PVR aims to operate 1,000 screens by FY24-end, invest Rs 300 cr: JMD

Multiplex operator PVR aims to operate 1,000 screens by the end of FY24, by adding 100 more screens in the next 15 months, the company's Joint Managing Director Sanjeev Kumar Bijli said.

The company, which on Monday achieved the milestone of 900 screens, would invest around Rs 300 crore to add another 100 screens, Bijli said.

As part of the expansion, the company is entering into newer cities, especially in the south and east parts of the country, where it has a negligible presence.

PVR is looking for smaller cities, which are unserved and have "high potential", said Bijli.

When asked about expansion, Bijli said, in the current quarter, PVR would add 30 screens. Moreover, some of the screens which are currently under fit-outs would also be ready for operation in the March quarter.

 

"We are now aiming to have 1,000 screens by FY24," said Bijli, adding, "the company would invest around Rs 300 crore to open 100 screens" in the next 15 months.

Besides India, PVR has a small presence in Sri Lanka where it operates nine screens.

Bijli ruled out any further overseas expansion of PVR, saying "we are not looking at any other markets" and would focus on domestic expansion, which has good opportunities.

About the business, Bijli said the current contents pipeline (for films) is encouraging.

Last year on March 27, PVR and Inox Leisure announced their merger. This has been approved by their respective shareholders, creditors as well as leading bourses NSE and BSE.

The company expects the remaining formalities to be over by the end of this fiscal.

"Post-merger, we would have 1,600 screens," Bijli added.

PVR on Monday opened three new multiplexes in Jaipur, Bengaluru and Gurugram, adding 19 screens. With these latest additions, PVR has created a chain of 900 screens across 181 properties in 78 cities during its journey of 25 years.