ITV

Category: Movies

  • PVR expecting full recovery over the next couple of quarters: Chairman & MD Ajay Bijli

    PVR expecting full recovery over the next couple of quarters: Chairman & MD Ajay Bijli

    Mumbai: At the investor conference call post the announcement of its first quarter results, multiplex chain PVR’s chairman and managing director Ajay Bijli, said that the company is expecting a full recovery over the next couple of quarters.

    “Given the excellent performance of the movies in the last few months and a very promising lineup of content that is up for release during the rest of the year, we are expecting a full recovery in admissions and advertising income over the next couple of quarters. I believe that this year will be a great year for the company,” he added.

    PVR CFO Nitin Sood noted that there is still a large segment of people who have not shown up at the cinemas. “Our sense is that it will take a few months for the full recovery to play out as more films get released across theatres, as more genres of films get released across theatres, whether it is Hindi films or big tent poles like Avatar, which will draw consumers back to cinemas. So, the full recovery will take another six months to play out. Our sense is that by December 2022, when we have had a big run of films, effectively, recovery should take shape fully, because you must also understand that in a country like India, there is a very large segment of people who show up at the theatres only once or twice a year. So, for that to play out, you have to give it time and see a full recovery. So, our sense is by the end of December 2022, we should hopefully be able to see some of that.”

    Offering a quick update on the progress on the proposed merger of Inox Leisure with the company, Bijli said, “Both the companies got no objection certificates from the two stock exchanges, i.e., Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), on the proposed scheme of the merger, and we are in the process of filing our application for the approval of the scheme of merger with the National Company Law Tribunal (NCLT) in the next couple of weeks. I am told that the NCLT process typically takes anywhere between five and seven months, so we seem to be on track.”

    Bijli is bullish on the content pipeline moving forward, he added, “The content pipeline in the months ahead looks promising. Over the next few months, we have several big-budget Bollywood movies lined up for release, like “Shamshera,” “Lal Singh Chaddha,” “Brahmastra,” and “Vikram Vedha.” From Hollywood, we have “Bullet Train,” “Paws of Fury,” “DC League of Super-Pets,” amongst others. From the regional genre, we have “Vikrant Rona,” “Liger,” “Godfather,” and “Ponniyin Selvan.””

    On the screen expansion plans, he said that the company opened 14 screens across three properties in the last quarter and is fast ramping up its capex plan to open a total of 125 screens by the end of the current fiscal. “About a third of our new screen additions will be in the tier two and tier three cities, and we will be entering 9 new cities during the year. The entire capex will be funded through internal accruals and liquidity available to the company. Our screen portfolio currently stands at 854 screens across 173 cinemas in more than 75 cities in India and Sri Lanka,” he explained.

    When asked about Hindi movies not doing well, he said, “No, there is no issue. I think it’s too early; it’s only been three-four months since movies have started coming out, and basically, I am not going to write-off Hindi movies so soon. There are some big movies lined up.” He added that one quarter is too short a timeframe to draw any conclusions that only regional terms will dominate and Hindi will not do well anymore.  

    He said that people just want to watch whatever appeals to them and it just so happens that two big regional language films did exceedingly well and they overshadowed other releases.

    PVR Pictures’ chief of business planning and strategy & CEO Kamal Giachandani noted that Hindi films have done well. ““Gangubai,” “Kashmir Files,” “Bhool Bhulaiyaa,” even “Jug Jug Jiyo,” which came out recently, have all done well. And also, we have to keep in mind that “K.G.F” and “RRR” actually performed a lot better in the Hindi version. Whether you would categorise them as a Hindi film, or would you consider them as a Kannada or a Telugu film, is a matter of debate. It depends on which angle you are looking at it from. But we think of them as Hindi films and the way we look at it is that if “RRR” and “K.G.F,” which are films essentially dubbed into Hindi, can do so well, imagine a Hindi film in the original version with a popular actor or with multiple popular actors, will connect to the audience. Imagine the upper limit for those films. Imagine the potential for those films. So, we see it as a big positive, and those were the three elements that made us think content is done well; these four months have done so well for us,” he mentioned.

