I N V E S T O R U P D A T E

Q 1 , F Y 2 0 1 6 - 2 0 1 7

1

2

Safe Harbor: - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. Such statements generally are identified by forward-looking words such as “believe”, “plan”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will” or other similar words. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We have chosen these assumptions or bases in good faith, and we believe that they are reasonable in all material respects. However, we caution you that forward-looking statements’ and assumed facts or basis almost always vary from actual results, and the differences between the results implied by the forward-looking statements and assumed facts or bases and actual results can be material, depending on the circumstances. You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as of the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this report after the date hereof. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in multiplex business due to the entry of new players, including those factors which may affect our cost advantage, lack of good quality content, onset of new technologies such as DTH, IPTV and increasing penetration of Home-video, which may impact overall industry growth, wage increases in India, real estate costs increases, delay or failure In handover of properties from real estate developers, the success of our subsidiary companies, withdrawal of entertainment tax exemption granted by government and general economic conditions affecting our industry. In light of these risks and uncertainties, any forward-looking statement made in this report or elsewhere may or may not occur and has to be understood and read along with this disclaimer. Others: In this report, the terms “we”, “us”, “our”, “PVR”, “PVRL” or “the Company”, unless otherwise implies, refer to PVR Limited (“PVR Limited”) and its subsidiaries, PVR Pictures Limited, PVR Leisure Limited, Zea Maize Pvt Ltd.

D IS C L AIM ER

S. No. Particulars Slide No.

1 Key Numbers 4

2 Screen Portfolio 5

3 Consolidated Results 6

4 Ind AS and IGAAP Reconciliation 7-8

5 Standalone Results 9

6 Revenue Analysis 10-12

7 Expenditure Analysis 13

8 Property Openings 14

9 Content Pipeline 15-21

3

4

Admits Lacs

207 +9%

vs 190

Revenue1

Lacs

57,658 +18%

vs 48,853

EBITDA1

Lacs

12,299 +9%

vs 11,318

EBITDA Margin

21.3% -1.9%

vs 23.2%

PAT Lacs

4,317 -2%

vs 4,391

[1] Revenue and EBITDA include other income

5

52

5

44

19

120

West East North South Total

Properties

217

18

191 125

551

West East North South Total

Screens

53,835

4,790

41,436

26,316

126,377

West East North South Total

Seats

551

36 54

Total Screens Partial Exempt Screen Full Exempt Screen

E Tax Exempt Screens

7%

10%

39%

3%

35%

23%

43%

4%

37%

16%

43%

4%

33%

21%

6

Particulars (Rs Lacs) Q1, FY16-17 Q1, FY15-16 Growth Q1, FY15-16 Change

IND AS IND AS (A) IGAAP (B) (A) - (B)

Income 57,024 48,601 17% 48,601 Expenses 45,359 37,535 21% 37,357 178 Operating Profit 11,665 11,066 5% 11,245 (178)

Operating Margin 20.5% 22.8% -2.3% 23.1% -0.4%

Other Income 634 252 151% 82 170 EBITDA 12,299 11,318 9% 11,327 (9)

EBITDA Margin 21.3% 23.2% -1.9% 23.3% -0.1%

Depreciation 3,309 2,668 24% 2,920 (252) EBIT 8,990 8,650 4% 8,407 243

Finance Cost 1,924 2,179 -12% 2,179 PBT before Exceptional item 7,066 6,471 9% 6,228 243

Exceptional Item1 (258) (326) -21% (326) PBT after Exceptional item 6,808 6,145 11% 5,902 243

Tax 2,491 1,754 42% 57 1,697 PAT 4,317 4,391 -2% 5,845 (1,454)

[1] Exceptional items in financial results includes write-off of assets on discontinuance of operations at a property and expenses related to DT acquisition

With effect from 1st April, 2016 PVR has adopted new accounting standard “IND-AS”. The financial results summary for the period ended 30 June 2015 is prepared in accordance with IND-AS and Previous IGAAP. For better understanding, the change in respective heads are provided separately

7

Impact Item Impact under IND AS Impact under Previous IGAAP

Discounting of Security deposit

Security Deposits paid to the Developers is discounted to Present value & differential amount is recognized on Straight line basis as Rent Expense during the lease term. Further Interest Income is recognized on Present value using effective Interest rate method

