Brands
Q1-2015: PVR posts higher q-o-q revenue: F&B grows 20%: Board moots Rs 500 crore issue
BENGALURU: Last fiscal (FY-2014), Indian motion picture exhibition, production and distribution house PVR Limited (PVR) entered the Rs 1000 crore club by posting operating income (TIO) of Rs 1351.23 crore for the year. In Q1-2015, the company posted an 8.1 per cent increase in consolidated TIO at Rs 362.26 crore as compared to the year ago TIO of Rs 335.19 crore and 15.3 per cent more than the Rs 314.23 crore in the immediate trailing quarter (Q4-2014).
Note: Rs 100 lakh = Rs100,00,000 = Rs 1 crore = Rs 10 million.
Though the company reported a more than 10-fold (10.35 times) PAT in Q1-2015 at Rs 7.66 crore as compared to the Rs 0.74 crore in Q4-2014, PVR’s Q1-2015 PAT was 43.7 per cent lower than the Rs 13.6 crore in Q1-2014.
PVR reported just 0.4 per cent q-o-q increase in footfalls in its cinemas in Q1-2015 at 1.52 crore, because it says that there were no big releases during the quarter. It however says that food & beverages (F&B) revenues showed a strong growth of 20 per cent over corresponding quarter of previous year on account of success of the various strategic initiatives taken by the company.
The company has also informed the bourses that the board of directors of the company at its meeting held on 31 July 2014, inter alia, has approved the issue of securities up to Rs 500 crore through Qualified Institutional Placement (QIP) subject to approval of the members in forthcoming Annual General Meeting of the Company.
PVR chairman Ajay Bijli said, “Early Q2 industry box office results have been very strong with movies Ek Villain & Kick, we are optimistic regarding box office prospects for the remaining part of the year which underpins our confidence that we are on track with our plans for the full year. Our differentiated strategy, heightened brand awareness, and guest engagement tactics will further enhance the customer experience in 2014 & beyond.”
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
