PVR shares rise 5% on record net profit, revenue in Q1

Shares of PVR Ltd gained nearly 5 per cent today after the multiplex operator reported a profit of Rs 68 crore in Q1 against a loss of Rs 142 crore in the corresponding quarter of the previous fiscal. The company said Q1 was the best one in PVR's history in terms of highest quarterly revenue, EBITDA and PAT.

Shares of PVR have gained after three days of consecutive fall. The stock touched an intraday high of Rs 1,977, rising 4.88 per cent to Rs 1,977 against the previous close of Rs 1,884.95 on BSE.

PVR shares are trading higher than the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The stock has gained 48.76 percent in a year and risen 49 per cent in 2022. In a month, the stock has climbed 8.48 per cent.

Total 0.41 lakh shares of the firm changed hands amounting to a turnover of Rs 7.88 crore on BSE. The market cap of the firm rose to Rs 11,774 crore. The stock hit a 52-week high of Rs 2,010.35 on March 28, 2022 and a 52-week low of Rs 1,224.70 on December 20, 2021.

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The firm reported a 1,308 per cent rise in revenue at Rs 1,000 crore in the June quarter against Rs 71 crore revenue in the corresponding period of the previous fiscal. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) zoomed to Rs 208 crore in Q1 against Rs 110 crore loss in the June quarter of the previous fiscal.

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"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. We have opened 14 screens across 3 properties to 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," PVR Ltd said in a communication to bourses.

Ajay Bijli, Chairman cum Managing Director, PVR said, "This quarter's results are a reflection of the strength of the domestic film industry we have in India and the consumer's unsatiated appetite to watch films on the big screen. Indian film exhibition industry has been one of the fastest to recover as compared to other international markets. The content lineup for the year ahead looks very promising and we hope this will be a very strong box-office year for the Indian exhibitors."