    On the admissions front he said that when the company looks at the lineup that will come in the third and the fourth quarter of the fiscal it feels fairly confident that this could turn out to be a year which will end up with aggregate admissions which are a lot better than what was achieved in 2019- 20. “We feel extremely buoyant looking at the lineup and the response that we have got from the audiences. That said, our business is of hit and miss. I think it’s best to look at it on an annual basis rather than on a quarter-to-quarter basis in terms of admissions. There are segments like Hollywood films which have a depressed number in terms of quantity. Quality is fantastic, “Dr. Strange,” “Spiderman,” “Top Gun,” all of these films have exceeded the expectations, “Jurassic World.” But as far as the quantity goes, studios are still ramping up their production. Same is the case with Hindi films, producers are still ramping up their production. There has been a lot of disruption in terms of shooting over the last two years. We could have some surprises as we move forward but I think at an annual level, the entire financial year we are looking at a very strong set of numbers in terms of admissions.”

    Talking about the ad scene, PVR CEO Gautam Dutta said that in the second quarter the company should be getting its averages a lot better than the pre-Covid numbers of Q1 as compared to Q1 of last year. “So, currently we are in a gap of about 38 per cent, which should be reduced to about 20 per cent or so in Q2. By Q3, which is really a festive period and a lot of advertisers begin to advertise, we believe that we will be within the pre-Covid levels or maybe five or seven per cent lower. I am very certain that by Q4 we will end up sort of exceeding the pre-Covid numbers. So, that is going to be the trajectory, and having said that, yes, there has also been a big churn in the advertisers who used to come earlier to now.

    “We are seeing a lot of traction with new age advertisers who have come in, some of the FMCG and the multinational brands are taking a little more time. We hope that by quarter three they would possibly be back at the cinemas, so that’s largely what it is. Retail clients are showing a quicker turnaround, and we are seeing that while the RO size is small, they are kind of coming back to cinemas much faster. So, overall, I think quarter two is going to be a little under pressure but the average will get better than what we have achieved in Q1, but Q3 is really where I believe that we will be largely in the hitting range of pre-Covid numbers,” Dutta added.

  • PVR’s Q1 consolidated revenue up to Rs 1,002 crore

    PVR’s Q1 consolidated revenue up to Rs 1,002 crore

    Mumbai: Multiplex operator PVR has announced its unaudited standalone and consolidated financial results for the first quarter ended 30 June 2022.

    Consolidated revenue, Ebitda and PAT were Rs 1,002 crore, Rs 362 crore and Rs 53 crore, respectively, as compared to Rs 93 crore, Rs 58 crore and Rs 220 crore for the corresponding quarter in FY ’22. After adjusting for the impact of IND-AS 116-Leases, the consolidated revenue, Ebitda, and PAT of the company were Rs 1,000 crore, Rs 208 crore, and Rs 68 crore, respectively, as compared to Rs 71 crore, Rs 110 crore, and Rs 142 crore for Q1 FY’22.

    This quarter was the best ever quarter in PVR’s history in terms of revenue, Ebitda, and PAT. The company recorded the highest ever ATP of Rs 250 for the quarter on the back of global and local tent poles that resonated with the Indian audience. The quarter was marked by the release of some of the biggest domestic hits like “KGF: Chapter 2,” “RRR,” “Vikram,” “Bhool Bhulaiya 2” and Hollywood tentpoles like “Doctor Strange” and “Top Gun: Maverick,” which PVR said performed exceedingly well at the box office. “KGF 2” went on to become the second largest blockbuster in the Indian market. It was the highest grosser ever for PVR, with a net box office of Rs 121 crore across its cinema circuit.

