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 opportunities 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 net loss of ₹ 49.10 crore for the third quarter ended December 2020, as it was affected by the COVID-19 epidemic.
The company posted a consolidated net profit of ₹ 36.34 crore in the same quarter 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 quarter a year ago.