Movies

PVR records Q4 net loss of Rs 289.12 cr amid Covid blues

FY20-21 was one of the toughest years for the multiplex industry.

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New Delhi : Multiplex major PVR Ltd continues to bear the brunt of the ongoing pandemic, as it recorded a consolidated net loss of Rs 289.12 crore in the quarter ended on March 31.

The company reported a net loss of Rs 74.49 crore in the same quarter of the last fiscal. Total income during the period under review was Rs 263.26 crore against Rs 661.78 crore in the corresponding quarter a year ago, it said in a regulatory filing, on Wednesday.

According to PVR, the results for the quarter and year ended March 31, 2021, are not comparable with results for the quarter and year ended March 31, 2020, as the operations were impacted due to the lockdowns restrictions, staggered re-openings, 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, said the multiplex major on Wednesday.

While there were no major Bollywood or Hollywood movie releases in Q4 FY'21, the Southern film industry witnessed strong recovery. But, that too, was marred by the resurgence of the second wave in April, compelling the company to take necessary measures to manage its costs and preserve liquidity.

However, PVR chairman-cum-managing director Ajay Bijli expressed confidence that the company will bounce back stronger than ever once things start to normalise after mass vaccination.

As on date, none of its cinemas are operational due to lockdowns implemented by state governments, and even after cinemas are re-opened, its business will continue to be impacted, said PVR.

"We may not be able to run our cinemas at normal capacity on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have. On account of this, our revenue and cash flow generation may be impacted even when we fully resume operations," the company said.

The multiplex operator said it continues to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments. It has been able to achieve a reduction of 63 per cent in the fixed cost during the period of lockdown in FY21, which covered rent, personnel costs, electricity and water charges and other overheads.

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