    PVR added that its team’s consistent work on F&B resulted in the highest ever average F&B spend per head (SPH) of Rs 134 being reported during the quarter, reflecting a growth of 32 per cent over pre-pandemic levels. The company has recorded the highest monthly average F&B revenue of Rs.100+ crore during the quarter.

    But the growth in ad revenue continues to lag. The company has reported advertising income of Rs 63 crore, which is 32 per cent lower than the pre-pandemic figures. Or in other words, it reflects a 68 per cent recovery in ad income vis-à-vis pre-pandemic levels.

    On the back of significant growth in ATP and SPH and a significant recovery in admissions, the Ebitda margins for the quarter were 20.8 per cent.

    The company said that the content pipeline for 2022 in the months ahead looks extremely robust. Over the next few months, it has several big-budget Bollywood movies lined up for release, like “Shamshera,” “Laal Singh Chaddha,” “Brahmastra,” “Vikram Vedha,” “Ram Setu,” “Phone Bhoot,” “Yodha,” “Drishyam 2,” “Cirkus,” “Kabhi Eid Kabhi Diwali,” etc.. “Bullet Train,” “Paws of Fury,” “DC League of Super Pets,” “Black Adam,” “Black Panther: Wakanda Forever (Marvel),” and “Avatar: The Way of Water” are among the films from Hollywood. From the regional genre, we have “Vikrant Rona,” “Liger,” “Godfather,” “Ponniyin Selvan.”

    The company has revived its capex plans in a significant manner and is on track to open a total of 125 new screens during FY’23. It has opened 14 screens across 3 properties till date. About one-third of the new screen additions in this fiscal year will be in tier 2 and 3 cities. The company plans to enter nine new cities during the year.

    The announced merger with Inox Leisure is progressing well. Both the companies have received “No Objection Certificates” from the two stock exchanges (BSE and NSE) on the proposed scheme of merger. We are on track to submit our application for the approval of the scheme of merger before the National Company Law Tribunal (NCLT) in the next couple of weeks.

    PVR chairman and MD Ajay Bijli said, “This quarter’s results are a reflection of the strength of the domestic film industry we have in India and the consumer’s unsatiated appetite to watch films on the big screen. The Indian exhibition industry has been one of the fastest to recover as compared to other international markets. The content line-up for the year ahead looks very promising, and we hope this will be a very strong box office year for the Indian exhibitors. As we celebrate the silver jubilee for PVR this year, we are extremely confident that we will continue to set and exceed even greater benchmarks in the years to come.”

  • People want choices, and it is happening with the arrival of OTT streaming services, says filmmaker Pan Nalin

    People want choices, and it is happening with the arrival of OTT streaming services, says filmmaker Pan Nalin

    Mumbai: An invitation to join the Academy of Motion Picture Arts and Sciences has been offered to rising talent and Gujarati-born filmmaker Pan Nalin. Nalin becomes the first Gujarati to join the Oscar organiser’s membership ranks in 2022. Other invitees include the actors Kajol and Suriya, as well as the filmmaker Reema Kagti, Rintu Thomas, and Sushmit Ghosh.

    Nalin’s most recent release, “Last Film Show,” which is partly based on his own childhood, had its global premiere at the Tribeca Film Festival and is distributed by Samuel Goldwyn Films. Since then, the movie has picked up dozens of awards, including Best Picture, Best Director, Best Actor, and multiple Audience Choice Awards.

    Prior to “Last Film Show,” Nalin is best known for directing award-winning movies like  “Samsara,” “Valley of Flowers” and “Angry Indian Goddesses.” His debut feature “Samsara” (Miramax) won worldwide critical and commercial acclaim and went on to win awards like Best First Feature Film at Durban International Film Festival and Grand Jury Prize – Special Mention at AFI Fest.

    His journey, from his remote village of Adtala, Gujarat, India where he helped his father sell tea on a railway platform on Khijadiya Junction Railway Station, to worldwide recognition as a filmmaker has not always been easy and one filled with its own twists and turns.

