Share price of PVR fell up to 4.57% to Rs 1,106 against previous close of Rs 1159.50 on BSE. PVR share opened 2.67% lower at Rs 1128.20 on BSE
PVR share price fell in early trade today after the multiplex operator posted a net loss of Rs 74.61 crore for the fourth quarter ended March 2020 after COVID-19 pandemic affected film exhibition business. Share price of PVR fell up to 4.57% to Rs 1,106 against previous close of Rs 1159.50 on BSE. PVR share opened 2.67% lower at Rs 1128.20 on BSE.
At 9:53 am, the share was trading 3.02% or Rs 35 lower at Rs 1124.50. PVR said from March 11, the company started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of its cinemas across the country were shut down. This impacted the performance of the firm in Q4. Movie halls remain closed till date amid rising number of coronavirus cases across the country.
Total 0.83 lakh shares changed hands amounting to turnover of Rs 9.43 crore. The midcap stock has lost 9% in the last 2 days. The stock is trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. The midcap share has lost 40.66 % since the beginning of the year and fallen 35.74% during last one year.
In a week, the share has gained 16%. The share hit 52-week high of Rs 2,121 on February 20, 2020 and 52 week low of Rs 719.50 on May 19, 2020.
The stock has gained 61% from its 52 week low till date. On Monday, the stock closed 6.60 % lower at Rs 1159.50 ahead of the earnings announcement. In Q4 of 2018-19, the firm reported a net profit of Rs 46.75 crore in the January-March quarter a year ago.
Revenue from operations in Q4 stood at Rs 645.13 crore compared to Rs 837.63 crore in the corresponding quarter a year ago. PVR booked a one-time write off of perishable inventory of Rs 1.83 crore in March 2020 due to spoilage due to closure of movie halls after COVID-19.
For the 2019-20 fiscal, PVR’s net profit stood at Rs 26.85 crore against Rs 189.40 crore in 2018-19. Revenue from operations in FY20 stood at Rs 3,414.44 crore against Rs 3,085.56 crore in FY19.
The board of the firm has given nod to raise Rs 300 crore through rights issue.
PVR said its results for year ended March 31, 2020, are not comparable with year ended March 31, 2019, ‘on account of acquisition of SPI Cinemas’. Currently, PVR operates 845 screens in 176 properties across 71 cities.
Source: Business Today
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