Mumbai: Multiplex chain operator PVR Ltd expects to add at least 23 screens in the current financial year to take the total to 500 in the same fiscal. “Our target is to reach 1,000 screens quickly. The shorter target is to get to 500 screens in this financial year and then look at going to 1,000 screens," PVR Cinemas chief operating officer Gautam Dutta told PTI. PVR currently operates 477 screens across 44 cities in the country. It has four brands across different price points—PVR Talkies, PVR Cinemas, PVR Premium and newly launched PVR Icon.

Dutta said the new screens will largely be in PVR Cinemas and PVR Premium. The company has a capital expenditure (capex) of 200 crore this fiscal, which includes 135-140 crore for new projects and the remaining for renovation and the cost of each new screen is around 2-2.5 crore. It recently launched the PVR Icon brand, which is an ultra-premium category, at one of its multiplexes at a suburban mall in Mumbai with an investment of 25 crore, Dutta said, adding that they will be launching PVR Icon in Bengaluru and Pune in the next fiscal, taking the total to three properties under the newly-created brand. The company would be spending 60-70 lakh on marketing for PVR Icon.

PVR enjoys an occupancy rate of 35-37%, with a reported footfall of 66 million. Online sales contribute around 35-36% of the total ticket earnings. Food and beverages contribute 25% of the revenues, while advertising accounts for 12% of the income. The company’s consolidated revenue for FY15 stood 1,486 crore. On acquisition, he said, “We don’t see much. Whatever had to be acquired, it got acquired. There will always be consolidation which is happening but the larger players have all settled and I think it is going to remain like this for a little while now. We are all open (to acquisition). Some of the players that we knew who were wanting to acquire or wanting to sell, largely some trading has happened within the industry, some consolidation, there could be a few more but we feel that the time has come where the industry will settle down and move."

In June, PVR acquired real estate major DLF’s DT Cinemas for 500 crore. In January, Mexican multiplex chain operator Cinepolis fully acquired Essel Group’s Fun Cinemas. In December 2014, Carnival Group acquired Big Cinemas from the Anil Ambani-led Reliance Group for an estimated 700 crore, making it the biggest deal in this sector. In July 2014, Inox had acquired Gurgaon-based rival Satyam Cineplexes in a 182-crore deal to strengthen its presence in north India. It also bought multiplex cinema theatre firm Fame India and Calcutta Cinema Private (CCPL) in West Bengal. In 2012, PVR acquired Cinemax for 395 crore.