PVR Ltd

₹ 1,866 2.43%
25 Nov - close price
pvrcinemas.com BSE: 532689 NSE : PVR
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 854 screens across 74 cities and 173 cinemas with ~1.8 lakh seats. [1]

Key Points

Revenue Breakup (FY22)
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 30% to its revenues, followed by advertisement income (6%), Convenience fees (6%) & other business (6%) [1]

Website BSE NSE
  • Market Cap ₹ 11,415 Cr.
  • Current Price ₹ 1,866
  • High / Low ₹ 2,215 / 1,224
  • Stock P/E
  • Book Value ₹ 226
  • Dividend Yield 0.00 %
  • ROCE -3.00 %
  • ROE -31.6 %
  • Face Value ₹ 10.0
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Pros

  • Debtor days have improved from 26.5 to 19.4 days.

Cons

  • Stock is trading at 8.27 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -8.88% over past five years.
  • Promoter holding is low: 17.0%
  • Company has a low return on equity of -26.1% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Entertainment Industry: Entertainment / Electronic Media Software

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
973 916 645 13 40 45 181 59 120 614 537 981 687
655 609 473 129 125 124 238 150 188 449 437 640 533
Operating Profit 318 307 173 -116 -85 -78 -57 -91 -68 165 100 342 154
OPM % 33% 34% 27% -914% -209% -172% -31% -153% -57% 27% 19% 35% 22%
6 8 17 43 70 275 82 33 155 96 43 21 16
Interest 111 122 117 124 123 127 124 124 124 126 125 128 128
Depreciation 140 135 142 145 142 142 146 143 149 154 169 149 153
Profit before tax 73 58 -70 -342 -279 -73 -245 -325 -185 -19 -152 85 -110
Tax % 35% 38% -6% 34% 34% 33% -18% 32% 17% 47% 30% 38% 35%
Net Profit 48 36 -75 -226 -184 -49 -289 -220 -153 -10 -105 53 -71
EPS in Rs 9.21 6.58 -13.49 -40.87 -31.02 -8.28 -47.58 -36.11 -25.17 -1.67 -17.29 8.74 -11.65
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
459 518 806 1,348 1,477 1,850 2,119 2,334 3,086 3,414 280 1,331 2,819
370 441 688 1,133 1,271 1,551 1,799 1,933 2,499 2,338 616 1,225 2,059
Operating Profit 90 76 119 215 206 299 320 401 587 1,076 -336 106 760
OPM % 20% 15% 15% 16% 14% 16% 15% 17% 19% 32% -120% 8% 27%
10 10 6 11 2 45 52 30 32 38 469 326 175
Interest 16 18 37 80 78 84 81 84 128 482 498 498 507
Depreciation 67 36 56 94 117 115 138 154 191 542 575 614 625
Profit before tax 16 31 32 52 12 145 153 194 299 90 -939 -681 -196
Tax % 98% 18% -39% 4% 7% 32% 37% 36% 37% 70% 20% 28%
Net Profit 0 25 44 50 12 99 96 124 189 27 -748 -489 -134
EPS in Rs 2.80 9.08 10.47 12.71 2.86 19.58 19.08 24.84 37.81 4.95 -123.07 -80.04 -21.87
Dividend Payout % 33% 61% 9% 18% 33% 10% 10% 8% 5% 75% 0% 0%
Compounded Sales Growth
10 Years: 10%
5 Years: -9%
3 Years: -24%
TTM: 593%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 81%
Stock Price CAGR
10 Years: 23%
5 Years: 8%
3 Years: 2%
1 Year: 34%
Return on Equity
10 Years: -6%
5 Years: -13%
3 Years: -26%
Last Year: -32%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
27 26 40 41 42 47 47 47 47 51 61 61 61
Reserves 314 253 603 358 368 835 918 1,029 1,449 1,429 1,773 1,309 1,318
162 203 657 613 747 660 820 831 1,282 5,066 5,003 5,196 5,291
153 130 287 340 273 356 440 442 1,062 881 665 758 646
Total Liabilities 656 613 1,586 1,352 1,429 1,897 2,225 2,348 3,840 7,428 7,502 7,323 7,316
368 273 996 820 860 1,000 1,509 1,590 2,742 5,886 5,475 5,407 5,360
CWIP 58 88 145 107 80 76 106 102 221 155 217 64 104
Investments 1 1 38 24 2 2 2 21 11 2 1 0 0
230 252 407 402 486 820 609 636 866 1,385 1,808 1,851 1,852
Total Assets 656 613 1,586 1,352 1,429 1,897 2,225 2,348 3,840 7,428 7,502 7,323 7,316

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
65 49 119 230 155 354 320 446 830 787 -413 167
45 -103 -805 -118 -205 -331 -632 -363 -1,006 -390 -289 -3
-41 0 729 -122 49 217 60 -66 142 -211 1,075 -217
Net Cash Flow 69 -54 43 -10 -1 240 -252 18 -34 186 374 -53

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 24 19 19 14 19 18 18 24 22 20 40 19
Inventory Days 19 84 43 60 50 45 46 42 354 112
Days Payable 109 530 520 502 515 576 562 432 2,879 983
Cash Conversion Cycle -66 -426 19 14 -458 -424 -448 -506 -494 -370 -2,485 -851
Working Capital Days -18 -49 -69 -72 -43 -41 -40 -53 -72 -50 -649 -222
ROCE % 6% 9% 8% 11% 9% 17% 14% 15% 18% 12% -7% -3%

Shareholding Pattern

Numbers in percentages

14 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
18.44 18.54 18.56 18.79 18.79 17.06 17.06 17.04 17.02 17.01 16.99 16.97
42.94 38.35 36.99 34.60 38.50 42.60 38.19 37.83 31.91 33.31 36.56 36.40
30.05 34.69 29.80 30.05 26.61 24.50 26.39 26.00 28.28 27.45 26.19 27.02
8.57 8.42 14.65 16.56 16.10 15.84 18.36 19.13 22.79 22.23 20.26 19.61

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