    In a fascinating interview with Indiantelevsion.com, Nalin shared his views on topics ranging from his early fascination with films to the future of entertainment and the Oscar buzz surrounding his latest work, “Last Film Show.”

    Edited Excerpt:

    On becoming the first Gujarati member of the Academy of Motion Picture Arts and Sciences.

    As a filmmaker, I chose a very difficult path in the kind of cinema I was doing, and I didn’t realise that such high-profile directors were watching my work and decided to invite me. So, I kind of feel this is finally some kind of recognition for two decades of work and that I must be doing something right. My manager told me I am invited to join in the director’s category and that is very prestigious. As a filmmaker, you always want to keep your craft updated and at its best and this will give me the opportunity to interact more with members and participate in Academy events, seminars and retreats and I feel very honoured and privileged by this.

    On his most recent film, “Last Film Show.” What drew him to filmmaking?

    I grew up in a very remote village in Gujarat and I don’t remember seeing any movie until I was around eight and a half years old. At that time, I remember, the preparation to go see a movie in a theatre started three days ahead of time. You know, you get new clothes and the barber would come and my mother and sister would go brag to the neighbour about it. We would start out very early and take a train to a town called Lathi, which had an actual movie theatre. My mother would prepare food ahead of time that we would eat, some on the train and some during the intermission. Oftentimes, we would come out of the theatre and have to wait for the train and would arrive back at our village very late in the night. That was my early movie-going experience. It was on these first trips, I saw the movie, “Jai Mata Kali” and was totally blown away…mesmerised. Since that day, I wanted to be a filmmaker and never really wanted to do anything else.

    On his distribution deals throughout the world for “Last Film Show” but not yet in India.

    We are still in talks for distribution in India. The main issue in India is that the distributors and movie theatre owners decide what people are going to like and what not and in some cases I feel they are very wrong. People want to be given a choice and they saw that now with the arrival of streaming. Indian people are now watching South Korean shows, Mexican novellas, South Indian movies are big now, they are watching everything. Theatre owners still prefer movies with big name stars with big songs. Independent filmmakers don’t have the marketing budget to go up against this. So, distribution can be a big problem. However, things are changing now, they’ve gotten shaken up. People in India are showing that they are ready to embrace change and that they want choices now.

    On the Oscar buzz for “Last Film Show.”

    There are people in Hollywood who are very interested but of course it’s up to the Indian government to submit this film. The US distributor, Samuel Goldwyn Films, has written a letter to concerned persons in India spelling out why they believe this film is a serious Oscar contender. Distributors, like Samuel Goldwyn, know how to market films. In 2020, they acquired a Danish film, “Another Round,” and it went on to win the Oscar for Best International Feature. In India, the committee that decides on the Oscar entry is not really allowed to talk with distributors so their reasoning is not factored in. This is unfortunate because these distributors, oftentimes, know what the Academy may like because they know the members and what they would be more likely to vote for.

    On “Angry Indian Goddesses,” his most popular film in India till date and the challenges occurred during the making of this movie.

    I believe it came at the right time where no one was making movies with women as heroes in India. You know, the popular Bollywood cinema is always about two or three guys that go off somewhere and have a great time. Urban women, in particular, were asking why can’t three girls go off to somewhere like Spain or Switzerland and bond? The main reason was it was thought women can’t carry the box office.

    After a time, two of my female assistant directors, along with myself, started doing some research. We observed that there were many films about women in villages with problems and being repressed but realised we also need to talk about urban women. There are about 200 million women who live in urban areas. So, we started talking to these women: the CEO, the pilot, the struggling actresses in Bollywood, the dancers, etc. We did a lot of interviews and started getting very excited. These were stories of comradery, of sexual harassment and even rape. Many opened up with heart wrenching stories. We found that the common thread among many of these stories was anger. Anger about women not succeeding in society. Anger about the Nirbhaya rape case, which had recently happened.

