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Tag: Ajay Bijli

  • Sanjay Kapoor joins PVR Board as Director

    Sanjay Kapoor joins PVR Board as Director

    NEW DELHI: PVR Cinemas, the largest cinema exhibition company in India, has announced the appointment of Sanjay Kapoor as the Director on the Board of PVR with effect from 31 January.

     

    Sanjay brings with him expertise and understanding to the rapidly growing and changing Indian market. With an experience of close to three decades, global business acumen, perspective and intelligence, Sanjay will advise the PVR Company to achieve greater milestones.

    “We are pleased to welcome Sanjay to our board of directors”, said PVR Ltd Chairman and Managing Director Ajay Bijli. “His brand expertise, experience in building large service businesses, digital penchant and consumer insights will be invaluable as we continue to expand our business of exhibiting quality cinema in the country. Our board is looking forward to the perspective Sanjay will provide to our strategy and operations as we continue to focus to give the best to our audience.”

     

    On accepting the new responsibility, Kapoor said, “I am very excited to contribute to the largest multiplex chain in India. PVR is the most respected name in the film exhibition industry and I look forward to sharing my experiences and contributing to the growth of the leading multiplex chain in India.”

     

    With a robust career spanning over 28 years, Kapoor, an Ex-CEO Airtel (India & South Asia), has been instrumental in shaping the growth and diversity of India’s largest integrated telecom service provider and held key leadership positions in the Bharti group till 15 May 2013. Prior to joining the Bharti Group, Sanjay worked with Xerox India as Director – Operations Support.

     

    Kapoor’s leadership extended well beyond the confines of Airtel and he elevated himself as an industry spokesperson globally. For more than 13 years he has played an active role in various industry forums like CII, COAI and NASSCOM. He has been a Board & Executive committee member of GSMA and the Board member of Indus Towers. Presently, Sanjay is a board member of Bennett, Coleman & Co.

     

    Kapoor holds an MBA from Cranfield School of Management (UK) and is a Graduate of The Wharton Advanced Management Program. He earned his Bachelor’s degree in Commerce ( Hons ) from Delhi University.

  • PVR introduces Privilege Card at Directors Cut at Vasant Kunj in New Delhi

    PVR introduces Privilege Card at Directors Cut at Vasant Kunj in New Delhi

    NEW DELHI: PVR Cinemas today announced the launch of the DC Privilege card, the first of its kind in house transaction platform and marketing scheme in the world of cinema entertainment at Director’s Cut (DC), its premium Cineplex brand, located at the Ambience Mall, Vasant Kunj, New Delhi.

    Conceived by Ajay Bijli, Chairman and Managing Director, DC Privilege will offer a whole new level of movie watching experience and wealth of benefits to PVR Director’s Cut’s patrons in exclusivity, with the view toward expanding the format to the rest of the circuit at a later stage.

    Merging entertainment and hospitality into the ultimate movie going experience, Director’s Cut today brings the DC Privilege card. A reloadable store value card holding a monetary value ranging anywhere from Rs. 3,000 to a maximum of Rs. 50,000, the DC Privilege card will make purchasing movie tickets online or at the box office or settling in-auditorium food and beverage bill a swift and seamless transaction. “Key in your card account number at the PVR Director’s Cut website or swipe your card at Director’s Cut’s box office or in the comfort of your seat during a show, and you are done. You will no longer have to be waiting for change or credit card approval, a process sometimes inconvenienced by jittery data networks.”

    On the launch of Director’s Cut, Privilege cards, Mr. Renaud Palliere, CEO, International Development, PVR Ltd said, “We have always been on a spree to innovate and offer premium services to our movie lovers. The Privilege card will add the luxury of ease and convenience the unmatched cinema viewing experience at Director’s Cut coupled with exclusive privileges and perks available at like-minded retail brand partners like Diamond Tree, Johnson Watches, to name a few in the vicinity of the mall and beyond, including but not limited to Mistral.”

