Covid effect: PVR reports Q1 net loss of Rs 225.73 crore

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Updated: Sep 14, 2020 7:32 PM

Revenue from operations stood at Rs 12.70 crore, compared to Rs 880.39 crore in the corresponding quarter of the previous fiscal. Other income increased to Rs 42.65 crore from Rs 6.77 crore earlier. 

Leading multiplex chain operator PVR Ltd on Monday reported a consolidated net loss of Rs 225.73 crore for the June quarter as the film exhibition business remained closed due to the COVID-19 pandemic. The company had posted a net profit of Rs 17.53 crore in the April-June period a year ago, PVR said in a BSE filing.

Revenue from operations stood at Rs 12.70 crore, compared to Rs 880.39 crore in the corresponding quarter of the previous fiscal. Other income increased to Rs 42.65 crore from Rs 6.77 crore earlier. “The COVID-19 situation across the country continued to adversely affect the operations of the group, resulting in almost no operations revenue for the quarter. We are awaiting government directive and guidelines on opening of cinemas,” PVR said.

The company’s total expenses fell to Rs 397.12 crore in Q1 FY21 as against Rs 859.10 crore in the year-ago period.

PVR said it has taken several cost-saving steps to mitigate the adverse impact on the business, including reduction in employee costs by temporary salary cuts and headcount reduction and seeking waiver of rentals and maintenance charges from landlords.

“With these action, management has been able to bring down the cash burn significantly during the lockdown period,” it added. PVR operates 845 screens in 176 properties in 71 cities. Shares of PVR Ltd on Monday settled at Rs 1,309.95 apiece on BSE, up 4.37 per cent.

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