BackPVR Q2 net profit at Rs27.66 crore
Net sales stood at Rs363.11 crore compared with Rs192.12 crore a year earlier
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New Delhi: Multiplex operator PVR Ltd. on Wednesday reported consolidated net profit for the July-September quarter at Rs27.66 crore driven by increase in the number of screens due to the acquisition of Cinemax India Ltd. in January.
It had posted net profit of Rs16.14 crore in the same quarter of the previous fiscal, 2012-13.
Net sales during Q2, 2013-14 stood at Rs363.11 crore compared with Rs192.12 crore in the year-ago period.
The company said the result of this year is not comparable with that of last fiscal due to the acquisition of Cinemax India.
In January, PVR had announced it will acquire 69.27% stake from the promoter group of Cinemax in an all cash consideration of Rs395 crore through its subsidiary Cine Hospitality.
“We have fared well in the quarter as we managed to improve our margins and addition in the number of screens. We expect third quarter to be better due to big movies expected to be release. There were only two big release in the second quarter," PVR chief financial officer (CFO) Nitin Sood told PTI.
PVR plans to add 90 screens in the current fiscal, of which 50 have been already added.
“We will add 20 screens in 5 multiplexes in the third quarter with investment of about Rs40 crore," Sood added.
PVR has 398 screens spread across 37 cities in the country.
For the half of the current fiscal, PVR’s net profit stood at Rs41.62 crore as against Rs23.95 crore.
Net sales for the first half of the fiscal were at Rs697.56 crore, compared with Rs370.74 crore in the same period last year.
PVR Ltd. scrip closed at Rs554.75, up 6.45%, on the BSE. PTI
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