PVR posts 6-fold jump in net profit

Film exhibitor and distributor PVR Ltd posted over six-fold jump in consolidated net profit at Rs 8.18 crore for the year ended March 31.

Film exhibitor and distributor PVR Ltd today posted over six-fold jump in consolidated net profit at Rs 8.18 crore for the year ended March 31,as compared to the previous fiscal.

The company had registered a consolidated net profit of Rs 1.35 crore for the financial year 2009-10,PVR said in a filing to the Bombay Stock Exchange.

Total income for FY11 increased by 36.22 per cent to Rs 461.19 crore from Rs 338.55 crore during FY10.

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The movie exhibition business revenue stood at Rs 380.60 crore during the fiscal under review,while production and distribution accounted for Rs 74.89 crore.

The Board of Directors has recommended payment of final dividend of Re one per share,subject to the approval at the Annual General Meeting on August 8,2011.

The Board has also approved a buy back exercise from the open market that would not exceed a total outgo of Rs 26.22 crore,it added.

The buy back is at a price not exceeding Rs 140 per share payable in cash for an aggregate amount not exceeding Rs 26.22 crore i.e. 10 per cent of paid up share capital and free reserves, PVR said.

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Earlier,PVR Ltd Group President and CEO Pramod Arora had said the reasons for the the buyback was that the company thinks the stock is underpriced and second the buy back will help the earnings per share. PVR shares closed at Rs 100.05 a piece,up 0.86 per cent from its previous close on the BSE.