Multiplex chain operator PVR Ltd today reported an over seven-fold jump in its consolidated net profit at Rs 58.05 crore for the quarter ended June 30, on account of good movie releases and increase in its food and beverages earnings.
The company had reported a consolidated net profit of Rs 7.66 crore for the April-June quarter of the last fiscal.
The net sales during the first quarter of 2015-16 fiscal stood at Rs 485.36 crore, up 34.09 per cent, PVR said in a regulatory filing.
“The company delivered strong results as we have some good release which increased foot fall and collections. Revenue from F&B segment has also increased,” PVR CFO Nitin Sood told PTI.
Films as Tanu Weds Manu, Fast & Furious, Piku, Avengers, ABCD, Jurassic World, Dil Dhadakne do, Gabbar have done successful performance at box office during April-June quarter, PVR said in a statement.
PVR also said it plans to raise Rs 500 crore from issue of non-convertible debentures (NCDs) and Rs 350 crore through allotment of shares to Plenty Cl Fund I Ltd, Multiples Private Equity Fund II LLP and Plenty Private Equity Fund I Ltd on preferential basis.
In a separate filing, the company said its board has approved “issue of non convertible debentures for a sum not exceeding Rs 500 crore subject to approval by the members of the company in the forthcoming Annual General Meeting”.
PVR’s Board also approved allotment of 50,00,000 equity shares at Rs 700 per share of face value Rs 10 each equity share at a premium of Rs 690 per share aggregating to Rs 350 crore on preferential basis to Plenty Cl Fund I Ltd, Multiples Private Equity Fund II LLP and Plenty Private Equity Fund I Ltd.
During the quarter, PVR acquired real estate major DLF’s DT Cinemas for Rs 500 crore.
The company’s board approved scheme of merger of PVR Leisure Ltd and Lettuce Entertain You Ltd with the company.
PVR currently operates 474 screens in 43 cities across the country and has plans to add 50-55 screens in the remaining part of the year.
The company said the footfalls increased by 25 per cent to 19 million in the latest quarter while average ticket prices rose by 4 per cent as against same period last year.
“Food and beverage revenues showed a stellar growth of 46 per cent over corresponding quarter of previous year driven by increase in average spend per person of 16 per cent. A 27 per cent growth in Sponsorship revenues reflected strong continuing positive performance year on year,” it added.
During the period, PVR added 10 screens in its network at places as Bokaro and Vadodara.
Shares of PVR today settled at Rs 859.70 per scrip on BSE, up 5.36 per cent from its previous close.