PVR opening 200-250 screens today; Nitin Sood says awaiting Maharashtra opening
Cinema multiplex chain PVR posted weak Q1FY22 earnings as expected due to the COVID-19 pandemic forced closures Nitin Sood, CFO, PVR discussed the performance in an interview with CNBC-TV18.
Cinema multiplex chain PVR posted weak Q1FY22 earnings as expected due to the COVID-19 pandemic forced closures Nitin Sood, CFO, PVR discussed the performance in an interview with CNBC-TV18.
Cinema halls have started reopening slowly in states where positive rate has started coming down.
“We have finally started receiving permissions to reopen across most states. Till yesterday when we had declared our results, almost 70 percent of our cinema circuit had received permissions and with Maharashtra announcement coming last evening, hopefully that should number would go up to 85-90 percent,” Sood said.
Today is the first day of reopening with PVR starting with about 200-250 screens.
"We expect in the next couple of weeks, bulk of our cinema circuit should reopen based on whatever announcements that we receive,” he added.
One expects new releases to flow thick and fast now in the next 10 odd days.
"The Hollywood lineup is already there, so we are starting with Hollywood releases starting today and we are hoping that if Mumbai and Maharashtra reopens, by the third week of August we should see slate of Hindi film releases being lined up for release,” Sood said.
Delhi NCR, Mumbai, Bangalore, Chennai, rest of Maharashtra and Hyderabad are top five markets for the company.
“They contribute about two-third of our revenues. We think the vaccination status in some of these markets is quite encouraging. The recovery in some of these markets will be fairly quick. Hopefully by the time we hit the festive season, things should look much brighter and better,” he explained.
For the full interview, watch the accompanying video.
(Edited by : Abhishek Jha)
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