After back-to-back flops, PVR makes a strong comeback with a blockbuster Q3FY22 performance
PVR Ltd, the domestic company engaged in the business of film exhibition, released its Q3FY22 earnings today.
In a dramatic turn of events, PVR Ltd, which has been bearing the brunt of Covid induced disruptions since March 2020, has delivered an improved performance after 6 quarters.
In Q3FY22, on a consolidated basis, the net revenue jumped by a whopping 1252.75 per cent YoY to Rs 614.15 crore. This growth was driven by strong content flow from the three genres of Regional, Bollywood and Hollywood. The PBIDT (ex OI) which stood at a loss of Rs 78.12 in Q3FY21, now stands at Rs 164.91 crore, while its corresponding margin stands at 26.85 per cent. Although a negative PAT continues to be sore point, the losses have reduced. The PAT which stood at -Rs 49.21 crore in Q3FY21, has improved to -Rs 10.2 crore in Q3FY22.
Amongst the other developments during the quarter, the inauguration of drive-in rooftop theatre at iconic Jio World Drive Mall at BKC Mumbai, which is the first of its kind in India, has been well accepted by the audience. Moreover, with total available liquidity exceeding Rs 740 crore, which includes undrawn working capital lines, the company’s balance sheet continues to be strong.
While the onset of 3rd wave of Covid is a cause of worry, the reluctance of various State Governments to completely shut down cinemas provides hope for the company to make a faster recovery in the business.
At the closing bell, the share price of PVR Ltd was trading at Rs 1535.90, down by 1.69 per cent from the previous day’s closing price of Rs 1562.25 on BSE.