PVR INOX to shut down 50 screens, Q4 net loss at ₹333.37cr

Leading cinema exhibitor PVR Inox Ltd (earlier known as PVR Ltd) announced that it will shut down some of the cinema screens.

“The company plans to shut down approximately 50 cinema screens over the next 6 months. These properties are loss making, or housed in malls which have reached the end of their life cycle with little hope of any revival. The company has taken an accelerated charge of the depreciation in its books and written off the WDV of assets," PVR INOX said in a statement.

The operator also said that it has added 168 screens in FY’23 between PVR (97 screens) and INOX (71 screens) and 79 screens added in Q4 FY’23 between PVR (53 screens) and INOX (26 screens).

Meanwhile, PVR Inox also reported a consolidated net loss of Rs 333.99 crore for the fourth quarter that ended on March 31, 2023.

The company had posted a net loss of Rs 105.49 crore in the January-March period a year ago, PVR Inox said in a regulatory filing.