PVR Ltd

About

PVR Limited (PVR) is India’s largest and most premium film exhibition Company. It pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at New Delhi and continue to lead the market with relentless focus on innovation and operational excellence to democratise big‑screen movie experience.

It currently operates a cinema network of 845 screens with over 1.8 Lakh seats, across 176 properties in 71 cities in India and Sri Lanka, delighting over 10 Crore patrons annually [1]

Key Points

Revenue Breakup
The company earns about 52% of revenues from the sale of movie tickets. It also earns revenues from other activities like sale of food & beverages contributed 28% to its revenues, followed by advertisement income (11%), Convenience fees (5%) & distribution business (4%) [1]

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  • Market Cap 8,359 Cr.
  • Current Price 1,372
  • High / Low 1,839 / 961
  • Stock P/E
  • Book Value 241
  • Dividend Yield 0.00 %
  • ROCE -6.73 %
  • ROE -45.7 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.69 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -31.45% over past five years.
  • Promoter holding is low: 17.04%
  • Company has a low return on equity of -12.19% for last 3 years.
  • Earnings include an other income of Rs.544.58 Cr.
  • Debtor days have increased from 27.32 to 40.01 days.
  • Promoter holding has decreased over last 3 years: -3.21%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
843 838 880 973 916 645 13 40 45 181 59 120
679 678 602 655 609 473 129 125 124 238 150 188
Operating Profit 164 160 278 318 307 173 -116 -85 -78 -57 -91 -68
OPM % 19% 19% 32% 33% 34% 27% -914% -209% -172% -31% -153% -57%
Other Income 14 9 7 6 8 17 43 70 275 82 33 155
Interest 38 40 131 111 122 117 124 123 127 124 124 124
Depreciation 51 55 126 140 135 142 145 142 142 146 143 149
Profit before tax 89 74 28 73 58 -70 -342 -279 -73 -245 -325 -185
Tax % 38% 36% 37% 35% 38% -6% 34% 34% 33% -18% 32% 17%
Net Profit 52 46 18 48 36 -74 -226 -184 -49 -289 -219 -153
EPS in Rs 10.28 9.25 3.49 9.21 6.58 -13.49 -40.87 -31.02 -8.28 -47.58 -36.11 -25.17

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
334 459 518 806 1,348 1,477 1,850 2,119 2,334 3,086 3,414 280 407
297 370 441 688 1,133 1,271 1,551 1,799 1,933 2,499 2,338 616 700
Operating Profit 37 90 76 119 215 206 299 320 401 587 1,076 -336 -294
OPM % 11% 20% 15% 15% 16% 14% 16% 15% 17% 19% 32% -120% -72%
Other Income 9 10 10 6 11 2 45 52 30 32 38 469 545
Interest 18 16 18 37 80 78 84 81 84 128 482 498 498
Depreciation 27 67 36 56 94 117 115 138 154 191 542 575 580
Profit before tax 1 16 31 32 52 12 145 153 194 299 90 -939 -828
Tax % -16% 98% 18% -39% 4% 7% 32% 37% 36% 37% 70% 20%
Net Profit 1 8 25 44 56 13 98 96 125 190 27 -748 -711
EPS in Rs 0.49 2.80 9.08 10.47 12.71 2.86 19.58 19.08 24.84 37.81 4.95 -123.07 -117.14
Dividend Payout % 190% 33% 61% 9% 18% 33% 10% 10% 8% 5% 75% 0%
Compounded Sales Growth
10 Years: -5%
5 Years: -31%
3 Years: -51%
TTM: -75%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -59%
Stock Price CAGR
10 Years: 26%
5 Years: 4%
3 Years: -1%
1 Year: 5%
Return on Equity
10 Years: -1%
5 Years: -5%
3 Years: -12%
Last Year: -46%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
26 27 26 40 41 42 47 47 47 47 51 61 61
Reserves 283 314 253 603 358 368 835 918 1,029 1,449 1,429 1,773 1,408
Borrowings 180 162 203 657 613 747 660 820 831 1,282 5,066 5,003 5,232
136 153 130 287 340 273 356 440 442 1,062 881 665 691
Total Liabilities 625 656 613 1,586 1,352 1,429 1,897 2,225 2,348 3,840 7,428 7,502 7,391
299 368 273 996 820 860 1,000 1,509 1,590 2,742 5,886 5,475 5,337
CWIP 88 58 88 145 107 80 76 106 102 221 155 217 158
Investments 107 1 1 38 24 2 2 2 21 11 2 1 1
132 230 252 407 402 486 820 609 636 866 1,385 1,808 1,896
Total Assets 625 656 613 1,586 1,352 1,429 1,897 2,225 2,348 3,840 7,428 7,502 7,391

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
29 65 49 119 230 155 354 320 446 830 787 -413
-84 45 -103 -805 -118 -205 -331 -632 -363 -1,006 -390 -289
56 -41 0 729 -122 49 217 60 -66 142 -211 1,075
Net Cash Flow 2 69 -54 43 -10 -1 240 -252 18 -34 186 374

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 16 24 19 19 14 19 18 18 24 22 20 40
Inventory Days 65 19 84 43 60 50 45 46 42 354
Days Payable 718 109 530 520 502 515 576 562 432 2,879
Cash Conversion Cycle -638 -66 -426 19 14 -458 -424 -448 -506 -494 -370 -2,485
Working Capital Days 57 5 -28 -44 -44 -23 -24 -25 -26 -51 -30 -322
ROCE % 4% 6% 9% 8% 11% 9% 17% 14% 15% 18% 12% -7%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
20.25 20.25 20.24 19.57 18.44 18.54 18.56 18.79 18.79 17.06 17.06 17.04
40.04 42.04 44.92 42.50 42.94 38.35 36.99 34.60 38.50 42.60 38.19 37.83
29.97 28.30 25.58 26.59 30.05 34.69 29.80 30.05 26.61 24.50 26.39 26.00
9.74 9.40 9.26 11.35 8.57 8.42 14.65 16.56 16.10 15.84 18.36 19.13

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