    Ms Cherry Sahni, Director, Chief Designer for Diamond Tree commented, ”We are delighted to be one of the founding retail partners of the PVR Director’s Cut Privilege Car

    d® initiative and extend exclusive privileges at our stores to Director’s Cut’s clientele”.
    Likewise, Mr. Anil Madan, Director of Johnson Watches Company added: “PVR Director’s Cut and Johnson Watches share similar values in terms of product excellence and customer service quality, and we believe this natural synergy will be accretive for Director’s Cut Privilege Card® and benefit its members.

  • PVR announces blockbuster results for Q1-2014

    PVR announces blockbuster results for Q1-2014

    BENGALURU: Indian motion picture exhibition, production and distribution house PVR Limited (PVR) today declared stellar results for Q1-2014.

     

    Let us take a look at the performance for Q1-2014

     

    PVR’s consolidated revenues for Q1-2014 were Rs 337.3 crore as compared to Rs 180.7 crore during the corresponding period of last year (Q1-2013), up by 87 per cent. Consolidated EBITDA for Q1-2014 was Rs 61.4 crore as against Rs 34.6 crore in the same period last year, up by 78 per cent. Consolidated PAT for the quarter was Rs 13.9 crore in Q1-2014 as against of Rs 7.8 crore in the same period last year, up by 79 per cent.

     

    Correspondingly, PVR’s profit before tax for Q1-2014 grew by 64.5 per cent to Rs 19.7 crore from Rs 11.98 crore in Q1-2013. PVR had reported a loss of Rs 17.94 crore for Q4-2013.

     

    Net total income from operations for Q1-2014 was Rs 208.54 crore, up 29 per cent from the Rs 161.29 crore reported for Q1-2013 and 43 per cent higher than the Rs 146.2 crore reported for the preceding quarter (Q4-2013).

     

    Total expenses at Rs 183.16 crore were up 25.7 per cent from the Rs 145.68 crore during Q1-2013 and up 23.5 per cent as compared to the Rs 148.34 crore for Q4-2013.

     

    PVR says that its exhibition business in Q1-2014 grew on back of strong same store growth, addition of new multiplex properties and Cinemax multiplex circuit (post acquisition in January 2013). The revenue growth was driven by strong box office, food and beverage revenues and advertising revenues.

     

    Revenues from PVR’s movie exhibition more than doubled (grew by 111.5 per cent) at Rs 313.08 crore in Q1-2014 as compared to the Rs 148.05 crore reported for Q1-2013. Revenues for Q1-2014 were higher by 47.1 per cent as compared to the Rs 212.85 crore revenues that the company reported for Q4-2013.

     

    The other contributing segment to profits was ‘Others (includes bowling, gaming and restaurant services)’, revenues from which almost doubled (grew by 98.2 per cent) for Q1-2014 to Rs 18.91 crore from the Rs 9.54 crore reported for Q1-2013 and grew by 17.6 per cent as compared to the Rs 16.98 core revenues reported for Q4-2013. Segment results from the Movie production and distribution recorded a loss of Rs 0.96 crore for Q1-2014.

     

    During Q1-2014, PVR says that it had Rs 1.52 crore footfalls in its cinemas, up by 17 per cent as compared to corresponding quarter of previous year (Q1-2013). The average ticket price across the cinema circuit also grew by 10 per cent on the back of strong content and flexible pricing launched by company in various markets. Food and beverage revenues grew by 37 per cent over corresponding quarter of previous year. Sponsorship revenues also showed a stellar growth of 60 per cent over corresponding quarter of previous year.

     

    PVR chairman cum managing director Ajay Bijli said, “The revenues and profitability in the quarter has shown a robust growth over the same period last year. The integration of PVR & Cinemax at operating level is progressing well and the management is focusing on driving synergies from the combined scale of operations which is reflecting in the market share and the reported results. The string of big budget Bollywood Films like Chennai Express, Once upon a Time in Mumbai Again, Satyagraha, Krrish 3, Dhoom 3, Boss, Beshram, Singh Sahab the Great, Bullet Raja etc., will further augment the strong box office performance for the remainder of FY 2013-14.

