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PVR to put 20% capital in FOCO screens, to shut down around 70 screens, to reduce rent and Common Area Maintenance charge to achieve Rs 450 crore capex in FY25

PVR Inox to close 70 non-performing screens, will cut capex by 25%

<h2>PVR to put 20% capital in FOCO screens, to shut down around 70 screens, to reduce rent and Common Area Maintenance charge to achieve Rs 450 crore capex in FY25</h2>

PVR Inox is taking steps to increase profitability by cutting down on capital expenditure. The company &nbsp;plans to shut down 70 non-performing screens with net additions of 50-60 new screens in FY25. As per PVR Inox, group chief financial officer Nitin Sood, the company will bring it down by 25% to Rs 450 crore in FY25. In FY24, PVR spent a total capex of Rs 620 crore.
"Over the last 12-18 months, we have repositioned a lot of our existing contracts and have got significant developer contributions to fund part of the growth. We have also renegotiated some of our rentals in most of the new locations that have opened up. We eventually want to evolve into a capex-light model and reduce our capex by 30-50%," he said
<h3>PVR to cut capex</h3>
As per Sood, out of the 120 screens that the company will add in FY25, about 15-20 will be under the franchise-owned company-operated (FOCO) model in which the developer will put in most of the investment with around 20% of the capital coming from PVR Inox.
"Bulk of the new additions are already under fit-out from previous year. So, FOCO will gain momentum in the coming year and take about four years to become a dominant model. In the next year you could see 20-25% (screens) in the capital light and FOCO model," Sood said
Many of the new screens will be opened in the south amid PVR's expansion plans. Sood also added that it will take some time for the Capex reduction to reach 30-50% range as the screen additions are slowly moving to asset light models.
"As we roll out a new screen portfolio, our landlord partners will co-invest for most of the screens. We will end up sharing food business with the landlord so increasingly more and more deals pivot to higher percentage of revenue sharing as compared to investing upfront capital", Sood said.
Meanwhile, PVR is also planning to shut down around 70 screens with net additions of 50-60 screens in FY25. In FY24, PVR Inox opened 130 new screens and shut down 85 screens with net additions of 45 screens.
&nbsp;"Most of the assets have lived their life. Also, the malls in which the cinemas which are being closed are not performing because of which we are looking at the closures", the CFO said.
The CFO also expects marginal reduction in rent and Common Area Maintenance (CAM) charges.&nbsp;
"We are in discussion with landlords. Where the lock in period is expiring there we have an opportunity to renegotiate rentals but it will not be a large number. Some of the rental cost will get rationalised as we come out of lock in period," Sood said.
In Fy24, PVR Inox's expense on rent increased 14% to Rs 1,192.8 crore in FY24 from Rs 1,042.6 crore in FY23. Meanwhile, the CAM expenses were up 15% to Rs 329.6 crore in the last financial year from Rs 286.9 crore in FY23.
"We will be transitioning to a capital-light growth model for new screen additions. We will be selective in adding new cinema and prioritise expansion efforts in South India. We will monetise Inox real estate inherited from the merger and plan to use the proceeds to reduce debt. Currently, screen portfolio stands at 1,748 screens," said Ajay Bijli, managing director of PVR Inox Ltd, in the Q4 FY24 earnings call.
Also watch: <a href="https://www.editorji.com/business-news/pvr-inox-to-offer-ad-free-movies-as-theatre-footfalls-decline-1714032177499">PVR Inox to offer ad-free movies as theatre footfalls decline</a>

PVR Passport 699: The movie subscription plan of ‘PVR INOX Passport’ can be bought for a minimum subscription period of 3 months from the app or website of the company.

PVR INOX Passport: 10 movies for ₹699; All you to know about PVR Passport

10 movies for ₹699: All you need to know about PVR Passport 

<h2>The movie subscription plan &lsquo;PVR INOX Passport&rsquo; can be bought for a minimum subscription period of 3 months from the&nbsp;company&rsquo;s&nbsp;app or website</h2>

PVR INOX Passport: In a move to boost smaller and mid-budget films and create a habit for people to visit theaters more regularly, multiplex company PVR INOX Ltd has launched a movie subscription pass.
Starting on October 16, the "PVR INOX Passport" monthly subscription pass allows cinema-goers to watch up to 10 movies for just ₹699. This offer is valid from Monday to Thursday and the subscription plan, available for a minimum of 3 months, can be purchased through the company's app or website.
Also read/watch - <a title="Layoffs 2023: Adda247 faces funding crunch, lays off 250-300 employees abruptly" href="https://www.editorji.com/business-news/startups/layoffs-2023-adda247-faces-funding-crunch-lays-off-250-300-employees-abruptly-1697443926411">Layoffs 2023: Adda247 faces funding crunch, lays off 250-300 employees abruptly</a>
PVR INOX Ltd has been actively seeking insights into customers' movie-watching habits, with Gautam Dutta, co-CEO of PVR INOX Ltd, noting that consumers have a strong love for the cinema experience but sometimes find it expensive.
This initiative aims to address this sentiment, making it more affordable for movie enthusiasts to enjoy the big screen. It also aims to support a wider variety of films, particularly smaller and midsize productions, and boost the overall cinema industry.
<h3>What is the PVR INOX Passport?</h3>
The Passport voucher also cannot be used to book Recliner seats or equivalent, but can be used for all other types of seats, and in terms of screens, it excludes premium offerings like IMAX, Gold, LUXE and Director's Cut.
Also read/watch - <a title="Retail Inflation eases to a 3-month low, comes in at 5.02% in September" href="https://www.editorji.com/business-news/economy/retail-inflation-eases-to-a-3-month-low-comes-in-at-5-02-in-september-1697115519408">Retail Inflation eases to a 3-month low, comes in at 5.02% in September</a>
It also cannot be transferred to someone else for booking.
The Passport is valid at all PVR &amp; INOX cinemas across India, except the Southern states including Tamil Nadu, Andhra Pradesh, Karnataka, Kerala and Telangana and cities including Chandigarh, Puducherry, Pathankot, Srinagar, Bharuch, Bhiwadi, Jorhat, Kalka, Siliguri and Colombo.

