PVR INOX (PVRINOX) Q4 15/16 earnings summary

Executive summary

• FY16 marked record expansion and earnings growth, supported by higher admissions, stronger box office and F&B sales, new premium formats, and digital ticketing.

• Added 52 screens across 8 new properties; the network reached 552 screens, with a target of 1,000 screens by 2020.

Financial highlights

• Consolidated revenue was ₹1,897.09 crore, up 27.66% YoY; EBITDA was ₹351.53 crore versus ₹207.50 crore, and PAT was ₹118.73 crore versus ₹12.76 crore.

• Consolidated basic/diluted EPS was ₹26.36/₹26.34 versus ₹3.09/₹3.09 in FY15; headline YoY growth was 752% for EPS and 925% for PAT.

• Admissions rose 18% to 69.6 million; net box office revenue grew 23%, F&B sales grew 34%, and sponsorship income increased 22%.

Outlook and guidance

• FY17 screen additions targeted at 65–70, with a longer-term goal of 1,000 screens by 2020; organic additions expected to drive the next growth phase.

• FY17 Q1 box office was strong, and a promising movie pipeline was expected to sustain momentum; DT Cinemas synergies targeted over the next 6–12 months.

• The outlook anticipated continued growth, subject to unforeseen circumstances, supported by circuit expansion and customer-service focus.