     

    The company is bullish on its expansion plans and says that it intends to add 85-90 screens in FY 2013-14. During the Q1-2014, PVR added five properties with 35 screens across Kochi, Mumbai, Bangalore, Chandigarh and Delhi. On a combined basis, PVR and Cinemax have a network of 383 screens spread over 89 properties in 35 cities across the country.

  • PVR Q3 consolidated net remains flat at Rs 88.9 mn

    PVR Q3 consolidated net remains flat at Rs 88.9 mn

    MUMBAI: Film exhibitor and production company PVR consolidated net profit remained flat at Rs 88.9 million for fiscal third quarter ending 31 December compared to Rs 89.2 million in the corresponding fiscal.

    The consolidated revenues for the quarter went up by 43 per cent to Rs 2.02 billion as compared to Rs. 1.41 billion during the corresponding period of last year. Consolidated Ebitda for the quarter was up by 34 per cent to Rs 354.3 million as against Rs 263.8 million.

    On a standalone basis, PVR‘s exhibition business posted a net profit of Rs 142.2 million including a one time profit of Rs 33.3 million.. Ebitda increased by 43 per cent to Rs. 345.2 million as compared to Rs 241 million in corresponding period of last year.

    The exhibition business revenue increased to Rs 1.88 billion from Rs 1.28 billion in the same period last year, up 46 per cent.

    PVR MD Ajay Bijli said, “We are extremely pleased that 2012 is shaping up as a great year at the box office. The revenues and profitability in the quarter and nine months has shown a robust growth over the same period last year. The good results is also a function of Company’s long term location strategy to partner in best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning. “

    On 8 January, PVR had completed the acquisition of 69.27 per cent stake in Cinemax India from its erstwhile promoters.

    In compliance with Sebi Takeover Code, the company has announced an open offer to shareholders of Cinemax India Limited for an additional 26 per cent stake, and the tendering period shall commence on 4 February.

    Consequent to the said acquisition, Cinemax India has now become a subsidiary of PVR. On a combined basis, PVR and Cinemax will have a network of 351 screens spread over 85 properties in 36 cities across the country.

  • PVR Q3 consolidated net remains flat at Rs 88.9 mn

    PVR Q3 consolidated net remains flat at Rs 88.9 mn

    MUMBAI: Film exhibitor and production company PVR consolidated net profit remained flat at Rs 88.9 million for fiscal third quarter ending 31 December compared to Rs 89.2 million in the corresponding fiscal.

     

    The consolidated revenues for the quarter went up by 43 per cent to Rs 2.02 billion as compared to Rs. 1.41 billion during the corresponding period of last year. Consolidated Ebitda for the quarter was up by 34 per cent to Rs 354.3 million as against Rs 263.8 million.

     

    On a standalone basis, PVR’s exhibition business posted a net profit of Rs 142.2 million including a one time profit of Rs 33.3 million.. Ebitda increased by 43 per cent to Rs. 345.2 million as compared to Rs 241 million in corresponding period of last year.

     

    The exhibition business revenue increased to Rs 1.88 billion from Rs 1.28 billion in the same period last year, up 46 per cent.

     

    PVR MD Ajay Bijli said, “We are extremely pleased that 2012 is shaping up as a great year at the box office. The revenues and profitability in the quarter and nine months has shown a robust growth over the same period last year. The good results is also a function of Company’s long term location strategy to partner in best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning. “

     

    On 8 January, PVR had completed the acquisition of 69.27 per cent stake in Cinemax India from its erstwhile promoters.

     

    In compliance with Sebi Takeover Code, the company has announced an open offer to shareholders of Cinemax India Limited for an additional 26 per cent stake, and the tendering period shall commence on 4 February.

     

    Consequent to the said acquisition, Cinemax India has now become a subsidiary of PVR. On a combined basis, PVR and Cinemax will have a network of 351 screens spread over 85 properties in 36 cities across the country.

