PVR Q3FY22 Results: Consolidated loss narrows to Rs 10 crore

Multiplex chain operator PVR Ltd on Friday reported narrowing of its consolidated loss after tax at Rs 10.20 crore for the quarter ended December 31, 2021 (Q3FY22), on the back of easing of COVID-19 related restrictions. It had posted a consolidated loss after tax of Rs 49.21 crore in the corresponding quarter last year (Q3FY21).

The company's revenue from operations for the quarter under review stood at Rs 614.15 crore as against Rs 45.40 crore posted last year.

PVR's earnings before interest, taxes, depreciation and ammortisation (EBITDA) stood at Rs 164.91 crore in the December 2021 quarter against an EBITDA loss of Rs 78.1 crore posted last year. The margin has reported a margin of 26.85 per cent.

The quarter gone by has been the best quarter for the Company since March 2020 when the business was adversely impacted on account of the pandemic. The Company saw continuous improvement in financial metrics on a month-on-month basis and stopped burning cash after 6 continuous quarters.

Mr. Ajay Bijli, Chairman cum Managing Director, PVR Ltd said "The strength and agility of our business were demonstrated during the last quarter. The pace with which the business recovered from October to December, validates that as soon as new content was made available, our patrons came back to the cinemas." He added, "The success was seen across all genres of content; Sooryavanshi and 83 from Bollywood; Spiderman & Eternals from Hollywood; Honsla Rakh, Pushpa, Annaatthe, Maanaadu etc. from Regional. Had the last week of December not been impacted by Omicron and the ensuing restrictions we would have closed with even better numbers for December. We continue to remain extremely bullish on the long-term prospects of the business and will continue to invest & innovate in bringing richer and more experiential formats for our audiences."

The company continues to remain strong financially with total available liquidity (including undrawn working capital lines) on the balance sheet being in excess of Rs 740 crores as of December 31, 2021.

During the quarter the company opened its flagship 7 screen multiplex cinema and India's first Drive-in rooftop theatre at iconic Jio World Drive Mall at BKC Mumbai which has opened to stupendous reviews. With the above addition, the company has now opened 4 properties with 18 new screens across the country during the current fiscal year.