PVR Limited today announced its audited results for the quarter and twelve months ended March 31st, 2008.
The revenues, net of entertainment, value added, sales and service taxes, for the quarter ended March 31st, 2008 of Rs 56.82 crores grew by 34% and EBITDA of Rs 9.59 crores grew by 14%. The net profit during the quarter ended March 31st, 2008 was Rs 2.7 crores, grown by 23% from Rs. 2.2 crores during the corresponding quarter of last year.
For the year ended March 31st, 2008, the Company's revenues grew by 49% from Rs 183.11 crores to Rs 272.30 crores, EBITDA grew by 69% from Rs 32.77 crores to Rs 55.23 crores and PAT grew by 112% from Rs 10.19 Crores to Rs 21.62 crores. The major factor behind the robust growth for this year has been a strong operational performance across the cinema circuit marked with significant growth in occupancy, ticket and F & B pricing.
Since March 31st 2007, the company has added 29 screens - Baroda (3-Screen), Prashant Vihar (3-Screen), Ludhiana (4-Screen), Select City Walk, Saket (6 Screen), Goregaon (6 Screen) and Ambience Mall, Gurgaon (7-Screen). PVR currently operates a total of 24 cinemas with 97 screens spread over 13 cities, namely Delhi, Gurgaon, Ghaziabad, Faridabad, Mumbai. Ludhiana, Baroda, Bangalore, Hyderabad, Indore, Lucknow, Aurangabad and Latur.
During the quarter under review, PVR expanded its presence in Lifestyle Retail Entertainment landscape by entering into a JV with Major Cineplex Group, a leading Film exhibition and retail entertainment company based out of Thailand. The Joint Venture would set-up bowling alleys, karaoke centers, ice skating rinks in and around the Company's multiplexes to complete the out of home entertainment experience for Indian consumers. The company is setting up its first project, a 24-lane Bowling Alley Center at Ambience Mall in Gurgaon.
This quarter also witnessed the appreciable acclaim earned by "Taare Zameen Par", PVR's first film project co-produced by the company's wholly owned subsidiary, PVR Pictures Ltd. with Aamir Khan Production Pvt. Ltd. The movie not only demonstrated a strong commercial performance by becoming the 3rd highest grosser (as per Ibos network estimates) amongst the movies released during FY 2007-08, but also won 5 Star Screen and 5 Film Fare awards. The company is looking at expanding its presence in a significant manner in content production & distribution space. The company has acquired distribution rights for movies such as "Sarkaar Raj"; "Mere Baap Pehle Aap" and has lined up several projects for production including "Jaane Tu Ya Jaane Na", a co-production with Aamir Khan Productions Pvt Ltd releasing on 4th July; "Contract", a co-production with Ram Gopal Verma releasing on 18th July and "Mere Khwabon Mein Jo Aaye" releasing towards the end of the year.
Commenting on the results and performance, Mr. Ajay Bijli, Chairman & Managing Director, PVR LTD, said, "The Company has continued to show promising growth in its revenues and profits, driven by growth in existing cinemas as well growth from new cinemas. We served around 18 Mn patrons during this year as against 14.73 Mn patrons served during previous year. The Indian Media & entertainment industry has been growing at promising rates and PVR, with its expansion plans, is completely focused on providing the customers with a complete lifestyle entertainment experience. We shall further continue to provide the highest exhibition standards at our cinemas besides bringing allied retail entertainment concepts such as bowling alleys, ice-skating, food courts etc to complement and complete the entertainment experience for our consumers."