PVR Q1 loss at Rs 226 cr as revenue nil from core movie exhibition business

PVR Cinemas suffered a consolidated loss after tax of Rs 226 crore in the first quarter (April to June) of the current financial year as compared to a profit of Rs 18 crore during the corresponding period of last year.

New Delhi: Multiplex operator PVR Cinemas suffered a consolidated loss after tax of Rs 226 crore in the first quarter (April to June) of the current financial year as compared to a profit of Rs 18 crore during the corresponding period of last year.

The revenues in Q1 FY21 totalled Rs 55 crore as compared to Rs 887 crore in Q1 FY20 due to the outbreak of COVID-19 and consequent lockdown.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) loss for the quarter was Rs 73 crore as against a positive EBITDA of Rs 285 crore in the same period last year.

The company undertook a series of short-term and long-term measures including temporary pay cuts, workforce reductions, suspension of third party contracts, and other temporary and permanent cost structure changes to aggressively control costs as well as augment liquidity.

PVR said it successfully managed to control its monthly fixed cost at Rs 32 crore, lower than Rs 150 crore in Q1 of FY20. This resulted in the company managing its liquidity efficiently even in a challenging situation.

(ANI Report)