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Multiplex operator PVR Ltd on Thursday reported a net profit of 68.3 crore (Ind-AS adjusted) for the quarter ending June 2022. Its revenue rose to 1,000.4 crore whereas its Q1 EBITDA came at 208 crore during Q1FY23 with EBITDA margin at 20.3% during the April-June period.

The company is back to witnessing profit after reporting losses in the previous few quarters due to severe impact of covid-induced lockdowns in the country. 

As the business was impacted by the pandemic, the company revealed numbers comparable against Q1FY20 i.e., pre-pandemic period, when the net profit stood at 44.2 crore and revenue at 887 crore while the EBITDA (earnings before interest, taxes, depreciation and amortization) during Q1FY20 was at 165.5 crore.

Sharing its screen outlook for FY23, PVR said it is on track to open 125 screens in the current financial year. 14 screens across 3 properties opened so far, 82 screens are currently under fitout entering 9 new cities and bulk of the properties will open in Q3 and Q4.

Shares of PVR jumped after Q1 announcement and were trading nearly 3% higher on the BSE in afternoon deals. PVR shares are up more than 44% in 2022 (YTD) so far.

On March 27 this year, PVR and INOX Leisure announced a merger deal to create the largest multiplex chain in the country with a network of more than 1,500 screens to unlock the opportunities in tier III, IV & V cities, besides in the developed markets.

The combined entity will be named PVR INOX Ltd with the branding of existing screens to continue as PVR and INOX, respectively. New cinemas opened post the merger will be branded as PVR INOX, the companies had said on March 27.

PVR and Inox merger will create a multiplex behemoth with a network of 1,500+ screens across India. As per the agreement, the swap ratio is 3:10 i.e., 3 shares of PVR for 10 shares of Inox. Post-merger, the board will be reconstituted and will have 10 members. Both promoter families will have equal representation on board with 2 seats each.

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