PVR faces Rs 289.12 cr losses in fourth quarter; revenue 'severely impacted' by coronavirus shutdown, says multiplex chain
PVR said even though there were no major Bollywood or Hollywood releases in the fourth quarter, the Southern film industry, which saw new movie releases, showed a strong recovery
Multiplex operator PVR Ltd on Wednesday reported a consolidated net loss of Rs 289.12 crore in the quarter ended on 31 March as the company continued to be impacted by the COVID-19 pandemic.
The company had posted a net loss of Rs 74.49 crore in the same quarter of last fiscal. Total income during the period under review stood at Rs 263.26 crore against Rs 661.78 crore in the corresponding quarter a year ago, PVR said in a regulatory filing.
PVR said results for the quarter and year ended 31 March are not comparable with results for the quarter and year ended 31 March, 2020, as the operations were severely impacted due to COVID-19 induced lockdowns, staggered re-openings, social distancing requirements, limited content flow and low consumer confidence.
"FY 2020-21 was one of the toughest years for the multiplex industry and the company was able to successfully navigate the challenges on account of COVID-19 through a continuous focus on reducing fixed costs and keeping adequate liquidity on the balance sheet," it added.
PVR said even though there were no major Bollywood or Hollywood movie releases in Q4 FY 21, the Southern film industry which saw new movie releases showed a strong recovery. With the resurgence of the second wave of COVID-19 since April 2021 and the consequent shutdown of cinemas, the company said it has again started taking all necessary measures to manage its costs and preserve liquidity.
PVR Chairman-cum-Managing Director Ajay Bijli said the company believes its business will bounce back stronger than ever once things start to normalise in the face of mass vaccinations that are being rolled out. As of date, no cinemas are operational due to lockdowns implemented by state governments Shares of PVR Ltd were trading 0.09 per cent higher at Rs 1,308.90 apiece on BSE.
After Pagglait, the team has reunited for a three-film deal, out of which the announcement of the first movie is already on the cards.
Bhumi Pednekar joins Akshay Kumar in Aanand L Rai's Rakshabandhan; shooting likely to begin on 15 June, says filmmaker
Bhumi Pednekar and Akshay Kumar had previously collaborated on Toilet: Ek Prem Katha and Durgamati, on which Kumar served as co-producer.
Dilip Kumar was initially supposed to be discharged on Thursday but the family and the doctors decided to let him rest in the medical facility for another day.