PVR is planning to open up to 40 screens across India in the next fiscal with an investment of Rs 150 crore. Due to the outbreak of the COVID-19 pandemic, the company's target of having 1,000 operational screens has been pushed by a year to the end of fiscal 2022-23.
Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd, said, “We had to push back our plan by exactly a year because of the pandemic. By the end of the financial year 2022-23, we should be able to reach 1,000 screens.”
The multiplex major has added 9 new screens this week in Mysuru and Kanpur. Currently, PVR is operating more than 844 screens at 177 properties in 71 cities (India and Sri Lanka).
“A strong content pipeline of star-studded Indian and regional films as well as foreign language films along with an aggressive vaccination drive in the country will bring back audiences to the cinema. We have had a mixed couple of last months. Not very exciting because no big Hindi movie got released. Hindi movies will start releasing on March 11. We have a strong content pipeline. The year (next fiscal) looks very promising,” Bijli stated.
The company had posted a consolidated net loss of Rs 49.10 crore for the third quarter ended December 2020, as it continued to be impacted by the COVID-19 pandemic. PVR had reported a consolidated net profit of Rs 36.34 crore in the same quarter last fiscal.
During the period under review, the firm’s revenue from operations stood at Rs 45.10 crore, down 95.04 percent from Rs 915.74 crore in the corresponding quarter a year ago.