PVR Ltd reported 65.35% fall in Dec-20 quarter top line revenues yoy at Rs320.13cr. In the comparable Dec-19 period, the other income was very small but due to the shutdown, the other income is substantial in the Dec-20 quarter. Hence the total revenues rather than just operating revenues have been considered as a special case.
For the Dec-20 quarter, the operating profits were down 70% at Rs54.15cr by considering overall revenues including other income as a special case due to multiplex shutdown. The comparison should be with reference to the sequential quarter, in which case it looks a lot better. In terms of bottom line PVR reported net loss of Rs49.21cr in the Dec-20 quarter which is almost a fourth of the losses in sequential Sep-20 quarter largely on account of support from other income.
Financial highlights for Dec-20 compared yoy and sequentially
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PVR Ltd |
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Rs in Crore |
Dec-20 |
Dec-19 |
YOY |
Sep-20 |
QOQ |
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Total Income (Rs cr) |
₹ 320.13 |
₹ 923.89 |
-65.35% |
₹ 110.61 |
189.42% |
|
Operating Profit (Rs cr) |
₹ 54.15 |
₹ 180.58 |
-70.01% |
₹ -155.88 |
N.A. |
|
Net Profit (Rs cr) |
₹ -49.21 |
₹ 36.26 |
N.A. |
₹ -184.06 |
N.A. |
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Diluted EPS (Rs) |
₹ -8.21 |
₹ 7.08 |
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₹ -33.76 |
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OPM |
16.92% |
19.55% |
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-140.93% |
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Net Margins |
-15.37% |
3.92% |
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-166.40% |
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Key takeaways from the Dec-20 quarter results
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The company management believes that permissions to reopen multiplexes have just about come in and it may be some more time before people get the confidence to visit multiplexes. Hence a return to full performance may take longer than originally anticipated.
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The company has also initiated two measures to reduce cash drain. It has taken a massive cost cutting program across its properties in India. Secondly, it has also invoked its force majeure clause in rental contracts for waiver of rent during the COVID pandemic period.
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