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Last Updated : Apr 09, 2020 11:27 AM IST | Source: Moneycontrol.com

Coronavirus impact | Revenues are zero, business will be hit even after lockdown: PVR's Ajay Bijli

Malls and cinema halls have been closed since March 25 due to the nationwide lockdown to curb the spread of COVID-19.

 
 
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PVR Chairman Ajay Bijli said business will be hit even after the nationwide lockdown is eased.

Speaking to CNBC-TV18, Bijli said revenues are zero at the moment, and the company is doing only liquidity management, not profitability management.

Malls and cinema halls have been closed since March 25 due to the nationwide lockdown to curb the spread of COVID-19.

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Bijli added that the company has guidelines in place to completely eliminate physical contact once multiplexes re-open.

He also said that the company has reduced its fixed costs by two-thirds. This can be controlled based on future occupancy levels.

Bijli said PVR will separate rows in theatres to ensure social distancing.

The company is also assessing the number of shows and seats that will be provided after business resumes.

The company has asked its landlords for rental waivers and invoked the "force majeure" clause in their contracts.

The PVR Chairman said the company is hoping for some subsidy on electricity bills.

A waiver on goods and services tax (GST) will help the company lower ticket prices, Bijli said.

"Human beings are not hard-wired to stay at home. I have a strong belief in the Indian consumer's desire to go out & get entertained," Bijli said.

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First Published on Apr 9, 2020 10:27 am
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