PVR plans to open 125 screens in FY23
Expects movie exhibition industry to bounce back ‘dynamically’
Major Bollywood flops makes PVR see weak Q2; Hollywood witnesses a weak quarter too
New Delhi: Leading multiplex chain operator PVR expects the movie exhibition industry to bounce back 'dynamically' in FY23 and plans to open as many as 125 screens during the year, its highest ever tally in a year.
According to the company's latest annual report, PVR, which is merging with rival Inox Leisure, expects the process to be completed this fiscal. As per the terms of the merger, its Chairman and Managing Director Ajay Bijli will be the Managing Director and Joint Managing Director Sanjeev Kumar will be the Executive Director, respectively, of the combined entity PVR INOX for a term of five years. "Overall, business is expected to grow in the coming quarters, supported by the growth in ATP (average ticket price) and SPH (spend per head) already witnessed in Q3 & Q4 FY 2021-22, occupancy percentage reclaiming pre-Covid highs on the back of stellar content line-up, and the advertising income coming back to pre-pandemic level over the next few months," said the annual report for 2021-22.
PVR has already ramped up operations in a significant way as it saw audiences come back to theatres after the third wave of Covid-19 "The company is restarting its capex cycle from FY 2022-23 and has plans of opening (around) 125 screens this year, breaking its own record of opening 87 screens in a year in FY 2019-20.
