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PVR faces Rs 289.12 cr losses in fourth quarter; revenue 'severely impacted' by coronavirus shutdown, says multiplex chain

PVR faces Rs 289.12 cr losses in fourth quarter; revenue 'severely impacted' by coronavirus shutdown, says multiplex chain
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PVR faces Rs 289.12 cr losses in fourth quarter; revenue 'severely impacted' by coronavirus shutdown, says multiplex chain

Multiplex operator PVR Ltd on Wednesday reported a consolidated fetch lack of Rs 289.12 crore inside the quarter ended on 31 March as a result of the agency endured to be impacted by the COVID-19 pandemic.

The agency had posted a fetch lack of Rs 74.49 crore inside the an identical quarter of ultimate fiscal. Whole earnings at some stage inside the interval under evaluation stood at Rs 263.26 crore in opposition to Rs 661.78 crore inside the corresponding quarter a yr inside the previous, PVR acknowledged in a regulatory submitting.

PVR acknowledged outcomes for the quarter and yr ended 31 March should now not related with outcomes for the quarter and yr ended 31 March, 2020, as a result of the operations have been severely impacted due to COVID-19 ended in lockdowns, staggered re-openings, social distancing necessities, restricted scream spin in conjunction with the amble and low person self perception.

“FY 2020-21 turned a few of the hardest years for the multiplex alternate and the agency turned able to effectively navigate the challenges on memoir of COVID-19 via a steady look after reducing mounted payments and conserving satisfactory liquidity on the stability sheet,” it added.

PVR acknowledged though there have been no well-known Bollywood or Hollywood film releases in This autumn FY 21, the Southern film alternate which noticed unique film releases confirmed a precise restoration. With the resurgence of the second wave of COVID-19 since April 2021 and the next shutdown of cinemas, the agency acknowledged it has all however once more began taking all obligatory measures to web web page up its payments and protect liquidity.

PVR Chairman-cum-Managing Director Ajay Bijli acknowledged the agency believes its business will bounce inspire stronger than ever as soon as issues provoke to normalise inside the face of mass vaccinations which are being rolled out. As of date, no cinemas are operational due to lockdowns carried out by direct governments Shares of PVR Ltd have been procuring and promoting 0.09 per cent higher at Rs 1,308.90 apiece on BSE.

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