PVR reports best ever quarter in its history in terms of Revenue, EBITDA & PAT

PVR Ltd’s Consolidated Revenue, EBITDA and Profit After Tax (PAT) for the first quarter ended June 30, 2022 was Rs 1,002 crore, Rs 362 crore and Rs 53 crore, respectively, as compared to Rs 93 crore, Rs (58) crore and Rs (220) crore for the corresponding quarter in FY’22.

For the quarter ended June 30, 2022, after adjusting for the impact of IND-AS 116 - Leases, Consolidated Revenue, EBITDA, and PAT of the company was Rs 1,000 crore, Rs 208 crore and Rs 68 crore, respectively, as compared to Rs 71 crore, Rs (110) crore and Rs (142) crore for Q1 FY’22.

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Q1 FY’23 was the best ever quarter in PVR’s history in terms of Revenue, EBITDA and PAT. The company recorded the highest ever ATP of Rs 250 for the quarter on the back of global and local tentpoles that resonated with the Indian audience. The quarter was marked by the release of some of the biggest domestic hits like ‘KGF: Chapter 2’, ‘RRR’, ‘Vikram’, ‘Bhool Bhulaiya 2’ and Hollywood tentpoles like ‘Doctor Strange’ and ‘Top Gun: Maverick’, which performed exceedingly well at the box office. ‘KGF 2’ went on to become the second largest blockbuster in the Indian market. It was the highest grosser ever for PVR with net box office of Rs 121 crore across its cinema circuit.

The PVR team’s consistent work on F&B resulted in the highest ever average F&B spend per head (SPH) of Rs 134 being reported during the quarter reflecting a growth of 32% over pre-pandemic levels. The company has recorded the highest monthly average F&B revenue of Rs 100+ crore during the quarter.

However, the growth in advertising revenue continues to lag. The company has reported advertising income of Rs 63 crore, which is 32% lower than the pre-pandemic figures. Or in other words, it reflects a 68% recovery in advertising income vis-à-vis pre-pandemic levels.

On the back of significant growth in ATP and SPH and significant recovery in admissions, the EBITDA margins for the quarter were 20.8%.

The content pipeline for 2022 in the months ahead looks extremely robust. Over the next few months, PVR has several big budget Bollywood movies lined up for release like ‘Shamshera’, ‘Laal Singh Chaddha’, ‘Brahmastra’, ‘Vikram Vedha’, ‘Ram Setu’, ‘Phone Bhoot’, ‘Yodha’, ‘Drishyam 2’, ‘Cirkus’, ‘Kabhi Eid Kabhi Diwali’, etc. The Hollywood movie line-up includes ‘Bullet Train’, ‘Paws of Fury’, ‘DC league of Super Pets’, ‘Black Adam’, ‘Black Panther: Wakanda Forever’ (Marvel), and ‘Avatar: The Way of Water’, among others. From the regional genre, there are ‘Vikrant Rona’, ‘Liger’, ‘Godfather’, ‘Ponniyin Selvan’, et al.

The company has revived its capex plans in a significant manner and is on track to open a total of 125 new screens during FY’23. PVR has opened 14 screens across 3 properties till date. About one-third of the new screen additions in this fiscal year will be in Tier 2 and 3 cities. The company plans to enter 9 new cities during the year.

The announced merger with INOX Leisure is progressing well. Both the companies have received ‘No Objection Certificates’ from the two stock exchanges (BSE and NSE) on the proposed scheme of merger.

Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR Ltd, said, “This quarter’s results are a reflection of the strength of the domestic film industry we have in India and the consumers’ unsatiated appetite to watch films on the big screen. Indian exhibition industry has been one of the fastest to recover as compared to other international markets. The content line-up for the year ahead looks very promising and we hope this will be a very strong box office year for the Indian exhibitors. As we celebrate the silver jubilee for PVR this year, we are extremely confident that we will continue to set and exceed even greater benchmarks in the years to come.”