PVR Q2 profit jumps 35% to Rs 47.67 crore, revenue surges 37%

Multiplex operator PVR on Thursday reported 35 per cent year-on-year growth in its consolidated net profit at Rs 47.67 crore for the second quarter ended September 30, 2019.

"The company had posted consolidated net profit of Rs 35.39 crore in September quarter of 2018 and Rs 16.18 crore in June quarter 2019," PVR said in a filing to the Bombay Stock Exchange.

Consolidated revenue jumped by 37 per cent to Rs 979.40 crore as compared to Rs 714.65 crore in the year-ago period.

Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) zoomed 149 per cent to Rs 324.30 crore versus Rs 130.11 crore in the same quarter last fiscal. Adjusted EBITDA margin increased by 1,490 basis points (bps) y-o-y to 33.1 per cent.

The total expenses of the company rose 37.41 per cent to Rs 905.75 crore in September quarter as compared to Rs 659.14 crore in the same quarter last year. The rise in expenses was due to rise in movie exhibition cost, consumption of food & beverages and employee benefits expenses.

In August 2019, the National Company Law Tribunal (NCLT) New Delhi-branch approved the amalgamation of SPI Cinemas into PVR with effect from the appointed date of August 17, 2018, it said in the exchange filing. PVR had acquired 71.69 per cent stake in SPI Cinemas for about Rs 633 crore, in an all-cash deal.

As of September 30, 2019, the company's debt increased to Rs 1,282.52 crore from Rs 1,247.17 crore as on March 31, 2019.

PVR operates 800 screens across the country as of September 30, 2019, as compared to 711 screens in the same period last year, registering a yearly growth of 13 per cent.

Following Q2 results, shares of PVR were trading at Rs 1,827.10 apiece, up 0.41 per cent, on the BSE on Thursday.

Edited by Chitranjan Kumar