PVR Ltd reported a consolidated net loss of ₹289.12 crore for the quarter ended March 31, 2021, as cinema operations were impacted due to restrictions imposed by states to curb the spread of the second pandemic wave. The leading multiplex chain had posted a consolidated net loss of Rs 74.49 crore in the corresponding quarter in the previous fiscal.

Total income for the quarter under review stood at ₹263.26 crore. In the corresponding quarter in the previous fiscal, the company had registered a total income of ₹661.78 crore.

“Results for the quarter and year ended March 31, 2021, are 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,” the company said.

For the full year ended March 31, 2021, the company posted a consolidated net loss of ₹748 crore and the consolidated total income stood at ₹749.35 crore. In 2019-20, the company had reported a net profit of ₹27 crore on a total income of ₹3,452 crore.

Stating that FY2020-21 was one of the toughest years for the multiplex industry, the company added that it was able to successfully navigate the challenges on account of Covid-19 by focusing on reducing fixed costs and keeping adequate liquidity on the balance sheet.

While no major Bollywood or Hollywood movies were released in the March quarter, the southern film industry witnessed a strong recovery on the back of new movie releases.

Ajay Bijli, Chairman and Managing Director, PVR Ltd said in a statement: “FY’21 was marked by never before seen challenges for the multiplex industry, which was one of the most impacted by the pandemic. PVR showed resilience and ingenuity in the face of this adversity.”

“We are buoyed by the great response received by movies that have been released theatrically in regions where Covid incidence has reduced such as China, the US, the UK, South Korea, Australia, France, UAE, etc, and believe that our business will bounce back stronger than ever once things start to normalise in the face of mass vaccinations that are being rolled out and the strong line-up of content awaiting release across Hindi, English and regional languages,” he added.

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