Multiplex chain operator PVR Ltd narrowed its consolidated net loss at ₹10.2 crore in the December ended quarter of FY22 on the back of strong content flow and easing of pandemic-induced restrictions post the second wave. The company had reported a consolidated net loss of ₹49.1 crore in the corresponding quarter in the previous fiscal.

For the quarter under review, the company’s consolidated revenues stood at ₹709.7 crore as compared to ₹320.1 crore in the corresponding quarter in the previous fiscal.

In a statement, PVR said the December quarter was the best quarter since the pandemic outbreak in March 2020 and was marked with strong content flow across Bollywood, Hollywood and regional genres.

Ajay Bijli, Chairman and Managing Director, PVR Ltd, said, “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.”

The company said it saw success across genres of content - Sooryavanshi and 83 from Bollywood, Spiderman and Eternals from Hollywood, and Honsla Rakh, Pushpa, Annaatthe, Maanaadu, among others from regional.

Impact of Omicron

“Had the last week of December not been impacted by Omicron and the ensuing restrictions, we would have closed with even better numbers. We continue to remain extremely bullish on the long-term prospects of the business and will continue to invest and innovate in bringing richer and more experiential formats for our audiences,” Bijli added.

Since the end of December, major metropolitan cities in India are under the grip of the third Covid wave resulting in makers of movies such as Jersey, RRR, and Prithviraj deferring their release.

“As on date the cinemas across the country continue to remain operational in all States except for Delhi and Haryana with varying restrictions around capacity, vaccination and social distancing requirements. Given the low severity and high transmission of the Omicron variant, along with various State Governments reluctance in completely shutting down cinemas, we expect the recovery to be much faster this time as the number of cases reduce over the next few weeks,” the company added.

The multiplex chain said it has so far opened 4 properties with 18 new screens across the country during the current fiscal year.

“The company continues to remain strong financially with total available liquidity (including undrawn working capital lines) on the balance sheet being in excess of ₹740 crores as on December 31, 2021,” PVR added.

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