On track to achieve 40 new openings by FY12 end: PVR

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On track to achieve 40 new openings by FY12 end: PVR

The company has reduced the average ticket prices to Rs 155 against Rs 167 earlier. PVR's occupancy rate improved in this quarter due to good film flow and its marketing tools to attract more people.

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Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » ALSO READ See latest News about PVR See previous management interviews See what other Experts & Brokerages are saying about PVR

Ajjay Bijli, chairman and managing director, PVR in an interview to CNBC-TV18 spoke about the quarterly financial performance of the company.

PVR reported better than expected numbers in this quarter. Its nine months profits from its exhibition business grew by 25% year-on-year (YoY). 

"Profit in this quarter is around Rs 8.2 crore, which was Rs 8 crore last year, so it is a marginal 2% increase. But nine months consolidated for the exhibition business is Rs 25 crore, it was Rs 20 crore last year, so 25% increase, he said.

The company has reduced the average ticket prices to Rs 155 against Rs 167 earlier. PVR's occupancy rate improved in this quarter due to good film flow and its marketing tools to attract more people.

He further said that the company is on track to achieve 40 new openings target by FY12 end . "We have openings in Calcutta, Nagpur, Jalandhar, Nanded, Pune and Bangalore, everything is on track, he said

Below is the edited transcript of Bijli's interview with CNBC-TV18. Also watch the accompanying video.

Q: Can you take us through your numbers? How did you do on the margin front and at the EBITDA level?

A: I have two sets of numbers. In our core business, the exhibition business we have done consolidated nine months Rs 359 crore revenue against Rs 304 crore last year, which is 18% growth.

In this quarter we had some good movies and we had good openings with Rs 125 crore revenue against Rs 103 crore, which is 21% growth. EBITDA is about Rs 23 crore this year against Rs 21 crore last year.

Q: Is this for the exhibition business alone?

A: Exhibition. It is about Rs 70 crore EBITDA as oppose to Rs 60 crore last year - 18% jump in the EBIDTa for the nine month period.

Q: Can you take us through the profit numbers for the exhibition business and the consolidated one?

A: Profit in this quarter is around Rs 8.2 crore, which was Rs 8 crore last year, so it is a marginal 2% increase. But nine months consolidated for the exhibition business is Rs 25 crore, it was Rs 20 crore last year, so 25% increase.

Q: What about consolidated?

A: Consolidated we are at Rs 20 crore.

Q: For the quarter?

A: For the quarter it is Rs 8.93 crore and it was Rs 13 crore loss last year. Last year in the same quarter we had a production loss. Therefore, it shows a exceptional growth of 167%, but I want to qualify that because we had a huge loss in the production business and in this quarter we did not do anything.