The merger saw a 17 percent increase in its footfalls (YoY). This year PVR and Cinemax together saw 15 million people coming in vis a vis 13 million last year.
In an interview to CNBC-TV18, Ajay Bijli, chairman and managing director, PVR says the location of theatres is key to success in the entertainment business. Bijli says the company is in sync with the right locations and hence has very good lease rentals.
"That is the big thing about PVR it is not just about movies, it is also about where the consumption of movies is happening and where you build the cinemas in the right locations. So, that is what we are very bullish about and very excited about," adds Bijli in an interview to CNBC-TV18.
Below is the edited transcript of Bijli's interview to CNBC-TV18.
Q: We haven't had a chance to fully go through your numbers. So, to begin with can you take us through the highlights of this quarter?
A: The consolidated revenues are Rs 337 crore this quarter as opposed to Rs 180 crore. We have grown by about 87 percent this quarter compared to last quarter because this also reflects the Cinemax numbers 93 percent owned by the company now.
Our EBITDA for the quarter is Rs 61.4 crore as opposed to Rs 34.6 crore in the same period last quarter last year, which is up by 78 percent. Our PAT is about Rs 14 crore compared to Rs 7.8 crore, which is up by about 79 percent.
Q: Could you give us what the comparable numbers look like for PVR and also tell us what Cinemax did as a standalone entity and how much its contribution was? On an individual basis so we understand how PVR has performed on a like to like basis and what the contribution of Cinemax was to all these consolidated numbers.
A: The merger is going to happen very shortly, we look at it as a one combined company. PVR last year same period was Rs 144 crore revenues. Now it is Rs 209 crore which is up by 45 percent.
Cinemax was Rs 97 crore earlier and just now it is Rs 108 crore, which is 12 percent up. So, the combined is about Rs 337 crore which is up by about 45 percent.
Q: Could you also take us through what is the kind of rise that you have seen in terms of footfalls etc post the addition of Cinemax? Also if it is possible to break it up?
A: Footfalls total for PVR and Cinemax last year was 13 million people. This time it is 15 million people in the same period which is up by 17 percent. PVR was last year 7.5 million now it is 9.6 million. Cinemax was 5.4 million now it is 5.5 million.
So, the number of footfalls have increased overall on a17 percent basis.
Q: What is going to be the growth for the consolidated entity for the full year? What is the expectation?
A: We are at 383 screens with 89 properties in 36 cities now. We will end the year with 437 screens, 103 properties. So, we are looking at an overall growth of about 30 percent.
Q: You started some new cinema halls etc, what are your expansion plans and also what are the new releases lined-up that you guys are looking out for?
A: We have already added 35 screens this quarter and as I said, our numbers stand at 383 screens. We will go to about 437 screens in 103 properties.
Movie flow is very good. Even though in the first quarter there was only one big release but even the smaller films ended up doing very well because the appetite to go and watch films on the big screen has come back after the IPL.
This quarter itself all the big hits are coming. For example, Chennai Express, Once Upon a Time in Mumbai, Krrish 3, Dhoom 3. So, big films are coming this year. It looks like a good flow of content which is one leg of our business. The other is where we build our cinemas the locations. So, locations are all coming up in very good malls, in various parts of the country.
Our lease rentals are very good. So, that is the big thing about PVR it is not just about movies, it is also about where the consumption of movies is happening and where you build the cinemas in the right locations. So, that is what we are very bullish about and very excited about.
Q: Will the average ticket price go up from hereon?
A: It has gone up 10 percent. We are playing with a very flexi pricing that we do. From Monday to Thursday we have one price band, then Friday we have one price band and then Saturday, Sunday which is the peak time it is another price band.
Overall, there has been reduction in pricing and increase in pricing and the cumulative impact is 10 percent overall growth. Our food and beverage (F&B) has been a very important contributor. Our F&B part has grown by 87 percent. Our sponsorship revenues as well have grown by about 60 percent in the first quarter.
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