India’s largest multiplex operator PVR Ltd has reported a consolidated net loss of Rs 289.12 crore and Rs 748.21 for Q4 FY21 and the full year, respectively, as company continued to be severely impacted by the COVID-19 pandemic through the financial year. Total income during Q4 was Rs 263.26 crore against Rs 661.78 crore in the corresponding quarter a year ago, the company said in an earnings statement.
PVR said results for the quarter and year ended March 31, 2021, were not comparable with results for the quarter and year ended March 31, 2020, as the operations were severely impacted due to COVID-19 induced lockdowns, staggered re-openings, social distancing requirements, limited content flow and low consumer confidence.
“FY 2020-21 was one of the toughest years for the multiplex industry and the company was able to successfully navigate the challenges on account of COVID-19 through a continuous focus on reducing fixed costs and keeping adequate liquidity on the balance sheet,” it said.
PVR said even though there were no major Bollywood or Hollywood movie releases in Q4 FY’21, the Southern film industry which saw new movie releases showed a strong recovery.
With the resurgence of the second wave of COVID-19 since April 2021 and consequent shutdown of cinemas, the company said it has again started taking all necessary measures to manage its costs and preserve liquidity.
The company operates 845 screens in 176 cinemas across 71 cities in India and Sri Lanka with an aggregate seating capacity of approximately 1.82 lakh seats.