The cinema chain operator on Monday (27 February 2023) announced the opening of 5 screen multiplex in city of Hyderabad at Ashoka One Mall, Telangana.
The new multiplex in Hyderabad will strengthen the company's foothold in Telangana with 102 screens in 18 properties and consolidates the merged entity's presence in South India with 508 screens in 92 properties.
The new cinema is designed to deliver a luxurious experience with an artfully designed L-shaped lobby, a concession counter with curated food section and a live kitchen. The five auditoriums having a seating capacity of 1,274 with last row recliners are equipped with advanced laser projection for crystal-clear visuals and spectacular audio experience with Dolby Atmos technology.
Ajay Bijli, managing director, PVR, said, "South is an important market for us as people are socially more inclined to movie viewing and has a steady supply of regional content. The immense passion of movie going audience results in higher occupancy levels. We are delighted to open our sixteenth property in Hyderabad, under the combined portfolio of PVR and INOX.
With this opening, the merged entity has strengthened its growth momentum and has opened 143 screens across 26 properties in 21 cities in this fiscal.
With this launch, merged entity now operates the largest multiplex network with 1,658 screens at 356 properties in 113 cities (India and Sri Lanka).
Meanwhile, on 24 February 2023, the multiplex chain operator announced the opening of 11 screen superplex in city of Lucknow at Lulu Mall, Uttar Pradesh. The superplex with a seating capacity of 1,841 audiences is equipped with the theatrical technology which includes SP4K Laser projectors that deliver ultra-high resolution, sharp and bright images, advanced Dolby Atmos surround sound and REAL D 3D digital stereoscopic projection.
PVR is an industry leader in India in the film exhibition business dedicated to delivering the best cinema experience to different audiences.
PVR reported consolidated net profit of Rs 16.15 crore in Q3 FY23 compared with net loss of Rs 10.18 crore in Q3 FY22. Net sales jumped 53.2% to Rs 940.69 crore in Q3 FY23 as against Rs 614.15 crore in same quarter last year.
Shares of PVR slipped 3.72% to Rs 1,536.70 on the BSE.
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