Leading India multiplex chain PVR Inox has closed 62 underperforming screens so far in the current fiscal year as part of its focus on profitable expansion but is on track to open as many as 170 new screens.
The number of closed screens is higher than the company's earlier announcement of shutting around 50 loss-making screens, in May last year.
"By exiting 62 underperforming screens during [the first nine months of fiscal 2024], we continue to focus on profitable expansion," the company said in an earnings statement. from PVR Inox. ”We are firmly on track to open a total of 160-170 new screens in [fiscal 2024], and will fund this growth through internal accruals."
PVR Inox added 29 screens in seven cinemas and a total of 97 screens in 19 cinemas in last three quarters of FY24. It is operating 1,712 screens in 360 cinemas across 113 cities in India and Sri Lanka. The multi...
The multiplex chain was created after the merger of two leading cinema brands PVR and Inox Leisure. The merger was effective from February 6, 2023.
According to PVR Inox managing director Ajay Bijli, in 2023 India stood out as the sole major market worldwide to surpass the pre-pandemic peak in box office collections. "The Indian box office witnessed a notable 12 per cent increase, reaching Rs 12,226 crore in 2023, compared to Rs 10,948 crore in 2019," he said.
In 2023, the Hindi box office experienced a remarkable comeback boasting 4 highest-grossing Hindi films of all time - each surpassing the Rs 500 crore mark. Besides, a diverse range of mid-scale movies across different languages showcased robust performances at the box office. "These statistics underscore the resilience of the Indian cinema industry as a preferred medium of entertainment. We expect even greater and more impressive results from this industry in the coming years,” he said.