PVR Ltd

About [ edit ]

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 #

Key Points [ edit ]
  • Market Cap 8,929 Cr.
  • Current Price 1,470
  • High / Low 1,753 / 705
  • Stock P/E
  • Book Value 226
  • Dividend Yield 0.27 %
  • ROCE 20.4 %
  • ROE 1.60 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 29.22%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding is low: 17.07%
  • Company has a low return on equity of 8.88% for last 3 years.
  • Earnings include an other income of Rs.404.19 Cr.
  • Promoter holding has decreased over last 3 years: -3.18%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
585 696 709 843 838 880 973 916 645 13 40 45
491 559 585 679 678 602 655 609 473 129 125 124
Operating Profit 94 137 124 164 160 278 318 307 173 -116 -85 -78
OPM % 16% 20% 17% 19% 19% 32% 33% 34% 27% -914% -209% -172%
Other Income 8 4 6 14 9 7 6 8 17 43 70 275
Interest 21 21 30 38 40 131 111 122 117 124 123 127
Depreciation 39 40 45 51 55 126 140 135 142 145 142 142
Profit before tax 41 80 55 89 74 28 73 58 -70 -342 -279 -73
Tax % 37% 35% 36% 38% 36% 37% 35% 38% -6% 34% 34% 33%
Net Profit 26 52 35 52 46 18 48 36 -74 -226 -184 -49
EPS in Rs 5.22 10.39 7.07 10.28 9.25 3.49 9.21 6.58 -13.49 -40.87 -31.02 -8.28
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
352 334 459 518 806 1,348 1,477 1,850 2,119 2,334 3,086 3,414 744
302 297 371 444 692 1,152 1,279 1,568 1,805 1,934 2,500 2,338 850
Operating Profit 50 37 89 74 114 196 198 282 315 401 585 1,076 -106
OPM % 14% 11% 19% 14% 14% 15% 13% 15% 15% 17% 19% 32% -14%
Other Income 11 9 11 12 10 30 9 63 57 31 33 38 404
Interest 14 18 16 18 37 80 78 84 81 84 128 482 491
Depreciation 35 27 67 36 56 94 117 115 138 154 191 542 571
Profit before tax 11 1 16 31 32 52 12 145 153 194 299 90 -764
Tax % 24% -16% 98% 18% -39% 4% 7% 32% 37% 36% 37% 70%
Net Profit 9 1 8 25 44 56 13 98 96 125 190 27 -533
EPS in Rs 3.53 0.49 2.80 9.08 10.47 12.71 2.86 19.58 19.08 24.84 37.81 4.95 -93.66
Dividend Payout % 26% 190% 33% 61% 9% 18% 33% 10% 10% 8% 5% 75%
Compounded Sales Growth
10 Years:26%
5 Years:18%
3 Years:17%
TTM:-79%
Compounded Profit Growth
10 Years:36%
5 Years:9%
3 Years:-38%
TTM:-460%
Stock Price CAGR
10 Years:30%
5 Years:16%
3 Years:6%
1 Year:-10%
Return on Equity
10 Years:9%
5 Years:10%
3 Years:9%
Last Year:2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
23 26 27 26 40 41 42 47 47 47 47 51 55
Reserves 246 283 314 253 603 358 368 835 918 1,029 1,449 1,429 1,314
Borrowings 147 180 162 203 657 613 747 660 820 831 1,282 1,295 4,900
140 136 153 130 287 340 273 356 440 442 1,062 4,653 1,061
Total Liabilities 556 625 656 613 1,586 1,352 1,429 1,897 2,225 2,348 3,840 7,428 7,330
315 299 368 273 996 820 860 1,000 1,509 1,590 2,742 5,886 5,648
CWIP 10 88 58 88 145 107 80 76 106 102 221 155 209
Investments 115 107 1 1 38 24 2 2 2 21 11 2 2
116 132 230 252 407 402 486 820 609 636 866 1,385 1,472
Total Assets 556 625 656 613 1,586 1,352 1,429 1,897 2,225 2,348 3,840 7,428 7,330

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
41 29 65 49 119 230 155 354 320 446 830 787
-151 -84 45 -103 -805 -118 -205 -331 -632 -363 -1,006 -390
100 56 -41 0 729 -122 49 217 60 -66 142 -211
Net Cash Flow -9 2 69 -54 43 -10 -1 240 -252 18 -34 186

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 7% 4% 6% 9% 8% 11% 9% 17% 14% 15% 18% 20%
Debtor Days 19 16 24 19 19 14 19 18 18 24 22 20
Inventory Turnover 14.20 11.22 27.49 9.44 5.59 9.03 18.85 14.97 14.20 15.87 16.75 15.38

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
19.93 20.25 20.25 20.25 20.25 20.24 19.57 18.44 18.54 18.56 18.79 18.79
43.81 40.93 39.47 40.04 42.04 44.92 42.50 42.94 38.35 36.99 34.60 38.50
25.89 29.22 30.24 29.97 28.30 25.58 26.59 30.05 34.69 29.80 30.05 26.61
10.37 9.60 10.04 9.74 9.40 9.26 11.35 8.57 8.42 14.65 16.56 16.10

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