    So, we decided to move forward and make a movie. We found a private investor in India and also investors in Germany who believed in the story. We decided to make a film about women and what they had to say. I made sure the crew was made up of women. We developed characters but it was, more or less, a script-free film where the actresses shared their stories in an organic way. It was a beautiful experience in many ways. The film received critical and commercial success in global markets and was also acclaimed in India although it was censored and many cast and crew members, at the time, received death threats. The movie particularly resonated with urban women and the word of mouth helped push it forward.

    On his views on OTT platforms vs a theatrical release. Where do you see the future of entertainment going?

    Creatively as a storyteller I like to embrace whatever changes are coming and so I do see value in accessibility in terms of OTT platforms. The market for theatrical distribution has been tougher because of the pandemic for independent filmmakers in the US with the bigger films creating a kind of monopoly. Movie theatres are being taken over by big corporate chains that factor into how much popcorn and Coca-Cola they sell, so smaller films are being shut out. At the same time, the problem with OTT platforms is they are becoming so abundant with Netflix, Hulu, HBO Max, etc…it’s endless. You end up getting multiple subscriptions in order to watch all the shows you want and how many subscriptions are you going to have?

    I can’t say what the future will be but, as a filmmaker, ideally and from a profitability standpoint, it’s great to have, what I call, the “3S’s.” Which is a star, a studio and then a streaming platform.

    However, I do feel the future will bring a hybrid of OTT and theatrical and also a new frontier where different forms of entertainment are blurring. Even before the pandemic, video games have taken over and have become huge and we see here the merger of cinema happening. Entertainment may no longer be passive but an immersive and interactive experience. Instead of being a spectator, we will become a participant.

    On one piece of advice for young filmmakers in India.

    First thing I believe they should do is to be honest with themselves as to the kind of storytelling that inspires them. It’s easy to get lost. Oftentimes, I find young filmmakers go to school and get  lost in formulas. They need sometimes to go back to their roots as to who they are. The more original they are and honest they are, I think the better the film will be, because then at least, they will be offering something new.

    On Pan Nalin’s future projects.

    I’m in post-production with a movie called, “The Disappearance of Eva Hansen,” a spiritual thriller set in the Himalayas, it’s the first New Zealand – India co-production. I’m also in the development phase for a trilogy called “Santori Trilogy.”  Three films that are a high-voltage, action-packed adventure about an Asian superhero. Also, I’ve just started talks to shoot a Bollywood type feature in India. There may be a big name star attached but too soon to share much about that now.

  • 53rd International Film Festival of India (IFFI) aims to promote cinema business, says I&B minister

    53rd International Film Festival of India (IFFI) aims to promote cinema business, says I&B minister

    Mumbai: The 53rd International Film Festival of India (IFFI) is scheduled to be held from 20-28 November 2022 in Goa. A steering committee has been formed to conduct this year’s event. The steering committee is deliberating the roadmap for the event.

    Information & Broadcasting (I&B) minister Anurag Singh Thakur said that his vision for IFFI is to work closely with the film fraternity from Indian Cinema and use their expertise as well as understanding to take the 53rd IFFI to the next level. Also, he said that IFFI is a festival that aims to promote the business of cinema for the benefit of the film industry by providing collaborations and networking in order to boost the ‘creative economy’ of India. He added that the creative economy has the potential & talent to create new entrepreneurs in the media & entertainment (M&E) sector which will help transform India into a content and post production hub for the world.

    The function of the steering committee is to support the ministry to finalise the IFFI programming which includes various sections of IFFI programme, master classes, workshops and cultural components.

    The steering committee deliberated over various components of IFFI and discussed ways to enhance collaborations with international film makers, participation of regional cinema, giving a platform to young filmmakers as well as showcase new trends in cinema along with emerging technology that enhances the experience of cinema lovers. The steering committee will hold a number of meetings in the run up to IFFI and ideate on content curation and explore partnerships. 

