Leading multiplex chain PVR, which completed 25 years of operations in 2022, crossed the 900 screens milestone on Monday. The company opened three new multiplex properties in Jaipur, Bengaluru and Gurugram with a total count of 19 screens.
Sanjeev Kumar Bijli, Joint Managing Director, PVR told businessline, “ With the opening of the 3 new properties on a single day, we have now added 63 screens in the current fiscal. This expansion is in-line with our overall commitment of opening about 100 screens by FY 2023-end. We have a strong pipeline of screens in various stages of fitments and expect to add another 35-40 screens by the end of this quarter. This will help us strengthen our presence in existing markets and also open properties in new cities.“
Overall, the company now operates 903 screens at 181 properties in 78 cities in India and Sri Lanka.
The launch of its multiplex property in Jaipur, for instance, marked the brands’ debut in the city.“ Southern region now contributes nearly 40-45 per cent to our revenue. So now we have opened our 13th property in Bengaluru, which also marks the opening of our 17th property in Karnataka. Enhancing our presence in the Delhi-NCR region, the new property in Gurugram opened in a relatively unserviced catchment area,” Bijli stated.
New multiplex properties
In the coming weeks, the company expects to open new multiplex properties in cities such as Chennai, Lucknow, Ahmedabad and Bhubaneswar among others. Nearly 10 per cent of the screens added during FY23 are positioned in the premium and luxury space.
The company expects the merger with Inox Leisure to get completed by February.
As per some estimates, the Indian box office revenue has so far touched about 80 per cent of pre-pandemic levels. Asked when the exhibition industry is expected to reach pre-pandemic levels in terms of business, Bijli said, “ The line-up of the upcoming movies looks very strong. Consumers are thronging back to the cinemas for good content. The films that did well last year were very content-driven. If the content resonates with the consumers, then I think the industry will come back to the pre-pandemic levels either during this quarter or in FY24.”