Q4FY19 as well with the movies like Uri, Thackeray, Super 30, Cheat India, Gully Boy, and Captain Marvel.
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