     

  • PVR to buy 69.29% Cinemax promoter stake for Rs 3.95 bn; plex biz in consolidation phase

    PVR to buy 69.29% Cinemax promoter stake for Rs 3.95 bn; plex biz in consolidation phase

    MUMBAI: Ajay Bijli-promoted PVR Ltd. has agreed to buy the entire 69.27 per cent promoter stake in competing multiplex operator Cinemax India for Rs 3.95 billion, which will make it the biggest multiplex operator in the country.

    The deal values Cinemax at Rs 5.7 billion, making it an expensive purchase. Since Cinemax has 138 screens, PVR has paid a higher premium to fortify its presence in Western India, including Mumbai.

    For exiting the business, the Kanakias are being paid at Rs 203.65 per share. Cinemax‘s stock jumped 4.99 per cent on Thursday to close at a new high of Rs 184.25.

    PVR is making the acquisition through Cine Hospitality, its wholly-owned subsidiary.

    Of the 69.29 per cent promoters stake in Cinemax India, Himanshi and Rasesh Kanakia hold 33.46 per cent each while Rupal and Hiral Kanakia own 1.17 per cent each. The remaining 0.03 per cent stake is held by Kanakia Gruhnirman and Kanakia Finance and Investments.

    PVR Promoter Ajay Bijli said, “In order to achieve market leadership in Indian Exhibition business, PVR has been on a rapid expansion mode both through organic as well as inorganic routes. Today, with the proposed acquisition of Cinemax, we hope to create the largest movie exhibition chain in India."

    Cinemax Promoter Rasesh Kanakia said, “We believe that the Exhibition business benefits from consolidation as large scale strengthens competitive advantage as well as significantly enhances operational efficiencies. This transaction enables realization of such benefits and would create significant value for all the shareholders of Cinemax. The deal will enable us to ensure greater focus on our real estate and hospitality businesses.”

    PVR with the backing of private equity investors will also make an open offer to public shareholders of Cinemax, which would eventually culminate in the delisting of the company’s shares.

    As part of the open offer, Cine Hospitality will acquire up to 7.2 million fully paid-up equity shares of face value of Rs 5 each representing 26 per cent of the fully diluted voting equity share capital of Cinemax at a price of Rs 203.65 per share.

    PVR has also got the board approval to issue 10.62 million fully paid equity shares on a preferential basis to Ajay Bijli, Sanjeev Kumar, L Capital, Multiples Private Equity Fund I Limited, and Multiples Private Equity Fund at Rs 245 per share to raise Rs 2.6 billion.

    Under the preferential issue of equity shares in PVR Limited, Multiples will invest an amount of approximately Rs 1.53 billion, L Capital would invest approximately Rs 823 million and Promoters would invest approximately Rs 250 million into PVR.

    Post the above dilution, both Multiples Private Equity and L Capital would own approximately 15.8 per cent stake each in the company and the Promoters will hold 32 per cent stake in the Company.

    The owners of Cinemax had demerged their multiplex business from the core real estate business, which was housed in Cinemax Property. Earlier this year, international private equity fund L Capital Eco had agreed to invest a total of Rs 1.07 billion in PVR.

    In the last fiscal, Cinemax had posted a profit of Rs 77.9 million on revenues of Rs 2.7 billion. While, PVR‘s net profit stood at Rs 281.1 million on revenues of Rs 4.7 billion.

    Expensive deal but PVR gets location advantage

    The deal values the per screen price at Rs 45 million, more than double the cost if PVR were to have build on its own. PVR has valued Cinemax, which has a net debt of Rs 850 million, at Rs 5.7 billion.

    "While PVR becomes the largest multiplex operator, the premium paid for the acquisition is definitely too high. If PVR had decided to build it itself, the capex requirement would have been Rs 20 million per screen. But PVR gets location advantage and makes up for its weakness in western India," says an analyst at a broking firm.

    PVR currently has 46 operational properties, with 213 screens and a seating capacity of 50,655 seats. Cinemax has 39 operational properties, with 138 screens and a seating capacity of 33,535 seats.

