PVR feels lockdown pain, slumps to Q4 loss of Rs 74.61 crore

Multiplex chain operator PVR Ltd on Monday reported a consolidated net loss of Rs 74.61 crore for the fourth quarter ended March 2020, as the film exhibition business was impacted because of COVID-19 pandemic. The company had posted a net profit of Rs 46.75 crore in the January-March quarter a year ago, PVR said in a BSE filing.

Revenue from operations during the quarter under review stood at Rs 645.13 crore. It was Rs 837.63 crore in the corresponding quarter a year ago.

“Beginning March 11, 2020, the company started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down,” PVR said in a statement.

Besides, PVR has taken one-time write off of perishable inventory of Rs 1.83 crore in March 2020, on account of spoilage due to closure of cinemas pursuant to COVID-19, it added.

PVR's total expenses was at Rs 731.84 crore in fourth quarter of 2019-20 as against Rs 771.27 crore a year ago.

Revenue from movie exhibitions was at Rs 628.88 crore and Rs 29.89 crore from others which includes movie production, distribution and gaming.

Meanwhile, PVR said its results for year ended March 31, 2020, are not comparable with year ended March 31, 2019, 'on account of acquisition of SPI Cinemas'.

For the fiscal year 2019-20, PVR's net profit was at Rs 26.85 crore. It was Rs 189.40 crore in 2018-19.

Its revenue from operations in FY20 was Rs 3,414.44 crore. It stood at Rs 3,085.56 crore in FY19.

Currently, PVR operates 845 screens in 176 properties across 71 cities. Meanwhile, in a separate filing PVR has informed the BSE that its board in a meeting held on Monday has approved to raise Rs 300 crore through rights issue.