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With pandemic-induced restrictions for the exhibition industry gradually easing across states, leading multiplex chain PVR is looking at getting back to expansion mode.
The company said it expects to open 23 additional screens by the end of this fiscal year. In the next fiscal year, the multiplex chain is further gearing up to add about 70 screens which had got delayed due to pandemic-induced disruptions.
On Friday, the multiplex chain inked an agreement with M3M India to set up a luxury multiplex with 8-screens at the real-estate developer’s upcoming luxurious retail project — the 65th Avenue in South Gurugram.
Future pipeline
Sanjeev Bijli, Joint Managing Director, PVR, told BusinessLine, “We have opened 18 screens in the current fiscal year so far. Now, we are hoping to open about 23 additional screens by the end of this fiscal year which are in various stages of fitments. These will be in cities such as Jalandhar, Patiala , Rourkela and Hyderabad.”
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The company’s consolidated revenues stood at ₹709.7 crore as compared to ₹320.1 crore in the corresponding quarter in the previous fiscal“Going forward, we have also got a good pipeline of projects which were delayed due to disruptions. We remain committed to growing the business as there is a huge potential in the country to open new screens. We have a strong pipeline for the next fiscal and, with hopes of not seeing any further disruptions, we expect to open about 70 screens. The focus will be on solidifying our presence in existing markets as well as foraying into new territories. It’s going to be a combination of metros, tier 2 and tier 3 towns,” he added.
In pre-pandemic times, the company typically added about 80-100 screens annually and it hopes to get back to that pace of expansion in the next fiscal year.
Luxury segment
The upcoming eight-screen luxury multiplex in South Gurugram will see formats such as LUXE, 4DX and P(X)L. Talking about the luxury segment , Bijli said the company expects nearly 20 per cent of the new screens to be in the luxury segment in the next few years with the potential to expand beyond metros to smaller cities and towns.
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Multiplex expansion
The two major multiplex operators - PVR Cinemas and Inox Leisure - collectively added 56 new screens in the last two yearsThe exhibition industry is gearing up for the release of the new content pipeline from February 11 after witnessing disuprtions due to the third pandemic wave in the country. Hindi movie Badhai Do and Hollywood movies Marry Me, Death on the Nile and Moonfall are all slated for release on fFebruary 11.
“The success of movies like Pushpa and Spiderman in recent times has clearly shown that consumers are willing to come back to cinemas to watch great content on the big screen. There is a strong line-up of new content. We believe that with two good quarters, we will back to a good position,” Bijli added.
PVR currently operates a cinema circuit comprising 860 screens at 179 properties in 73 cities across India and Sri Lanka.
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