🍿 After Cutting Headcounts, PVR Bounces Back With Merger And New Screens

The death of the cinema has been debated ever since TV entered our living rooms. But 2 years of Covid has finally broken a multi-generational habit. The competitive lens of the movie business, especially movie exhibitions, is in flux.

Multiplex chain PVR plans to open up to 125 screens during the FY 2023, its highest tally in a year. It broke its own record of 87 screens in FY 2019–20. The company had 29 screens across 5 properties in FY 2021–22. It confirmed its merger with rival Inox Leisure, expecting the process to be completed this fiscal.

Cutting Costs

The prolonged shutdown forced PVR to reduce its headcount by 40% in the first 7 months. Besides, the company revised salary structures to the tune of 25–50% to combat high fixed costs.

Terming the last pandemic-impacted two years as “the most trying period for our business,” PVR said that now audiences are clamouring to return to theatres. “Domestic releases like RRR in March 2022 and KGF 2 in April 2022 have grossed over Rs.1,100 Cr and Rs.1,200 Cr, respectively, in the Global box office collections. “And with the excellent content line-up that we have for the rest of this year, we hope that this momentum would continue,” said Chairman and MD Ajay Bijli.

The Big Tickets

Besides bouncing back with new screens, the company is restarting its CAPEX cycle from FY 2022–23. For the FY 2022, the box office revenue of PVR was Rs.670 Cr, and the average ticket price was Rs.235 Cr. Its total number of admissions was 3.3 Cr.

Too long? Here’s a one-liner: After cutting headcounts by 40% in the face of the pandemic, PVR confirms opening 125 new screens and merging with INOX Leisure this fiscal year.

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