MUMBAI: Shringar Cinemas Ltd. has posted a revenue of Rs 80 million for the third quarter ended 31 December 2005, up from Rs 39 million a year ago.
In the quarter, the net profit was adversely impacted due to absorption of entire costs of the new multiplexes as well as loss in revenues during the renovation period. The company undertook extensive renovation of its flagship multiplex, Fame Adlabs in Mumbai and also introduced Fame in Kolkata. “The benefits of these are likely to accrue in the forthcoming quarters. Operating losses reduced significantly by 83 per cent during this period,” the company said in a release.
Announcing the results, Shringar Cinemas managing director Shravan Shroff said, “We have continued our revenue growth in a tough quarter. Despite competitive challenges, the company is in line with its plans to open more properties in FY 06-07. Our thrust is to expand presence & achieve sizeable market share in key cities while continuing to garner greater share from the existing properties.”
For the nine-month period, the revenues rose 280 per cent to Rs 235 million as against Rs 62 million during this period.
Shringar Cinemas is also considering the proposal to increase the authorised capital of Rs 500 million subject to the consent of members in the general meeting. The board, which met on 28 January, has passed an enabling resolution to seek consent of members for increasing the company’s paid up capital.
The board has also passed an enabling resolution to set up a new subsidiary company.
Tag: Shringar Cinemas Ltd.
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Shringar Cinemas’ Q3 revenue doubles to Rs 80 million
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Inox builds up its management band
MUMBAI: Multiplex chain Inox Leisure Ltd is beefing up its management team. Towards this end, Inox has announced the appointment of head programming Neeraj Goswamy and VP human resources Y. Muralikrishna.
Aroon Sharma, who was previously in charge of programming, will now look after the companys distribution foray.
Goswamy will be responsible for programming at Inox properties across the country. He was previously associated with Shringar Cinemas Ltd. as head programming where he looked after properties in Mumbai, Nasik and Indore, informs an official release.
At Shringar he was instrumental in introducing alternate content like plays, live acts and sporting events and for reviving premiers in Mumbai.
He says, I look forward to the challenge of programming many more multiplexes in the Inox family.”
Muralikrishna has over 15 years of experience in fields like hospitality, aviation and manufacturing. Prior to joining Inox he was with Hyatt Regency in Mumbai as director – human resources.
Inox Leisure Ltd CEO Manoj Bhatia says, We welcome Neeraj and Murli to Inox. With Neerajs background in marketing and programming and Murlis expertise in setting up HR best practices they are well positioned to help us build our leadership position.
“The expansion of Inox Leisure Ltd.s executive team is indicative of its explosive growth and rapid evolution since the first multiplex opened in Pune in 2002. Inox has since then grown to be present in six cities with seven multiplexes.”
Led by Manoj Bhatia, an executive team comprising of Alok Tandon as COO, Shrikant Hazare VP marketing, Daizy Lal VP operations, Rajesh Jindal VP finance, Anita Rodricks corporate housekeeper, Sharma head distribution, Neeraj Goswamy- head programming and Murlikrishna VP human resources.
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Shringar Cinemas Q1 net loss at Rs 8 million
MUMBAI: Shringar Cinemas Ltd. has posted a net loss of Rs. 7.8 million for the first quarter ended 30 June 2005, down from Rs. 14 million in the last quarter of 2004-05.
Revenues for the first quarter, however, increased by 20 per cent to Rs. 160.5 million, from Rs. 133.6 million during this period. “The revenue growth has been due to the sharp increase in the exhibition business aided by three of the four Fame multiplexes being fully operational during this period for the first time,” the company said in a release.
Operating profits increased to Rs. 24.8 million (as against Rs. 23.4 million), led by the improved performance in the exhibition business and control over costs.
Profit-before-tax (PBT) saw a turnaround at Rs. 4.7 million in the first quarter, as against a loss of Rs. 7.5 million in the quarter ended March 31, 2005. Being in an investment phase, the company continued to be in a net loss situation.
As this is the first year of publishing the quarterly financial results after the company floated an initial public offering (IPO), comparative figures for the previous year quarter are not available.
Announcing the results, Shringar Cinemas managing director Shravan Shroff said: “Our strategy of focusing on the exhibition business has already started showing results with significant improvement in profit margins. We hope to maintain these levels in terms of both revenue growth and margins, while progressing in our growth path of being one of the leaders in the multiplex business in India.”
Shringar Cinemas plans to extend its presence in Thane, Aurangabad, Hyderabad, Kolkata and Surat.