Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / PVR profit up eightfold to `58.5 crore
BackBack

PVR profit up eightfold to `58.5 crore

Revenue increased by 34% to `486.8 crore from `363.4 crore

PVR benefited from the success of films like Tanu Weds Manu Returns, Fast & Furious 7, Piku, Avengers, ABCD 2, Jurassic World, Dil Dhadakne Do, and Gabbar Returns at the box office, it said in a statement. Photo: Priyanka Parashar/MintPremium
PVR benefited from the success of films like Tanu Weds Manu Returns, Fast & Furious 7, Piku, Avengers, ABCD 2, Jurassic World, Dil Dhadakne Do, and Gabbar Returns at the box office, it said in a statement. Photo: Priyanka Parashar/Mint

PVR Ltd, India’s biggest movie exhibitor, on Wednesday said net profit increased by almost eightfold in the quarter ended 30 June, driven by the box office success of movies such as Piku, Fast & Furious 7, and Avengers, among others.

Net profit rose to 58.5 crore in the quarter from 7.5 crore in the year-ago period. Revenue increased by 34% to 486.8 crore from 363.4 crore.

“This has been one of the best quarters in PVR’s operating history driven by a strong box office performance. We see the momentum continuing in the forthcoming quarters on the back of a strong content pipeline," Ajay Bijli, chairman and managing director, PVR.

“Our growing circuit of high quality cinemas and our company-wide emphasis on customer service excellence remain critical factors in our ability to generate positive operating results over the long-term. We have maintained the position as the leading multiplex player in India and soon will pass the 500 screens mark in next few months," he added.

The company benefited from the success of films like Tanu Weds Manu Returns, Fast & Furious 7, Piku, Avengers, ABCD 2, Jurassic World, Dil Dhadakne Do, and Gabbar Returns at the box office, it said in a statement.

The number of people who watched movies at PVR multiplexes increased by 25% to 19 million in the June quarter.

Average ticket prices across cinemas grew by 4% because of strong content and flexible pricing, the company said. Food and beverage revenues grew by 46% over the same period last year. Sponsorship revenue increased 27%.

PVR added 10 screens across Bokaro and Vadodara and currently operates a network of 474 screens spread over 106 properties in 43 cities across the country. The company intends to add another 50-55 screens in 2015-16.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 23 Jul 2015, 01:18 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie