PVR INOX (PVRINOX) Q4 10/11 earnings summary

Executive summary

• FY 2010-11 consolidated revenue was Rs 4,572.9m and EBITDA Rs 969.1m; net profit after minority interest was Rs 81.8m.

• Q4 performance was affected by the Cricket World Cup and a lack of blockbuster releases; full-year growth was supported by higher ticket and food-and-beverage realizations.

Financial highlights

• Consolidated operating income rose to Rs 4,572.9m from Rs 3,341.3m; total income was Rs 4,688.9m versus Rs 3,439.0m.

• Consolidated EBITDA was Rs 969.1m versus Rs 674.1m; depreciation and amortisation was Rs 440.1m versus Rs 274.4m.

• Consolidated net profit was Rs 81.8m versus Rs 13.5m; standalone PAT was Rs 163.4m versus Rs 2.6m.

• Consolidated basic/diluted EPS was Rs 3.02/Rs 3.01, versus Rs 0.57/Rs 0.57; standalone basic/diluted EPS was Rs 6.03/Rs 6.01.

Outlook and guidance

• FY 2011-12 outlook was positive, with continued growth expected subject to unforeseen circumstances.

• Planned addition of 70-80 screens in FY 2011-12; 75-80 screens were covered by signed agreements or MOUs.

• Expected 25-30 3D film releases in FY 2011-12; IMAX systems planned at four locations, with the first two targeted within 12 months.