Security deposits is not discounted under Previous IGAAP

Entertainment Tax Exemption

Entertainment tax exemption need to be disclosed under Other Income

Entertainment tax exemption is disclosed under “Income from sale of film tickets”

Proposed Dividend Proposed dividends to be recognized in the year when they are approved by shareholders in the Annual General Meeting

Proposed dividends is recognized as & when the Board recommends Dividend

Goodwill Amortization Goodwill needs to be tested for impairment instead of amortization

Goodwill is amortized over a period of 10 years

Employee Benefits (a) Actuarial Gains/(losses) on Defined Benefit plans are recognized in Other Comprehensive Income

(b) Employee stock option cost recognized on Fair value

(a) Actuarial Gains/(losses) on Defined Benefit plans are recognized in Statement of Profit & loss

(b) Employee stock option cost recognized on Intrinsic value

Business Combination Acquirer shall account for acquisition-related costs as expenses in the periods in which the costs are incurred

Acquirer can capitalise the acquisition-related costs in the periods which the costs are incurred

Income tax (including Deferred tax)

Deferred tax asset recognized on losses on account of reasonable certainty

Deferred tax asset is recognized only on virtual certainty

8

Particulars

Profit Reconciliation Reserve

Reconciliation

Quarter ended June 30, 2015

Quarter ended March 31, 2016

Year ended March 31, 2016

Year ended March 31, 2016

Net Profit as reported under Previous GAAP 5,805 (1,025) 11,873 82,277

Effects of transition to IND AS

Acturial Gain/(loss) on employee defined benefit plan 45 (17) (28)

Impact of discounting of Security deposit

- Rent expense (213) (296) (1,015) (3,975)

- Interest Income 170 261 846 2,974

Employee stock option Scheme measured at fair value (9) (3) (32)

Reversal of amortisation of Goodwill 251 251 1,008 1,008

Impact on account of Business combinations - (236) (490) (490)

Income tax (including deferred tax) (1,698) 449 (2,348) 535

Proposed dividend and tax thereon 1,124

Net Profit/(loss) for the Quarter/year ended under IND AS and Reserves

4,351 (616) 9,814 83,453

Other Comprehensive Income/(expense) (net of taxes) (30) 12 17

Total Comprehensive Income under IND AS as reported 4,321 (604) 9,831 83,453

9

Particulars (Rs Lacs) Q1, FY16-17 Q1, FY15-16 Growth

Income 53,628 46,217 16% Expense 42,335 35,785 18% Operating Profit 11,293 10,432 8%

Operating Margin 21.1% 22.6% -1.5%

Other Income 620 231 168% EBITDA 11,913 10,663 12%

EBITDA Margin 22.0% 23.0% -1.0%

Depreciation 2,841 2,261 26% EBIT 9,072 8,402 8%

Finance Cost 1,909 2,171 -12% PBT before Exceptional item 7,163 6,231 15%

Exceptional Item1 (258) (318) -19% PBT after Exceptional item 6,905 5,913 17%

Tax 2,438 2,037 20% PAT 4,467 3,876 15%

Location 120 105 14% Screens 551 467 18% Seats 126,377 110,524 14% Footfalls (Lacs) 207 190 9% Occupancy % 36.2% 38.3% -2.1% ATP (Rs) 195 183 7% SPH (Rs) 78 74 6% Sponsorship Income (Rs Lacs) 5,151 4,569 13%

[1] Exceptional items in financial results includes write-off of assets on discontinuance of operations at a property and expenses related to DT acquisition

30,559 26,665

14,751

12,979

5,151

4,569

3,786

2,235

Q1, FY16-17 Q1, FY15-16

Q1 (Rs Lacs)

Net Box Office Food & Beverages

Advertising Other Revenues

10

54,248

46,448

% Share Q1, FY16-17 Q1, FY15-16

Net Box Office 56.3% 57.4%

Food & Beverages 27.2% 27.9%

Advertising 9.5% 9.8%

Other Revenues1 7.0% 4.8%

[1] Other revenues include other income

11 [1] ATP includes 3D Glasses upcharge

30,536

26,665

Q1, FY16-17 Q1, FY15-16

Net Box Office (Rs Lacs)

174 173

207

190

Q1, FY16-17 Q1, FY15-16 Q1, FY16-17 Q1, FY15-16

Comparable Total

Admits (Lacs)

