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PVR Cinemas – Super Hit FY 2008

June 6, 2008

PVR Cinemas IndiaPVR’s results is simply a box office hit for the full year FY 2007-08. Sales grew of 49.7% to Rs 265 crore and Net Profit recorded a growth of 112.2% to Rs 21.6 crore resulting in an EPS of Rs 12.7.

However, for 4QFY2008, PVR reported a modest Topline growth of 32.9% yoy to Rs54.3cr (Rs40.9cr) on a standalone basis, driven by a 25% increase in Net Ticket revenues, 79% jump in Net Advertisement revenues and 31% higher F&B revenues.

PVR delivered a disappointing performance, registering a 350bp decline in standalone Operating Margins to 13% largely owing to a sharp 556bp increase in Rental costs (on account of service tax levies on lease rentals) and higher overheads to lower revenue base. The company has already made provisions for higher rentals.

PVR Operated 22 properties with 84 screens and 21,853 seats at the end of FY2008.

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