PVR Limited, one of the largest film entertainment companies in India, has posted consolidated revenues of Rs.103.11 crore for the first quarter ended June 30, 2010. The revenues were up 131 per cent from the Rs.44.56 crore recorded in the corresponding quarter a year ago.
The company’s EBITDA (earnings before interest, taxes, depreciation and amortisation) for Q1, FY’11 stood at Rs.18.43 crore as compared to a negative EBITDA of Rs.7.7 crore for the same period a year ago.
Profit after tax (PAT) for this quarter was Rs.5.07 crore against a loss of Rs.12.85 crore in Q1, FY’10. The primary reason for the poor performance last year was the strike by producers.
Commenting on the Q1 results, Ajay Bijli, chairman and managing director, PVR Ltd, said, “There was growth in overall admissions in this quarter on account of success of films such as Rajneeti and Houseful. We expect our exhibition revenues to consolidate further on the strength of our properties in best locations.”
Stressing that 2010 would be a key year for the company’s production and distribution business, Bijli said, “Three key films are lined up for release in the next six months, and we are committed to build PVR Pictures as a full scale distribution and production company.”
During the quarter, the company had 5.1 million footfalls in its cinemas clocking an average occupancy of 29 per cent.
PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997. The company currently has 32 properties with 136 screens across 18 cities and intends to open another 40-50 screens by March 2011 in key markets like Lucknow, Bangalore, Bhopal, Surat, Mysore, Delhi, among others.