India’s largest film exhibition company PVR Inox has plans to roll out as many as 60 new screens this year as it expands pan-India presence to drive growth.
Along with screen addition, PVR Inox is planning to introduce four food courts in critically strategic locations across India, Joint MD Sanjeev Kumar Bijli said in a conversation with CNBC-TV18. Giving an insight into the operations, Bijli said the IMAX and luxury formats are doing much better for the multiplex business.
Bijli said there has been a marked increase in ad spends ahead of the festive season, and while there has been a lot of chatter around people favouring OTTs over movie halls, Bijli said the Independence Day weekend witnessed a 68 percent occupancy level.
PVR Inox has major expansion plans with a longer term target of 140 screens, which have been split into two buckets – 80 percent ‘Mainstream’ and 20 percent ‘Premium,’ said Bijli, adding that the company is targeting a much better show in Q3FY25.
Bijli also said that performance of each the unit is being analysed, with 60-70 underperforming screens heading towards closure.
PVR Inox CFO Gaurav Sharma told CNBC-TV18 earlier that its lucrative food court business will be run in partnership with Devyani International, with four food courts slated for opening across India in next few months.
The box office collections of Stree 2 has been encouraging this month. "We expect Stree 2 to continue performing well, especially as there are no major releases scheduled for the upcoming weekend," Bijli said.
Track PVR Inox's June quarter results here.
Shares of PVR Inox closed nearly a percent lower on August 20 after a strong run up a day earlier, on strong weekend collections by Shraddha Kapoor and Rajkummar Rao's Stree 2 movie.
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