The cinema chain operator announced the opening of 14 screen megaplex at Phoenix Mall of Asia in the city of Bengaluru.
The 14-screen Megaplex located in the largest and one of the most premium malls in Bengaluru features three premium formats MX4D, ScreenX, and Insignia. PVR INOX also introduces the first MX4D, the immersive 4D movie experience and ScreenX, 270-degree cinema viewing in South India.The new cinema will augment PVR INOX foothold in Bengaluru with 172 screens in 26 cinemas and in Karnataka with 219 screens in 37 cinemas. The company consolidated its presence in South India to a total of 572 screens in 100 properties.
Ajay Bijli, managing director of PVR INOX, said, The Southern region is a critical market for us with a steady supply of regional content and passionate consumer demand. We have received an overwhelming response for all our premium screen formats nationwide, prompting us to unveil our largest cinema in South with 14 screens including 3 superlative cinema formats MX4D, Screen X and Insignia. It has been PVR INOXs strategy to make cinemas more experiential and this Megaplex at Phoenix Mall of Asia perfectly aligns with our vision.
Meanwhile, the company informed about the opening of 9 screen multiplex in the city of Kochi, Kerala located at Forum Mall. The cinema is equipped with state of the art 4K Laser Projectors, Dolby Atmos sound and Real D 3D technology.
With this launch, PVR INOX has augmented its presence in the city of Kochi with 22 screens across 3 properties and consolidated its foothold in Kerala with 42 screens in 6 properties and 558 screens across 99 properties in South.
Ajay Bijli, MD added, We are delighted to launch the first P[XL] screen in Kerala as we look forward to presenting a superlative movie going experience to our patrons. We are thrilled to announce the opening of our third multiplex in Kochi and the 6th in Kerala which is the result of the evolving demand from audiences that keeps us assertive for bringing innovative global standards of cinematic experience to every part of the country.
With these launches, PVR INOX now operates the largest multiplex network with 1,741 screens across 361 properties in 113 cities (India and Sri Lanka).
PVR INOX is engaged in the business of movie exhibition & production and operates largest cinema circuit across India. The company earns revenue from sale of movie tickets, in-cinema advertisements/product displays and sale of food and beverages and restaurant business.
The company reported 20.5% YoY decline in consolidated net profit to Rs 12.80 crore in Q3 FY24. Revenue from operations jumped 64.5% YoY to Rs 1,545.90 crore in the quarter ended 31 December 2023.
The scrip rose 0.17% to settle at Rs 40.27 on Wednesday 10 April, 2024. The market is closed today on account of Id-Ul-Fitr (Ramzan Id).
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