PVR INOX (PVRINOX) Q4 06/07 earnings summary

Executive summary

• FY07 marked rapid expansion: 82 screens across 21 cinemas by June 2007, with 14.73 million patrons during the year, up 68% YoY.

• Strategic expansion broadened beyond exhibition into film distribution and production, food-court retail, and digital ticketing.

Financial highlights

• Standalone total income rose 62% YoY to Rs 17,196 lakh; EBITDA increased 73% to Rs 3,263 lakh and PAT rose 93% to Rs 1,056 lakh.

• Standalone basic and diluted EPS were both Rs 4.12, versus Rs 2.62 in FY06; consolidated PAT was Rs 1,019 lakh and consolidated EPS Rs 3.95.

• Reported FY07 depreciation includes reversal of Rs 66 lakh excess depreciation provided in prior years.

Outlook and guidance

• Agreements covered development of over 200 multiplex screens over the next three years; management expected new-screen occupancy to stabilize and rise during FY08.

• The seven-screen Phoenix Mills multiplex was expected to start operations in Q3 FY08; a six-screen Oberoi Mall multiplex was under implementation.