PVR INOX (PVRINOX) Q4 08/09 earnings summary

Executive summary

• FY09 consolidated revenue increased to Rs 3,637,143,022 from Rs 2,722,978,687, while net profit fell to Rs 83,344,291 from Rs 216,247,942.

• Lower film footfalls and fewer successful releases pressured exhibition results; growth in distribution and new cinema openings supported revenue.

• Expansion continued through new screens, film production and distribution, and the launch of the bluO bowling business.

Financial highlights

• Consolidated operating income was Rs 3,521,097,187 versus Rs 2,659,338,113; total income was Rs 3,637,143,022 versus Rs 2,722,978,687.

• Consolidated EBITDA was Rs 588,390,161 versus Rs 552,358,395; PBT was Rs 109,525,986 versus Rs 330,386,748.

• Consolidated net profit was Rs 83,344,291 versus Rs 216,247,942; standalone net profit was Rs 126,516,928 versus Rs 210,657,663.

• Standalone income rose to Rs 2,787,071,276 from Rs 2,446,994,452; EBITDA was Rs 502,139,451 versus Rs 537,843,447.

Outlook and guidance

• Plans called for 42 additional screens in FY10; elsewhere, more than 60 screens were expected to open over the next 12 months.

• FY10 outlook was positive, with management expecting to recover the Q1 revenue shortfall during the remaining nine months, barring unforeseen circumstances.

• bluO expansion was planned to reach about 250 bowling lanes across 14 cities within three years.

• PVR Pictures aimed to become one of India’s top five production houses within three years.