PVR Q2 results: Net loss at Rs 184 crore as COVID-19 hits business

Multiplex operator PVR on Tuesday reported a consolidated net loss of Rs 184 crore in the second quarter of fiscal year 2020-21 as against a net profit of Rs 48 crore in the corresponding period of last year. The loss was on account of hit to business due to coronavirus induced restrictions during the quarter. The consolidated revenue from operations fell significantly to Rs 40.4 crore as against Rs 973 crore in the year ago period, PVR said in an exchange filing.

The company said that COVID-19 situation across the country continued to adversely affect the operations resulting in almost no operating revenue for the quarter and six months ended September 30. The government, under unlock 5 guidelines, allowed cinemas to restart operations from October 13 onwards with capacity restrictions. While several states have allowed cinemas to start operations, permission is still awaited from others in this respect, it added.

Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR said "I am extremely pleased to report that most of our cinemas, which had shut down due to the pandemic in March have been allowed to reopen. We are eagerly waiting for re-opening of other states, specifically Maharashtra and Telangana, so that business can gradually get back to normal. We are taking all possible precautions so that both our customers and employees feel safe while visiting their favourite cinema."

Meanwhile, shares of PVR closed at Rs 1,108, up 2.55 points, or 0.23 per cent as against the previous close on NSE.

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