Leading multiplex operator PVR Pictures have been renamed as PVR INOX Pictures following a merger between PVR and Inox Leisure. This comes days after the multiplex chain operator announced that it will shut down some of the cinema screens due to accelerated depreciation on cinemas proposed to be shutdown.
PVR Pictures and Inox Leisure as a merged entity is operating 361 cinemas with 1,689 screens across 115 cities till the end of FY23 in India and Sri Lanka.
The operator had also said that it has added 168 screens in FY’23 between PVR (97 screens) and INOX (71 screens) and 79 screens added in Q4 FY’23 between PVR (53 screens) and INOX (26 screens).
In its recent Q4 results, the multiplex operator also shared its Screen opening outlook for FY’24 in which the company intends to open 150-175 screens in FY’24. Of these, 9 screens have opened till date, 15 screens are awaiting license for commercial opening and 152 screens are currently under various stages of fitout.
PVR Pictures was the film production and distribution arm of PVR Group.
According to a statement on Wednesday, PVR INOX Pictures intends to increase investments in content acquisition for the Indian market, and generate further opportunities for under-represented storytellers and independent creators.
"With a wider screen network, it will expand its programming and marketing capabilities and create highly innovative experiences, bringing significant value to its partners as well as to its customers," it said.
The company made a successful film production debut in 2007 with Taare Zameen Par and Jaane Tu Ya Jaane Na.
PVR-INOX Ltd has been created after the merger of two leading cinema brands PVR Ltd and INOX Leisure. The merger was effective from 6 February, 2023.
Meanwhile, PVR Inox's share price hit a fresh 52-week low on Tuesday after its Q4 numbers for FY23. Overall, the stock dipped by more than 4%.
In Q4FY23, PVR's net loss widened to ₹334 crore versus a loss of ₹105.5 crore in Q4FY22. Also, revenue stood at ₹1,164.9 crore in Q4FY23 as against ₹578.7 crore in Q4FY22. EBITDA came in at ₹285.6 crore compared to ₹142.3 crore in Q4 of FY22.
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