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Sunday, August 18, 2013

PVR Q1 net soars 79%

This story first appeared in DNA Money edition on Wednesday, July 31, 2013.

Multiplex chain operator PVR posted a 79% on-year increase in consolidated first quarter (Q1, April-June) net profit at Rs 13.9 crore driven by strong box-office sales, sale of  food and beverages (F&B) at its cinemas and revenue from on-screen advertisements.

Consolidated Q1 revenues were up 87% on-year at Rs 337.3 crore, while operating profit or Ebitda was up by 78% at Rs 61.4 crore.

Ajay Bijli, CMD of PVR, said integration of PVR and Cinemax is progressing well and the company management is focusing on drawing synergies from the combined scale of operations. This is already reflecting in PVR’s market share and financials.

The company’s film exhibition business showed a stellar Q1 growth on the back of strong same-store growth, addition of new multiplex properties as well as Cinemax multiplex circuit (post acquisition in January 2013). During Q1, PVR clocked 15.2 million footfalls at its cinemas, up  17% on-year.

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