PVR Inox | PVR Inox will close 50 theaters in the next six months, after the loss of so many crores, the company took this decision.
File Photo Mumbai: PVR Inox multiplex chain operator (PVR Inox Multiplex Chain) has taken a big decision after a loss of Rs 333 crore in the quarter ended March. The company has decided to shut down 50 cinema screens in the next six months. This information was given while announcing the quarterly figures of PVR-Inox Multiplex Company. After deciding to close these 50 screens, a clarification has been given by the company. Competition from OTT platforms such as Amazon Prime These screens are loss making or are in malls, which are at the end of their life cycle and the screens which have little chance of revival are to be shut down. In the last financial year, PVR and INOX jointly installed 168 new screens in 30 cinema halls. The company says it has set a target of opening 150-175 screens this fiscal. The merger between PVR and Inox has been successfully completed in the quarter ended March. Therefore, the company formerly known as PVR Limited is now known as PVR-Inox Limited. Last year, many companies suffered a major setback due to the closure of theaters due to Corona. Because of this many single screen theaters were closed. Both these companies had decided to merge due to the economic loss caused by Corona. OTT platforms like Netflix, Amazon prime entered the competition. All this was affecting PVR Inox. Hence it was decided to merge these companies. ALSO READ Company’s operating revenue more than doubles PVR Inox Ltd has posted a consolidated net loss of Rs 333.99 crore for the fourth quarter ended March 31, 2023. PVR Inox gave this information in a statement. The company had incurred a loss of Rs 105.49 crore in the January-March period a year ago. The company’s operating revenue more than doubled to Rs 1,143 crore in the fourth quarter. 536 crore in the previous year quarter. During the quarter ending March 2023, two leading cinema exhibitors PVR Limited and Inox Leisure were merged to form the new identity PVR INOX Limited. PVR Inox’s total expenses in the fourth quarter of FY 2022-23 stood at Rs 1,364.11 crore. Its total income in the March quarter stood at Rs 1,164.92 crore. PVR INOX has a screen portfolio of 1,689 screens in 361 cinemas across 115 cities in India and Sri Lanka.