Occupancy At PVR Multiplexes In South India Fell In Q3 Due To Lacklustre Tamil, Telugu Movies
But “if you look at box office for the fourth quarter, it has started on a very strong note”, PVR CFO Nitin Sood says.
Occupancy levels at PVR Ltd.’s multiplexes in South India fell in the third quarter due to lacklustre performance of Tamil and Telugu movies at the box-office, according to the company’s chief financial officer.
“This quarter, occupancy has been marginally lower largely because Southern India has been very slow,” Nitin Sood told BloombergQuint, adding that Tamil and Telugu films have not worked in the quarter ended December. “They have underperformed in comparison to the third quarter of the last year.”
According to a research note by SBICAP Securities, PVR had a mixed third quarter with consolidated revenue growing 8 percent year-on-year but falling 6 percent quarter-on-quarter due to weak box-office performance in the southern markets.
PVR operates 34 percent of its total screens in South India.
Sood, however, is hopeful about the ongoing quarter. “If you look at box office for the fourth quarter, it has started on a very strong note.”
According to a research note by Emkay Securities, the multiplex chain’s advertising revenue growth of 8 percent year-on-year was in line with estimates.
PVR Q3 Results 2019-20: Key Highlights
- Revenue up 8.6 percent at Rs 915.74 crore
- Net profit down 34.3 percent at Rs 36.3 crore
- Ebitda up 87.01 percent at Rs 307.28 crore
- Margins at 33.5 percent vs 19.4 percent a year ago
On Friday, the company’s shares rose 3.69 percent to Rs 1,970.00 apiece on the NSE while the benchmark Nifty 50 gained 0.56 percent to end the day at 12,248.25 points.