PVR Ltd announces Q3 2009-10 Net profits up 64%

Company Brief

New Delhi, January 29, 2010

PVR Limited today announced its un-audited standalone financial results for the quarter and half year ended December 31st, 2009.

Total consolidated Revenues for the quarter ended December 2009, were Rs. 11428 lacs as compared to Rs. 8965 lacs during the corresponding quarter ended December 2008, up by 27%. EBITDA for the quarter ended December, 2009 was Rs. 2053 lacs as compared to Rs. 1841 lacs in Q3 2008-09, up by 12%. PAT for the quarter ended December 2009 was Rs. 737 lacs, as compared to Rs. 450 lacs during the corresponding quarter of previous year, up by 64%.

The Exhibition business revenues increased from 8192 lacs in Q3 2008-09 to Rs 9851 lacs during the quarter under review, a growth of 20%. Operating Profit margins grew from 18% in Q3 2008-09 to 23% in Q3 2009-10 on back of sustainable revenues generated from operations and good movie content. PAT for the quarter ended December 2009 was Rs. 859 lacs, as compared to Rs. 447 lacs during the corresponding quarter of previous year, up by 92%.

During the quarter the company had 5 million footfalls in its cinemas clocking an average occupancy of 37%. The company intends to open another 28 screens by March 2010 in key markets like Chennai, Ahmedabad, Allahabad, Ghaziabad etc. It has another 50 screens lined up for development in next financial year.

PVR Pictures, a subsidiary of PVR Ltd is involved in production/distribution of Bollywood & Hollywood content across Indian territories. The company is currently producing 4-5 films projects which will be slated for release in the next financial year.

The other subsidiary PVR blu-O which operates 24 lane bowling center in Gurgaon has been performing reasonably well and delivered an EBITDA margin of 24% on operating revenues of Rs 320 lakhs in this quarter

Commenting on the results and performance, Mr. Ajay Bijli, Chairman & Managing Director, PVR LTD, said, "There was a growth in overall admissions in this quarter on account of success of both Hindi & English films exhibited like "3 idiots", "Ajab Prem Ki Ghajab Kahani". "Avatar", "2012". The occupancies in this quarter averaged at around 37% as compared to a 33% in the second quarter of the current financial year. The ATP also increased from Rs 145 in the previous quarter to Rs. 159 in this quarter showing a healthy growth of 10%. On back of various operating initiatives taken by the management to improve revenues we have been able to achieve a growth of 27% in revenues and 64% in net profits during the quarter as compared to the corresponding period of last year. The pipeline of films for the next quarter looks exciting and we expect our exhibition revenues to consolidate further on the strength of our properties in best locations and on the basis of the world class cinema experience that we consistently deliver to our patrons.

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