    Theis acquisition would create the largest movie exhibition chain in India with a combined strength of 351 screens at 85 locations with a total capacity of 84,190 seats.

    This will also give PVR a leadership position in 10 key markets across the country. It will also help PVR to strengthen its position in Mumbai where Cinemax owns 45 screens and where average ticket prices are higher.

    The acquisition will also help PVR scale up its multiplex business. "For multiplex operators in India, the biggest challenge is to scale up through the organic route. And there are few good multiplexes available to buy. So the premium paid is justifiable," says a media analyst.

    Consolidation in the multiplex business

    The multiplex industry is entering a consolidation phase. Earlier, Inox Leisure Ltd had bought out the promoter‘s stake of 43.3 per cent in Fame India Ltd for Rs 664.8 million. Later this June, Fame was merged with Inox to become India’s largest multiplex chain with 257 screens.

    "There will be pressure on other multiplexes to acquire or sell. The business requires huge amount of cash to expand," says a media analyst.

  • PVR consolidated Q2 net up 13% to Rs 161.4 mn

    PVR consolidated Q2 net up 13% to Rs 161.4 mn

    MUMBAI: PVR‘s consolidated net profit rose 12.86 per cent to Rs 161.4 million for the quarter ended 30 September from Rs 143 million a year ago.

    The film exhibition and distribution firm‘s net income from operations increased 36.5 per cent to Rs 1.89 billion in the second quarter from Rs 1.39 billion a year ago. PVR‘s movie exhibition business contributed Rs 1.76 billion to net income, while movie production and distribution contributed Rs 72.1 million.

    Consolidated Ebitda for the second quarter was Rs 375.2 million, up 15 per cent from Rs 326.6 million a year ago.

    PVR chairman and MD Ajay Bijli said, “We are extremely pleased that 2012 is shaping up as a great year at the box office. The revenues and profitability in the quarter and half year has shown a robust growth over the same period last year.”

    During the first half of the year the company added six new multiplexes with 31 screens at Jalandhar, Ujjain, Ludhiana, Nagpur, Bilaspur and Pune. The company now operates 44 properties with 197 screens in 27 cities across the country.

    The company has significant expansion plans and intends to add another 51 screens in the remainder of the fiscal.

    “We have a significant screen rollout this year and are opening our flagship cinemas in Kurla, Mumbai (8 screens), Orion Mall, Bangalore (11 screens), Mysore (4 screens) which are all expected to open in the next few days. We are also launching our 1st IMAX screen in Bangalore with “Skyfall” on 1st Nov, 2012,” he added.

  • PVR in an agreement with IMAX

    PVR in an agreement with IMAX

    MUMBAI: PVR Ltd. (PVR Cinemas), India‘s leading cinema brand and operator of the country‘s top-performing multiplexes, has entered into an agreement to install an IMAX theatre system in Bangalore that is scheduled to open by March next year.

    The deal follows an earlier agreement with PVR Cinemas announced in March last year for four IMAX theatres, bringing the exhibitor‘s total IMAX commitment to five. The deal also brings to 14 the total number of IMAX theatres open or contracted to open in India.

    “Audiences across India are passionate about cinema and with IMAX‘s worldwide brand, more and more patrons want to experience films in the premium immersive format only IMAX can deliver,” said PVR Chairman Ajay Bijli. “We view IMAX as a competitive advantage for our business and we are delighted to bring more audiences in Bangalore The IMAX Experience,” he added.

    Going by the terms of today‘s agreement, PVR Cinemas will install an IMAX theatre in a multiplex in Bangalore‘s Vega Mall – a new construction project that is slated to open by March 2013. The exhibitor also plans to open two of its previously contracted IMAX theatres in existing complexes in Bangalore and Mumbai this year, with the other two IMAX theatres set to go into new construction projects in the cities of Delhi and Noida that are slated to open in 2012 and 2014 respectively.

