PVR shares fall 3% on Q1 loss of Rs 226 crore

Shares of PVR fell about 3 percent in intraday trade on BSE on September 15, a day after the company's released its June quarter scorecard.

The company said its consolidated revenues for the quarter ended June 30, 2020, were Rs 55 crore as compared to Rs 887 crore during the corresponding period of last year, impacted by the outbreak of COVID-19 and consequent lockdown during the quarter.

Consolidated loss after tax for the quarter was Rs 226 crore as compared to a profit of Rs 18 crore during the corresponding period of last year.

Consolidated EBITDA loss for the quarter was Rs 73 crore as against a positive EBITDA of Rs 285 crore in the same period last year.

The company said the results for the quarter ended June 30, 2020, were not comparable with results for the quarter ended June 30, 2019, as the current quarter is impacted by temporary closures of cinemas and suspension of operations.

The company said it undertook a series of short-term and long-term measures including temporary pay cuts, workforce reductions, suspension of third party contracts, and other temporary and permanent cost structure changes to aggressively control costs as well as augment liquidity.

Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR said: "COVID-19 pandemic presents an unprecedented challenge to all businesses. With cinemas remaining closed, we shifted our attention to cost control during the quarter. Our disciplined efforts on managing costs and liquidity significantly contributed to our ability to navigate the unprecedented challenges brought about by COVID-19."

"Government has now started taking measures to bring the economy back on track and we hope that cinemas are allowed to reopen soon. We have taken all the measures to ensure the safety and wellbeing of our patrons and employees. We are in constant touch with the Government for allowing the cinema to reopen soon and we will ensure that we follow all regulatory guidelines required to ensure the safety of all stakeholders. We look forward to welcoming back our patrons to the PVR experience in a clean, safe and healthy environment."