Economy

PVR reports Q4 net loss of Rs 289 crores

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PVR Ltd reported a consolidated net loss of ₹289.12 crore for the quarter ended March 31, 2021, as cinema operations were impacted thanks to restrictions imposed by states to curb the spread of the second pandemic wave. The leading multiplex chain had posted a consolidated net loss of Rs 74.49 crore within the corresponding quarter within the previous fiscal.

Total income for the quarter under review stood at ₹263.26 crore. within the corresponding quarter within the previous fiscal, the corporate had registered a complete income of ₹661.78 crore.

“Results for the quarter and year ended March 31, 2021, aren’t comparable results for the quarter and year ended March 31, 2020, because the operations were severely impacted thanks to Covid-19 induced lockdowns, staggered re-openings, social distancing requirements, limited content flow, and low consumer confidence,” the corporate said.

For the complete year ended March 31, 2021, the corporate posted a consolidated net loss of ₹748 crore and therefore the consolidated total income stood at ₹749.35 crore. In 2019-20, the corporate had reported a net income of ₹27 crore on a complete income of ₹3,452 crore.

Stating that FY2020-21 was one among the toughest years for the multiplex industry, the corporate added that it had been ready to successfully navigate the challenges on account of Covid-19 by that specialize in reducing fixed costs and keeping adequate liquidity on the record .

While no major Bollywood or Hollywood movies were released within the March quarter, the southern movie industry witnessed a robust recovery on the rear of latest movie releases.

Ajay Bijli, Chairman and director , PVR Ltd said during a statement: “FY’21 was marked by never before seen challenges for the multiplex industry, which was one among the foremost impacted by the pandemic. PVR showed resilience and ingenuity within the face of this adversity.”

“We are buoyed by the good response received by movies that are released theatrically in regions where Covid incidence has reduced like China, the US, the UK, South Korea , Australia, France, UAE, etc, and believe that our business will recover stronger than ever once things start to normalise within the face of mass vaccinations that are being unrolled and therefore the strong line-up of content awaiting release across Hindi, English and regional languages,” he added.

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