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Tag: PVR Ltd

  • Six-screen multiplex PVR Maison opens at Jio World Drive

    Six-screen multiplex PVR Maison opens at Jio World Drive

    Mumbai: Film exhibition company PVR Ltd, through its luxury arm The Luxury Collection announced the launch of a luxury boutique property PVR Maison at Jio World Drive, Bandra Kurla Complex, here.

    The six-screen multiplex has a seating capacity of 882 audiences and will be opened in strict compliance with SOPs issued by the Maharashtra government, said PVR in a statement.

    The new property has been inspired by the French Grand Maison and features majestic entrance foyers, luxurious lounges, libraries with art and curiosities, grand living rooms, open kitchens with premium food concepts, and private screening options. It is equipped with a 4K RGB laser projection system with Atmos surround sound system and state-of-the-art high-resolution screens.

    “Innovation and improvisation are in the DNA of our business which has echoed through our every offering,” said PVR Ltd chairman and managing director Ajay Bijli. “PVR Maison is inspired by the French archetype and was born out of the quest to explore deeper and newer facets of luxury. It had a global creative team working on each aspect intricately to bring the best for our India patrons.”

    He further said, “The effects of the pandemic will linger but we are hopeful that 2021 will bring back the theatre-going audience and with the change in the scenario.”

  • Covid2019 pushes PVR to take one-time write off of perishable inventory worth Rs 183 lakh

    Covid2019 pushes PVR to take one-time write off of perishable inventory worth Rs 183 lakh

    MUMBAI: PVR Ltd, on Monday, announced its audited standalone and consolidated financial results for the fourth quarter.  Consolidated revenues for the quarter stood at Rs 662 crore witnessing a 22 per cent drop compared to corresponding period of last year due to outbreak of Covid2019 in the last month of the quarter. 

    “Since all the cinemas are shut, company is not generating any revenue from operations while we continue to incur committed cash outflows, including employee salary pay-outs, overheads as well as payments for older working capital. This has had and will continue to have significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy,” it said in an investor presentation.

    While PVR started closing its screens beginning 11 March, its revenue and cash flow generation may be impeded further once operations are allowed to reopen as cinemas may not be able to operate at normal capacity utilisation due implementation of social distancing measures as well as health concerns that the patrons may have. Talking about financial impact, it mentioned that it has taken one-time write off of perishable inventory of Rs 183 lakh in March, on account of spoilage due to closure of cinemas pursuant to Covid2019. 

    The company is taking decisive actions to mitigate the adverse impact of Covid2019 by implementing cost reduction strategies, enhancing liquidity and cash-flows management. It has stated that it has cut salary across various levels and laid off employees. 

    “As on 31 March 2020, company had almost Rs 316 crore in liquid assets. Further, company is considering steps to further augment its liquidity position through fresh borrowings and equity issuance. With respect of the same, the board of directors of the company has given an in-principle approval for a rights issue for an amount of upto Rs 300 crore as “confidence capital” to shore up capital base,” it added in a statement. 

    It reported a consolidated net loss of Rs 74.61 crore for the fourth quarter while it had posted a net profit of Rs 46.75 crore in the January-March quarter a year ago. 

  • PVR Ltd. launches brand film in the entertainment ecosystem

    PVR Ltd. launches brand film in the entertainment ecosystem

    MUMBAI:  PVR Ltd, India’s largest film exhibitor and a name synonymous to excellence in the entertainment ecosystem, has launched the brand film recently to celebrate its audience for over two decades. The film observes the patrons and the million experiences while stating “Every seat has a story.” Conceptualized around the significance of customer-centricity, PVR Ltd. with the newly launched film reiterates its focus on the customer and their experiences.

    PVR Ltd  chairman and managing director Ajay Kumar Bijli commented “It has been over two decades since we started and if there is one thing which has stayed constant; it is our focus on the customer and the experiences they yield in that 3 hours inside the cinema. We have evolved in every aspect but at the heart of our business lays the audience who drive us, guide us and encourage us to do better, push the envelope and explore new things.”

    “It has been an exceptional year on the business front, and I am grateful to our patrons and partners in supporting us in all our endeavors. Wishing all a very happy and entertaining year-end with family and friends.”

    The film celebrates the stories of the patrons, sharing a million emotions from inside the cinema theaters. It is launched across traditional, digital and social media platforms. 

  • Sports & experiential ent.: PVR & Major sell bluO to Smaaash for Rs 860 mn

    MUMBAI: PVR Ltd today announced that it has entered into definitive agreement with Smaaash Entertainment (‘SMAAASH’) to sell its stake in bluO entertainment, a premium bowling and entertainment format operated by the company.

    As part of its national expansion plans, world class gaming and entertainment company Smaaash Entertainment has acquired 100 per cent stake in bluO entertainment (a premium bowling and entertainment format), for a consideration of approximately Rs. 860 million.

    bluO is a joint venture between PVR Limited and Major Cineplex Group of Thailand in which PVR owns 51 per cent stake with balance 49 per cent stake held by Major Group. The acquisition marks the doubling of the area under Smaaash management from 276,000 square feet to approximately around 600,000 square feet in India.

    The significant acquisition also adds six centres (approximately 210,000 sq. ft. of premium space) across five cities to Smaaash’s existing blueprint of seven centres in India and one in Minneapolis in the United States. The newly acquired centres will operate under Smaaash branding and two more centres are expected to open shortly. Smaaash will introduce its signature games at all bluO centres, which only had bowling before.

    PVR chairman & MD Ajay Bijli said, “The sale of bluO is in line with our strategy to divest all non-core assets and focus on our core cinema exhibition business. It is also reflective of the value embedded in our core assets and demonstrates our commitment to increase shareholder value and provide management a more focused approach for enhancing value in exhibition business. We are pleased to sell the business to Smaaash, which is a leader in retail and entertainment space in India and the US; and believe that they will take the business to even greater heights.”

    Smaaash Entertainment chairman & CIO Shripal Morakhia said, “The strategic acquisition of bluO is a significant step in doubling Smaaash’s scale and outreach in India’s fast growing retail entertainment space. The synergies between both brands are deeply symbiotic in creating a network of centers in key cities that are designed as destinations with a relentless focus on wholesome sports, active life, and adventure for urban citizens. We are sure that bluO’s premium locations, infrastructure and F&B offerings, coupled with Smaaash leadership in innovation with new technology and virtual reality, will fill a much-needed gap for experiential entertainment in our country. We are committed to enhancing profitability and revenue per centre while being the custodian of customer smiles in these centres.”

    The acquisition comes on the heels of Smaaash’s recent international success story in the Mall of America, Minneapolis, United States.

    EY acted as the exclusive financial advisor to the shareholders of PVR bluO for the transaction.