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Shares of multiplex chain operator PVR Ltd fell as much as 4.6 per cent intraday after it reported a loss in the March quarter as the film exhibition business was impacted because of covid-19 pandemic and the subsequent lockdown.
At 12:50 pm, the PVR stock was at Rs 1124 down 3.06 per cent from its previous close, while the benchmark index, Sensex gained 0.35 per cent to 34491.96.
PVR reported a net loss of Rs 74.61 crore for the March quarter compared to a net profit of Rs 46.75 crore in the year ago period. Revenue from operations during the quarter stood at Rs 645.13 crore against Rs 837.63 crore in the corresponding quarter a year ago. The company said its results for year ended March 31 were not comparable year-on-year on account of acquisition of SPI Cinemas.
Beginning March 11, 2020, the company started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down. PVR said in a statement.
Since the beginning of the calendar year, shares of PVR have fallen 40.67 per cent compared to a 15.92 per cent decline in the benchmark index. But since 18 May, PVR shares have risen 51 per cent compared 16 per cent rise in the benchmark index. For April and May, when there was complete lockdown, the shares of PVR fell 14.52 per cent and 10.79 respectively. The benchmark index, rose 14.42 per cent in April and fell 3.84 per cent in May.
In a filing to the exchanges on Monday, PVR sthe board on Monday has approved to raise Rs 300 crore through rights issue. Cinemas are in the third phase of the Central government’s guidelines for reopening of lockdowns. The dates of the third phase would be decided after assessment of the situation.