193

183

195

183

Q1, FY16-17 Q1, FY15-16 Q1, FY16-17 Q1, FY15-16

Comparable Total

Average Ticket Price (Rs)

15% 1%

9%

5% 7%

15% 14,751

12,979

Q1, FY16-17 Q1, FY15-16

Net F&B (Rs Lacs)

77

74

78

74

Q1, FY16-17 Q1, FY15-16 Q1, FY16-17 Q1, FY15-16

Comparable Total

Spend Per Head (Rs)

23.1%

24.9%

Q1, FY16-17 Q1, FY15-16

COGS

14% 4% 6%

-1.8%

12

4,399 4,121

5,151

4,569

Q1, FY16-17 Q1, FY15-16 Q1, FY16-17 Q1, FY15-16

Comparable Total

Q1 FY17 vs Q1 FY16 (Rs Lacs)

7% 13%

13

21.4% 20.6%

27.3% 26.0%

Q1, FY16-17 Q1, FY15-16

Entertainment Tax %

E. Tax as a % of Gross Box Office

E. Tax as a % of Net Box Office

7.3% 7.1%

11.3% 11.2%

3.5% 2.7%

16.3% 16.5%

9.4% 8.0%

Q1, FY16-17 Q1, FY15-16

Other Overheads (% of Total Income)

Other Expenses CAM & Electricity Repair & Maintenance

Rent Personnel Expenses

33.4% 34.1% 42.5% 42.9%

Q1, FY16-17 Q1, FY15-16

Film Hire %

Film Hire as a % of Gross Box Office

Film Hire as a % of Net Box Office

14

S. No Cinemas Screens Opening Date

1 PVR Singapore Mall, Lucknow 3 3-May-16

2 PVR Orion Mall Panvel 5 24-May-16

3 PVR Garuda Mall Mysore 4 Q2, FY16-17

4 PVR Grand Glada Chennai 5 Q2, FY16-17

5 PVR Dombivali Mumbai 6 Q2, FY16-17

6 PVR EVA Mall Vadodara 5 Q3, FY16-17

7 PVR Parsvnath Mall Moradabad 3 Q3, FY16-17

8 PVR ICC Pune 6 Q4, FY16-17

9 PVR GSRTC Ahmedabad 7 Q4, FY16-17

10 PVR Prima Mall Pimpri Pune 5 Q4, FY16-17

11 Ozone Galleria Ranchi 4 Q4, FY16-17

12 Vega Mall Bangalore 12 Q4, FY16-17

TOTAL FY 2016-17 65

PVR Singapore Mall, Lucknow 3rd May, 2016

PVR Orion Mall, Panvel 24th May, 2016

Content Pipeline

15

Jason Bourne (3D / Imax)

Cast: Alicia Vikander, Matt Damon, Julia Stiles Director: Paul Greengrass

05 AUG’ 16

Suicide Squad (3D / Imax)

05 AUG’ 16

Cast: Margot Robbie, Will Smith, Scott Eastwood Director: David Ayer

Rustom

Cast: Akshay Kumar Ileana D'Cruz Arjan Bajwa Esha Gupta Director: Tinu Suresh Desai

12 AUG’ 16

Mohenjo Daro

Cast: Sonakshi Sinha, Hrithik Roshan, Pooja Hegde Director: Ashutosh Gowarikar

12 AUG’ 16

Budhia Singh: Born to Run

Cast: Manoj Bajpayee, Mayur Mahendra Patole, Tillotama Shome Director: Soumendra Padhi

05 AUG’ 16

Happy Bhaag Jayegi

Cast: Abhay Deol Diana Penty Ali Fazal Director: Mudassar Aziz

19 AUG’ 16

Pete'S Dragon (3D)

Cast: Bryce Dallas Howard, Karl Urban, Robert Redford Director: David Lowery

19 AUG’ 16

War Dogs

Cast: Miles Teller, Bradley Cooper, Ana de Armas Director: Todd Phillips

19 AUG’ 16

A Flying Jatt

Cast: Tiger Shroff Nathan Jones Jacqueline Fernandez Director: Remo D'Souza

25 AUG’ 16

Mechanic: Resurrection

Cast: Jason Statham Jessica Alba Tommy Lee Jones Michelle Yeoh Director: Dennis Gansel

