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According to recent reports, both PVR and Inox, two prominent cinema chains, are planning to close down more than 50 theaters within the next six months.

 



PVR INOX Ltd, a leading multiplex operator, has announced its plan to shut down approximately 50 cinema screens over the next six months. These screens are either operating at a loss or located in malls that have reached the end of their life cycle with little hope of revival. The company has taken an accelerated charge of the depreciation in its financial books and has written off the written-down value (WDV) of assets.


Despite the closures, PVR INOX has added a total of 168 screens in the fiscal year 2023, with PVR contributing 97 screens and INOX contributing 71 screens. In the fourth quarter of the fiscal year, PVR added 53 screens, while INOX added 26 screens.


The operator mentioned that there has been high volatility in the performance of Hindi movies in the past four quarters, with movies that resonate with audiences generating higher box office returns compared to the pre-pandemic era.


Looking ahead to the fiscal year 2024, PVR INOX aims to open 150-175 screens. Currently, nine screens have already opened, 15 screens are awaiting commercial licenses, and 152 screens are in various stages of fit-out.


In terms of financial performance, PVR INOX reported a consolidated net loss of ₹333.35 crore for the quarter ending March 2023, compared to a net loss of ₹105.49 crore in the same quarter of the previous fiscal year. The company had recorded a profit of ₹16.1 crore in the preceding December quarter.


Sanjeev Kumar Bijli, Executive Director of PVR INOX, expressed optimism for the future, highlighting the combined entity's presence of approximately 1,670 screens in various locations. He mentioned plans to enhance the number of admissions and screen counts, with around 180 additional screens targeted for the next fiscal year.


Following the merger between PVR and INOX, the focus is on achieving economies of scale and synergies in ticket prices, food and beverage sales, advertising, and operating costs. Currently, PVR operates 1,689 screens across 361 cinemas in India and Sri Lanka, including 38 management screens.


The successful merger between PVR and INOX is seen as a significant milestone for both companies and the Indian film industry as a whole, according to Ajay Bijli, the Managing Director of PVR INOX.



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