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PVR reports standalone net loss of Rs 24.53 crore in the December 2021 quarter

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Multiplex operator PVR reported a net loss of Rs 24.53 crore for the December quarter. The company has reported a net loss of Rs 136.7 crore for the corresponding period a year ago, an official statement highlighted.

Its revenue increased to Rs. 642.3 crore for the third quarter of the financial year. For the year ago period, the company’s revenue stood at Rs 63.4 crore.

PVR reported Rs 66.2 crore in earnings before interest, taxes, depreciation and amortization (EBITDA) for the October-December period. For the year-ago period, the company had registered an EBITDA loss of Rs 108.8 crore. 

Consolidated total income during the period under review stood at Rs 709.71 crore as against Rs 320.13 crore in the year-ago quarter. “The impact of COVID-19 on cinema operations was the least in the Q3 FY22 as compared to the preceding quarters since the time the pandemic has hit the economy,” PVR said.

Ajay Bijli, Managing Director, PVR Ltd said on this ” The strength and agility of our business was demonstrated during the last quarter. The pace with which the business recovered from October to December, validates that as soon as new content was made available, our patrons came back to the cinemas.”

PVR said, “We assessed the likely impact of the pandemic on our business and we believe it is not likely to impact the recoverability of the carrying value of our assets.” 

“We believe that the pandemic may adversely impact the business in the short term but the long term drivers of our business are intact and we do not anticipate any material medium to long term risks to the business,” the company added. 

(PTI)