Indian Exhibition Giant PVR Posts Improved Financials
India's largest movie theater chain, New Delhi-based PVR Ltd. on Wednesday reported improved fiscal fourth-quarter and fiscal-year results for the period ending March 31.
The company said its consolidated revenue doubled to $47.3 million (2.46 billion rupees) from $23.4 million (1.22 billion rupees) in the fourth quarter. The company's operating cash flow, or EBITDA, for the quarter amounted to $$3.54 million (184 million rupees ), up 185 percent. Profit after taxes reached $2.2 million (114.6 million rupees), compared with a year-ago loss of $2.34 million (123.2 million rupees).
PVR reported that its exhibition revenue in the fourth quarter saw a 26 percent increase driven by strong box-office and concession revenue. It had 11.5 million ticket-buying visitors to its cinemas, up 26 percent over the year-ago period.
The results for the full financial year included revenue of $156.5 million (8.14 billion rupees), up 54 percent from $101.7 million (5.29 billion rupees) in the previous fiscal year. EBITDA rose 43 percent to $24 million (1.25 billion rupees), and profit after taxes jumped 75 percent to $8.5 million (443 million rupees).
For the full fiscal year, the company entertained 55 million patrons in its cinemas, up 36 percent. Food and beverage revenue jumped 51 percent, and sponsorship revenue rose 22 percent.
In November, PVR bought a 69.27 percent stake in competing multiplex operator, Mumbai-based Cinemax India, for $74.5 million. PVR, which opened India's first multiplex in 1997 as part of its then active joint venture with Australia's Village Roadshow, now runs a network of 360 screens spread over 85 properties in 36 cities. The company intends to add another 90 screens during the 2013-2014 fiscal year in various cities.
“We are extremely pleased that 2012 was a great year at the box office. The revenues and profitability in the quarter and the last 12 months have shown robust growth over the same period last year," said PVR chairman Ajay Bijli. "The good results are also a function of the company’s long-term location strategy to partner with the best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning."
He added: "The content pipeline for the current financial year is looking extremely promising. Over the next 12 months, the management team’s focus will be to drive synergies from the combined network of PVR and Cinemax properties.”