PVR Ltd Q2 Consolidated Loss After Tax Narrows To Rs 71 Crore
Movie exhibition agency PVR Ltd on Monday reported a narrowing of consolidated loss after tax at Rs 71.49 crore within the second quarter ended September with folks returning to cinemas because the pandemic eases.
The corporate had posted a consolidated loss after tax of Rs 153.27 crore within the year-ago interval, it mentioned in a regulatory submitting.
Consolidated income from operations within the second quarter stood at Rs 686.72 crore as towards Rs 120.32 crore within the corresponding interval of earlier 12 months, it added.
Complete bills have been greater at Rs 813.33 crore as in comparison with Rs 460.68 crore, PVR Ltd mentioned.
The corporate mentioned it recorded 1.8 crore visits of patrons at its cinemas in the course of the quarter beneath evaluation. There was an 11 per cent development in common ticket worth at Rs 224, whereas spending on meals and drinks grew by 31 per cent per patron at Rs 129 in comparison with the pre-pandemic interval of second quarter FY20.
The quarter was marked by underperformance of Bollywood motion pictures. Besides ‘Brahmastra Half One: Shiva’, which emerged as the corporate’s highest grossing Hindi movie publish pandemic, PVR mentioned, including, different huge finances motion pictures like ‘Laal Singh Chaadha’, ‘Raksha Bandhan’ and ‘Liger’ carried out under expectations.
The underperformance of Hindi movies might be on account of a number of components such because the movies launched have been conceived earlier than and in the course of the pandemic and didn’t resonate effectively with the present tastes.
Additionally, high quality of content material driving efficiency as in comparison with star presence and unfavourable social media marketing campaign towards sure Bollywood motion pictures and stars may have performed an element, it added.
As for Hollywood motion pictures, the corporate mentioned the second quarter was the weakest globally in virtually 20 years each when it comes to variety of motion pictures launched and their field workplace collections.
For PVR, field workplace collections for Hollywood motion pictures dropped by 40 per cent compared to Q2 FY20, it added.
On the outlook, PVR Ltd Chairman cum Managing Director Ajay Bijli mentioned, “I’m assured of full restoration within the enterprise pushed by the strong content material lineup for this 12 months and the varied initiatives that we’re implementing to rekindle the cinema going behavior amongst our loyal patrons.”
