Home » PVR 150 150 crore investment to add 30–40 screens in the next financial year; Eyes 1,000 screens by FY23
Business

PVR 150 150 crore investment to add 30–40 screens in the next financial year; Eyes 1,000 screens by FY23

Multiplex major PVR plans to invest R150 crore to open 40 screens across the country in the next financial year.

A top company official said that by the end of the financial year 2022-23, the outbreak of the COVID-19 epidemic has pushed the company’s target of 1,000 operational screens to one year.

Sanjeev Kumar Bijli, Joint Managing Director, PVR Limited told PTI

The company, which will add 9 new screens this week in Mysuru and Kanpur, plans to add 30-40 new screens from April 1 in the next financial year.

Shri Bijli said that there will be an outlay of ₹ 150 crores for opening of new screens in the next financial year.

Currently PVR operates over 844 screens across 177 properties in 71 cities (India and Sri Lanka).

Mr Bijli said that a strong content pipeline of star-studded Indian and regional films as well as foreign-language films would bring viewers back to the cinema with aggressive vaccination campaigns in the country.

“We have a mixed pair of previous months. Not very exciting as no major Hindi film releases. Hindi films will start releasing from March 11. We have a strong content pipeline. Year (next financial year) very Looks promising, ”he said. Added.

Asked whether the company was looking for acquisition to add screens, Mr. Bijli said the company always looked at the available options.

“There is no one approach to growth. We keep an eye out for all kinds of opportunities, as long as they make sense in terms of number, location,” he said.

The multiplex industry has been one of the most affected areas due to the outbreak of the COVID-19 epidemic. The government allowed cinema halls across the country to operate at full capacity with compliance with the COVID-19 security protocol from 1 February.

Earlier, multiplexes and cinema halls were operating at 50% sitting capacity as per the unlock-5 guidelines issued by the government after the epidemic. The multiplex and cinema hall remained closed for about seven months and opened in October last year.

PVR reported a consolidated loss of ₹ 49.10 crore for the third ended December 2020, as it was affected by the COVID-19 epidemic.

The company posted a consolidated profit of ₹ 36.34 crore in the same of the previous financial year.

Revenue from operations stood at 45.10 crores in the reporting period, down 95.04% from 915.74 crores in the same a year ago.

You have reached your limit for free articles this month.

Membership benefits included

Today’s paper

Get mobile-friendly versions of articles from the newspaper of the day in an easy-to-read list.

unlimited access

Enjoy reading as many articles as you want without any limitations.

Personal recommendations

A selected list of articles that match your interests and tastes.

Fast page

Move seamlessly between articles as our pages load instantly.

Dashboard

One-stop-shop to see the latest updates and manage your preferences.

Talk

We inform you about the latest and most important events three times a day.

Support quality journalism.

* Our digital subscription plans currently do not include e-paper, crosswords and print.

.

About the author

admin

Add Comment

Click here to post a comment