PVR INOX (PVRINOX) Q4 04/05 earnings summary

Executive summary

• FY ended March 2005: standalone net revenue rose 42% YoY to Rs 7,067 lacs; profit after tax increased 141% to Rs 374 lacs.

• Growth was driven by new and existing cinemas, higher patronage and lower personnel and film-distributor costs as a share of income.

Financial highlights

• Consolidated operating income was Rs 853,602,547; after indirect taxes and other income, total income was Rs 707,199,817.

• Consolidated profit before tax was Rs 53,004,946 and net profit after tax was Rs 37,731,791; basic and diluted EPS were Rs 2.73.

• Standalone total income rose Rs 2,093 lacs, or 42%, to Rs 7,067 lacs; PAT increased Rs 219 lacs, or 141.3%, to Rs 374 lacs.

• Box-office revenue increased 43.1% and food-and-beverage revenue 37.9%, primarily reflecting increased patronage.

Outlook and guidance

• Plans called for 90 additional screens over the following 24 months, with proposed cinema locations in Mumbai, Hyderabad, Lucknow, Indore, Aurangabad, Latur, Ludhiana and Chennai.

• The first growth phase was expected to finish in FY2005-06; plans to raise equity and debt for the next phase were being finalized.