PVR INOX Ltd, on Monday, revealed that it is planning to shut down 50 loss-making cinemas.
“These properties are loss-making, or housed in malls which have reached the end of their life cycle with little hope of any revival. The company has taken an accelerated charge of the depreciation in its books and written off the Written-Down Value of assets,” the multiplex operator said in a presentation to the investors.
INOX and PVR announced the merger in 2022 as cinema operators have been struggling ever since the pandemic due to the shutting down of theaters due to lockdown.
PVR INOX is also planning to open 150-175 more screens in 2024. "... We plan to open 150-175 more screens in FY'24. Most of these screens are in different stages of fit-out. The company as a strategy has also realigned all upcoming handovers of new sites for fitouts to next calendar year till the time there is a strong recovery in box office," the company said while announcing its quarterly results.
PVR INOX, on Monday, reported a consolidated net loss of Rs 333.99 crore for the fourth quarter that ended on March 31, 2023.
The company had posted a net loss of Rs 105.49 crore in the January-March period a year ago, PVR Inox said in a regulatory filing.
"Q4 FY'23 results for the company are reported on a merged basis for PVR and INOX and are not comparable with Q4 FY'22 reported results. Similarly, FY'23 full year results are based on nine-month numbers for PVR and fourth quarter numbers for PVR & INOX combined making them not comparable with FY'22 reported results," it said.
PVR Inox's total expenses were at Rs 1,364.11 crore in Q4/FY23. Its total Income in the March quarter was at Rs 1,164.92 crore.
—With PTI inputs