    Simultaneously, the festival aims at providing a common platform for filmmakers from across the globe to showcase their talent and put forth the excellence of cinema from all over. Bringing together film cultures, the festival aims to allow the understanding of various social and cultural ethos and appreciation of world cinema. The festival is conducted jointly by the directorate of film festivals (under the ministry of information and broadcasting, government of India) and the state government of Goa.

    With an aim of providing a common platform for the cinemas of the world to project the excellence of film art, IFFI  celebrates cinematic works every year from India and around the world.

  • Cosmo Films Limited re-brands as Cosmo First Limited

    Cosmo Films Limited re-brands as Cosmo First Limited

    Mumbai: Cosmo Films has announec that it will make its new brand identity as Cosmo First Ltd–Ahead always.

    The strategic decision comes considering the company’s business activities which has expanded beyond films into specialty chemicals (master-batches, coatings, and textile chemicals) and D2C pet care. 

    The rebranding reiterates the value of Cosmo and strengthens its focus to create a better life for the people, the world, and the community we live in; built on Trust, Empathy, and Compassion. Cosmo First Limited stands for four-decade young Indian business conglomerate that thrives on innovation to unlock value in diverse sunrise sectors such as polymer, speciality chemicals and D2C Pet Care.

    Cosmo First with its continued aspiration aims to steer high growth businesses in India that are sustainable, scalable, and profitable, and deliver lasting value for all the stakeholders through innovation, excellence, collaboration, integrity and customer centricity.

    Talking about the rebranding, Cosmo First chairman and managing director Ashok Jaipuria said, “Cosmo at its core has always been pioneering revolutionary innovations to create a better life. All through our journey, we have prided ourselves in our ability to provide industry-first niche solutions in the areas of packaging, lamination, industrial and labelling applications. We have made inspiring diversifications into speciality chemicals, consumer care, and D2C retail, aiming to be a pioneer in these previously fragmented industries.”

    “We would like to be the first choice for all our stakeholders and will strive hard to always stay ahead of the curve to provide industry first solutions,” he added.

  • Kapil Dev to be the guest of honour at the Indian Film Festival of Melbourne 2022

    Kapil Dev to be the guest of honour at the Indian Film Festival of Melbourne 2022

    Mumbai: The Indian Film Festival of Melbourne which for the last two years was held virtually will make its physical comeback with programming spanning both in person and online to keep up with the current times. The festival is set to take place in Melbourne from 12-20 August. Before the world was hit by a pandemic, in 2019 the festival hosted by the likes of Shahrukh Khan, Arjun Kapoor, Tabu, Vijay Sethupathi, Rima Das, Zoya Akhtar, Karan Johar amongst others.

    This year the festival will kick off with its opening night on 12 August and will have its yearly annual awards gala on 14 August. The film programming the organisers said is more diverse than ever before with over 100 films in 23 languages having been selected for the festival. Programming of the festival will soon be announced by the organisers and Indian film artists will be flying down to Melbourne to celebrate cinema in all its diversity.

    Furthering the popularity of one of the most talked about films this past year, 83 directed by Kabir Khan, the festival has invited former cricketer, Kapil Dev to be the guest of honour.

    Dev said, “I look forward to being part of IFFM 2022. It’s a great platform celebrating the best in Indian cinema. I truly do believe that sports and cinema are two major cultural experiences for not only Indians but various communities and countries that bind us together. It’s something for decades now that has united people. It’s a deep rooted emotional connection and love we have for both cinema and sports, and when they come together it’s a rewarding experience for everyone.”

    Speaking of the festival and its coming back physically, the festival director Mitu Bhowmick Lange said, “We are absolutely delighted to have IFFM come back physically this year alongside exciting virtual programming. To have with us a legendary cricketer, Kapil Dev in honour of a film based on his iconic 83 World Cup Win, we are excited to have him in Melbourne. Being a city of cinema and cricket lovers alike, we are certain the audiences will be excited to see him here. The festival this year has over 100 films from across the India sub-continent and we are excited to celebrate Indian cinema in all its glory and diversity”.