    IMAX CEO Richard L. Gelfond said, “We‘re excited to expand our partnership with PVR – now our second largest exhibitor in India. With a population of 1.2 billion, a growing middle-class and strong movie-going culture, India is a market poised for tremendous growth. We also believe that by the end of 2013, we will be in a position to begin offering IMAX versions of Bollywood titles, which account for 90 per cent of India‘s internal annual box-office receipts.”

  • PVR Q1 net Rs 78.1 mn vs loss in previous quarter

    PVR Q1 net Rs 78.1 mn vs loss in previous quarter

    MUMBAI: Cinema exhibitor PVR Limited returned to profits in the first quarter ended 30 June after a loss in the preceding quarter ended 31 March 2012.

    PVR said its net profit in the first quarter was Rs 78.1 million against a loss of Rs 132.4 million in the preceding quarter. The net profit in the first quarter was down nearly 46 per cent from Rs 144.2 million a year earlier.

    The company‘s consolidated revenues for the first quarter were up 51 per cent to Rs 1.77 billion from Rs. 1.17 billion a year earlier.

    Consolidated EBITDA for the quarter was Rs. 346 million, up 52 per cent from Rs 227.7 million a year earlier.

    Commenting on the results, PVR Ltd chairman cum MD Ajay Bijli said, “The good results is a function of the company‘s long term location strategy to partner in best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning. We are encouraged by the robust growth in footfalls and remain buoyant regarding the potential for box office success for the remainder of FY 2012-13.

    The standalone revenues from exhibition/production business increased to Rs 1.59 billion from Rs 1.04 billion in the same period last year, up by 52 per cent. EBITDA for the quarter was Rs. 334.4 million as compared to Rs 195.4 million in corresponding period of last year, up by 71 per cent.

    Its net profit for the first quarter was Rs 79.8 million down from Rs 224.7 million a year earlier and against a net loss of Rs 148.1 million in preceding quarter ended March 31, 2012.

    The company said its exhibition business showed a growth of 33 per cent in the overall revenues driven by strong box office performance and food & beverage revenues.

    During the quarter under review and subsequent period the company added 13 screens at Jalandhar, Ujjain and Ludhiana. The company at present operates 41 properties with 179 screens in 24 cities across the country.

    The company has significant expansion plans and intends to add another 69 screens in the remainder of 2012-13 in key markets like Pune, Bangalore, Nagpur, Mumbai, Mysore, Bilaspur, Panipat, Kolkata and Vijayawada.

    The company‘s subsidiary PVR bluO is also setting up bowling centers across the country with four new centers with 80 lanes slated to open in FY 2012-13.

  • PVR eyes 500 screens by 2015, 100 to be in smaller towns

    PVR eyes 500 screens by 2015, 100 to be in smaller towns

    MUMBAI: PVR Ltd. plans to have 500 screens by 2015 as it steps up plans to expand in smaller towns.

    “Out of this, around 100 screens would be set up in smaller towns and cities,” said PVR Ltd. chairman and managing director Ajay Bijli.

    As part of this aggressive expansion strategy, the multiplex chain operator has launched its first PVR Talkies model in Madhya Pradesh. Soon after launching a four-screen multiplex at Jalandhar in Punjab, PVR Ltd. has launched its 3-screen multiplex, PVR Talkies, at Treasure Bazaar Mall in Ujjain in Madhya Pradesh.

    With this launch, PVR has 173 screens in 40 cinemas across 24 cities in India.

    The new multiplex is spread across an area of 27, 254 sq ft, with a capacity of 821 seats. Considering the needs and preferences of the inhabitants of Ujjain, PVR has promised to provide an “unmatched movie experience and hygienic environment with basic facilities” at attractive pricing ranging from Rs 50 to Rs 120.

    Bijli said, “We are pleased to announce the launch of our first PVR Talkies model in Madhya Pradesh after our successful run as a mainstream cinema in Indore. The launch has been planned keeping in mind the growing needs of the discerning audience in tier II & III cities for a quality cinema viewing experience.”