Mumbai: Cinema exhibition chain PVR Ltd has announced its fourth quarter and financial year 2021-2022 results on Monday. The company reported consolidated revenue of Rs 579.7 crore and a loss of Rs 105.5 crore for the quarter ended 31 March.
PVR earned Rs 263.3 crore and reported a loss of Rs 289.2 crore for the corresponding quarter. After adjusting for the impact of IND-AS 116 – leases, consolidated revenue stood at Rs 553.6 crore and loss at Rs 95.6 crore in Q4 FY22.
The company reported consolidated revenue of Rs 1657.1 crore and loss of Rs 488.5 crore for the financial year ended on 31 March 2022. In comparison, the company earned Rs 749.4 crore and made a loss of Rs 748.2 crore last financial year. After adjusting for the impact of IND-AS 116 – leases, the company reported consolidated revenue of Rs 1408.7 crore and a loss of Rs 419 crore for FY22.
The last 35 days of the fourth quarter were marked with strong content flow across regional and Bollywood genres including films like “Valimai” (Tamil), “Bheemla Nayak” (Telugu), “Gangubai Kathiawadi” (Hindi), “The Kashmir Files” (Hindi) and “RRR” (multilingual) helped admissions cross the 90-lakh mark in March.
“Similar to Q3 FY’22, the results of Q4 demonstrated the resilience and the ability of the theatrical business to quickly recover once new content was made available,” said the statement. “The short span of the third wave ensured that the rate of infection subsided as drastically as it had peaked. At the onset of the wave, all the states had imposed capacity restrictions on cinema operations. These restrictions were gradually relaxed and were done away with by the end of February.”
The company had booked forex losses on loans extended to PVR Lanka in March, a subsidiary of PVR Ltd in Sri Lanka, due to the sudden devaluation of the local currency given the political and economic turmoil in the region.
The company opened 15 screens across three properties in the fourth quarter and plans to open 120-125 new screens in FY 2023.
The company’s total available liquidity, including undrawn working capital lines on the balance sheet, is in excess of Rs 667 crore at the end of the fourth quarter.
“Our belief in the ability of the industry to bounce back swiftly was vindicated with this quarter’s results. 90+ lakh admissions in the month of March and a stellar content pipeline for the next few quarters tells us that the best is yet to come,” said PVR Ltd chairman cum managing director Ajay Bijli. “I strongly feel that this year can be the best year this industry has ever seen. We are doubling down on our investments and if everything goes as planned, this year we will break our own record of the maximum number of screens opened in a year in India.”
“I am extremely positive about the impending merger with Inox which will give additional firepower to the combined entity to invest and innovate in bringing world-class theatrical viewing experience for our discerning audiences,” he added.
