Shares of PVR Ltd gained almost 5% today after the multiplex operator reported a profit of Rs 68 crore in the first quarter compared to a loss of Rs 142 crore in the corresponding quarter last year. The company said the first quarter was the best in PVR’s history in terms of highest quarterly revenue, EBITDA and PAT.
Shares of PVR gained after three days of straight declines. The stock hit an intraday high of Rs 1,977, rising 4.88% to Rs 1,977 from the previous close of Rs 1,884.95 on BSE.
PVR shares are trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock gained 48.76% in one year and rose 49% in 2022. In one month, the stock climbed 8.48%.
A total of 0.41 lakh of the company’s shares changed hands, representing a turnover of Rs 7.88 crore on BSE. The company’s market capitalization has risen to Rs 11,774 crore. The stock hit a 52-week high of Rs 2,010.35 on March 28, 2022 and a 52-week low of Rs 1,224.70 on December 20, 2021.
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The company reported a 1,308% increase in revenue to Rs 1,000 crore in the June quarter from Rs 71 crore in revenue in the corresponding period last year. Earnings before interest, tax, depreciation and amortization (EBITDA) soared to Rs 208 crore in the first quarter from a loss of Rs 110 crore in the June quarter last year.
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“The company has restarted its investment plans significantly and is on track to open a total of 125 new screens in FY23. We have opened 14 screens at 3 properties to date. About a third new screen additions in this fiscal year will be in Tier 2 and Tier 3 cities. The company plans to enter 9 new cities during the year,” PVR Ltd said in an exchange communication.
Ajay Bijli, Chairman and CEO of PVR, said, “The results for this quarter reflect the strength of the domestic film industry we have in India and consumers’ unsatisfied appetite for watching movies on the big screen. one of the fastest to recover compared to other international markets. The lineup of content for the coming year looks very promising and we hope it will be a very strong year at the box office for Indian exhibitors.