26 AUG’ 16

Southside with You

Cast: Tika Sumpter, Vanessa Bell Calloway, Parker Sawyers Director: Richard Tanne

26 AUG’ 16

Ben-Hur

26 AUG’ 16

Cast: Jack Huston Morgan Freeman Toby Kebbell Rodrigo Santoro Nazanin Boniadi Director: Timur Bekmambetov

Akira

Cast: Sonakshi Sinha, Konkona Sen Sharma, Urmila Mahanta, Director: A. R. Murugadossss

02 SEP’ 16

Skip Trace

Cast: Jackie Chan, Johnny Knoxville, Bingbing Fan Director: Renny Harlin

02 SEP’ 16

The Light Between Oceans

Cast: Alicia Vikander, Michael Fassbender, Rachel Weisz Director: Derek Cianfrance

02 SEP’ 16

Baar Baar Dekho

09 SEP’ 16

Cast: Sidharth Malhotra, Katrina Kaif, Ram Kapoor, Annu Kapoor Director: Nitya Mehra

Sully (Imax)

Cast: Tom Hanks, Aaron Echart, Laura Linney Director: Clint Eastwood

16 SEP’ 16

The Wild Life

09 SEP’ 16

Cast: Matthias Schweighöfer, Kaya Yanar, Ilka Bessin Director: Vincent Kesteloot, Ben Stassen

The Magnificent Seven (Imax)

Cast: Denzel Washington Chris Pratt Ethan Hawke Vincent D'Onofrio Byung-hun Lee Director: Antoine Fuqua

23 SEP’ 16

M.S. Dhoni: The Untold Story

30 SEP’ 16

Cast: Sushant Singh Rajput, Anupam Kher, Herry Tangri, Kiara Advani Director: Neeraj Pandey

Pink

16 SEP’ 16

Cast: Amitabh Bachchan, Taapsee Pannu, Kirti Kulhari, Andrea Tariang Director: Aniruddha Roy Chowdhury

Banjo

Cast: Riteish Deshmukh, Nargis Fakhri Director: Ravi Jadhav

23 SEP’ 16

Manmarziyan

23 SEP’ 16

Cast: Bhumi Pednekar, Ayushmann Khuranna Director: Sameer Sharma

Raaz Reboot

Cast: Emraan Hashmi Kriti Kharbanda Director: Vikram Bhatt

16 SEP’ 16

Mirzya

07 OCT’ 16

Cast: Harshvardhan Kapoor, Saiyami Kher, Om Puri, Art Malik, K.K. Raina Director: Rakeysh Omprakash Mehra

The Girl on the Train

Cast: Haley Bennett, Laura Prepon, Emily Blunt Director: Tate Taylor

07 OCT’ 16

Inferno (Imax)

Cast: Tom Hanks. Irrfan Khan, Ben Foster Director: Ron Howard

14 OCT’ 16

The Accountant

14 OCT’ 16

Cast: Anna Kendrick, Ben Affleck, Jon Bernthal Director: Gavin O'Connor

Kevin Hart: What Now?

Cast: Kevin Hart, Dennis Keiffer, Richardson Jones Director: ALeslie Small

14 OCT’ 16

Singham 3 (Tamil)

07 OCT’ 16

Cast: Suriya Anushka Shetty Shruti Haasan Director: Hari

Shivaay

Cast: Ajay Devgn, Erika Kaar, Ali Kazmi Director: Ajay Devgn

28 OCT’ 16

Rings

28 OCT’ 16

Cast: Laura Wiggins, Aimee Teegarden, Johnny Galecki Director: F. Javier Gutiérrez

Ae Dil Hai Mushkil

28 OCT’ 16

Cast: Ranbir Kapoor, Aishwarya Rai Bachchan, Anushka Sharma, Fawad Khan, Imran Abbas, Director: Karan Johar

A Monster Calls

Cast: Felicity Jones, Sigourney Weaver, Liam Neeson Director: J.A. Bayona

21 OCT’ 16

Jack Reacher: Never Go Back

21 OCT’ 16

Cast: Tom Cruise, Cobie Smulders Director: Edward Zwick

Ouija: Origin of Evil

Cast: Doug Jones, Henry Thomas, Lin Shaye Director: Mike Flanagan

28 OCT’ 16

Thank You