    Minister for creative industries Steve Dimopoulos said, “From its diverse program of film and joyous celebration of culture to the star power it attracts, the Indian Film Festival of Melbourne is an unmissable event. The Victorian government is a proud, long standing supporter of IFFM, this year boosting our support for the festival to extend its reach and impact, and we look forward to seeing Victorians from all communities join the celebration.”

  • PVR Cinemas revamps its Ghatkopar property

    PVR Cinemas revamps its Ghatkopar property

    MUMBAI: PVR cinemas has remodeled its four-screen multiplex at PVR R Odeon Mall in Ghatkopar East, Mumbai. Strategically located, the renovated PVR property, the company said it has the latest technology and features and can accommodate 976 guests.

    With this launch, PVR Cinemas consolidated its foothold in Maharashtra with 137 screens in 29 properties and 233 screens across 51 properties in the West.
    The four-screen property is equipped with cinematic technologies including 2K projectors, Next Gen 3D and advanced Dolby 7.1 sound. There are recliner seats in the last row of all the audis for the discerning audience who prefer an extra comfort and a lavish experience while watching movies.

    PVR joint managing director Sanjeev Kumar Bijli said, “We are happy to welcome movie buffs back in Ghatkopar with an experience they have never seen before. With audiences getting back to theatres in full swing, we feel extremely privileged to launch our twelfth property in the city of entertainment. We have carefully curated all the experiences and are confident that PVR Ghatkopar will be a delight for one and all in the region.’’

    Adding to the overall ambience, PVR has launched the property featuring an all-vegetarian menu with an extensive range of gourmet delicacies served in the luxury of comfortable recliners which further adds to the property’s unique offerings and provides a warm and welcoming ambience.
    PVR CEO Gautam Dutta said, ‘’The new Ghatkopar property has been designed to offer an exemplary and engaging and movie-viewing experience. PVR Cinemas has always been focused on providing a holistic experience and the new revamped property is a testimony for that as it is backed by best-in-class hospitality and cutting-edge in-theatrical technology. In addition, we have a long, delectable food slate with scrumptious flavors that will leave our vegetarian patrons wanting more.’’

    With this opening, PVR strengthens its growth momentum in FY 2022-23 with 854 screens at 173 properties in 75 cities (India and Sri Lanka).

  • Cinema exhibition chain Carnival Cinemas in talks to raise equity

    Cinema exhibition chain Carnival Cinemas in talks to raise equity

    Mumbai: Mumbai-based cinema exhibition chain Carnival Cinemas is in the initial stages of raising equity of Rs 400 crore, as per a report by Hindi Businessline. Carnival Cinemas is the second-largest theatre chain after PVR-Inox with 450 screens present nation-wide.

    The cinema chain is in talks with its sole lender Yes Bank as well as public and private equity funds to raise money to expand to another 118 screens. The entity is expected to make a formal announcement of the fund raise in 60-90 days.

    The company owned by Dr. Shrikant Bhasi, always had plans for further expansion, especially after the record revenues of 2020. They have waited for the resolution of the pandemic before introducing private equity investors.

    According to a source, “To raise funds, Carnival Cinemas worked with Yes Bank, with whom they have a long-standing relationship, whereby the bank has always supported and believed in the business. Yes Bank has started its process to take equity and enable Carnival Cinemas to move towards its vision of 1,000 screens.”

    An official from Carnival Cinemas who refused to be named stated, “We are the market leaders in tier III and tier IV markets and are the only mass cinema chain in India whose vision is to open and operate a large number of screens. This debt restructuring would close within 60-90 days.”

  • PVR Cinemas partners with Cinionic to provide 100 percent laser projection

    PVR Cinemas partners with Cinionic to provide 100 percent laser projection

    MUMBAI: PVR Cinemas has announced an expanded preferred partnership agreement with Cinionic, the world’s leading provider of laser cinema solutions, to power 500 screens with Barco Series 4 4K laser projection. On completion of the rollout on new and existing screens, PVR will be the first exhibition chain in India to go 100 percent 4K RGB laser projection. The announcement was made at CineEurope, a European convention and trade show for major, regional and independent cinema exhibitors, which is taking place this week in Barcelona.

    The Barco Series 4 family from Cinionic features next generation 4K laser projection that supports sustainability with reduced waste, lower energy consumption, and an extended lifetime. The thoughtfully designed Series 4 moves away from the use of consumables, utilizing reusable components like air filters, and the laser light source eliminates the need for lamps and their subsequent replacement and disposal. All models within this leading laser projection range are also exceptionally efficient, reducing power consumption with smart power management, minimized heat dissipation, and increased operational efficiency.

    PVR chairman & managing director Ajay Bijli said, “PVR is aligned to the Climate Action SDG goal of the United Nations and has committed to lower its emission and reduce its carbon footprint. The BARCO Series 4 4K RGB laser projectors is a sustainable investment from PVR as part of its endeavor to make changes in operational practices for reducing emissions and conserve energy for a sustainable future”.

    This announcement continues a long-standing partnership between PVR and Cinionic as together they work to elevate the cinematic experience for audiences in India. Laser Projection by Cinionic delivers exceptional presentation quality with vivid colours, high brightness, and clear on-screen images. Through the expanded agreement with Cinionic, PVR will also benefit from Cinionic’s enhanced services with Cinionic Cloud, a digital platform for managed services through remote connectivity, improving the performance and optimizing the cost of operation over time. Cinionic services help to ensure worry-free operations for cinemas, by monitoring the health of the projector, predicting service interventions in advance, and minimizing screen downtime.

    “PVR continues to enhance the theatrical experience for India, offering cinematic excellence and a commitment to a sustainable future. We are proud to expand our strong relationship with PVR to deliver a fully laser-powered theatrical experience. The eco-friendly Barco Series 4 offers audiences across India a greener way to go to the movies” said Cinionic CEO Wim Buyens.

    In observing evolving trends in the cinema exhibition industry, energy-efficient and eco-friendly product designs are gaining momentum. Energy is no longer simply an internal cost factor. Today’s leading exhibitors are looking for ways to reach their sustainability goals without sacrificing quality and identifying how every part of their cinema value chain can contribute towards supporting a greener value proposition.

  • PVR-Inox merger gets approval from BSE & NSE; it will reshape multiplex business

    PVR-Inox merger gets approval from BSE & NSE; it will reshape multiplex business

    Mumbai: PVR and Inox Leisure on Tuesday disclosed that the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have given their clearance with regards to the scheme of amalgamation or merger deal between the two companies.

    The decision to merge was first proposed on 27 March before the board of directors of the two companies. The combined entity called PVR-Inox would become the largest film exhibition company in India operating 1546+ screens.

    Post the merger, the promoters of Inox will become the co-promoters in the merged entity along with existing promoters of PVR. The board of directors of the merged company will be reconstituted with a total board strength of 10 members & both the promoter families having equal representation on the board with two seats each. PVR promoters will have 10.62 percent stake while Inox promoters will have 16.66 percent stake in the combined entity

    PVR chairman Ajay Bijli will lead the combined entity as managing director. Sanjeev Kumar will be appointed as the executive director. Pavan Kumar Jain will be appointed as the non-executive chairman of the board. Siddharth Jain will be appointed as non-executive non-independent director in the combined entity.

    When the merger becomes effective, shareholders of Inox will receive shares of PVR in exchange for shares in Inox at the approved share swap ratio. Inox shareholders will receive three shares in PVR for 10 shares of INOX.

    The merger will be an all-stock amalgamation subject to approval of the shareholders of PVR and Inox respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.