Oppenheimer, Barbie releases: PVR Inox hope slashed popcorn rates will drive audiences to theatres

PVR Inox hopes to better leverage the hype that two mega releases Barbie and Oppenheimer have created in the last one month&nbsp;

In a move leverage the hype that two mega releases Barbie and Oppenheimer have created in the last one month, &nbsp;leading multiplex chain PVR Inox has slashed food and beverages prices by up to 40%.&nbsp;
The film exhibitor introduced food combos starting from ₹99 from Monday to Thursday between 9 am and 6 pm, while on weekends it has offered bottomless popcorn with &ldquo;unlimited refills&rdquo; and &ldquo;bottomless Pepsi&rdquo;, the company said.&nbsp;
"Cinephiles who plan to watch films during the weekend can claim bottomless popcorn featuring unlimited tub refills, along with attractively priced Family Meal Combos, bringing down the food &amp; beverages (F&amp;B) spends by as much as 40 per cent," PVR Inox said in a statement.
Also read/watch| <a href="https://www.editorji.com/business-news/dunzo-defers-paying-out-june-salary-once-again-cites-cash-crunch-1689765483169">Dunzo defers paying out June salary once again, cites cash crunch</a> &nbsp;
According to offer details available for its 'Bestseller @ 99', the offer is not applicable for group bookings or special shows, and could be purchased offline only. The combo will also not be available in any of its luxury cinema formats like LUXE/Gold and TLC cinemas as Director&rsquo;s Cut.
Earlier, a tub of cheese popcorn was available at PVR Inox for Rs 450, while 600-ml soft drinks would cost Rs 360.
The company&rsquo;s price cut comes more than 10 days after a social media user complained about the exorbitant prices of its F&amp;B.
Greta Gerwig&rsquo;s Barbie&mdash;based on the iconic doll created by Ruth Handler in 1959&mdash;is poised to make her grand debut into the world of cinema. The movie stars Margot Robbie and Ryan Gosling. Releasing on July 21, the movie will go up against filmmaker Christopher Nolan&rsquo;s Oppenheimer, starring Cillian Murphy in the lead.
According to BookMyShow, advance sales of Oppenheimer tickets have crossed 300,000, while for Barbie it was 54,000 tickets. Around 90,000 tickets of Oppenheimer have been sold for day one across PVR, INOX and Cinepolis while for Barbie it is 16,000, according to experts. &nbsp;

The street had high hopes on this movie as no Hindi film except The Kerala Story has reported positive surprise in the first quarter of financial year 2023-24

PVR Inox shares falls 3% as Ramayana-themed Adipurush receives disappointing reviews

The street had high hopes on this movie as no Hindi film except The Kerala Story has reported positive surprise in the first quarter of financial year 2023-24

PVR Inox shares took a beating today. &nbsp;This after Prabhas and Kriti Senon Starrer 'Adipurush', opened to disappointing reviews. Given the high number of footfalls and advance bookings, analysts were optimistic about the stock. However, the stock ended the day 3% lower, erasing all the gains of the week gone by.&nbsp;
The mythological drama received mixed reviews from viewers. A section of viewers hailed the lead pair Prabhas and Kriti Sanon for their acting, but a majority of the audience has brutally trolled the film for its poor VFX. &nbsp; The street had high hopes on this movie to provide much needed respite to occupancy levels in the first quarter of financial year 2023-24, as no Hindi film except The Kerala Story has reported positive surprise.

PVR Inox Merger: It is a blockbuster showing as the two largest movie screen owners are set to merge creating a new mega entity PVR Inox, 

PVR Inox Merger: Here is what shareholders need to know

It is a blockbuster showing as the two largest movie screen owners are set to merge creating a new mega entity PVR Inox, So if you are a shareholder of either companies, here is what you need to know-: 

Boards of the two companies in their respective meetings held approved an all-stock amalgamation of INOX with PVR.

It is a blockbuster showing as the two largest movie screen owners are set to merge creating a new mega entity PVR&nbsp;Inox, So if you are a shareholder of either companies, here is what you need to know-:&nbsp;
Also read/watch |&nbsp;<a title="PVR, INOX announce merger: The mega deal to fight off the OTT obsession" href="https://www.editorji.com/business-news/personal-finance/do-these-5-tasks-before-march-31-or-you-may-face-financial-penalty-1646137548828" target="_blank">PVR, INOX announce merger: The mega deal to fight off the OTT obsession</a> &nbsp;
<ol>
<li>An all-stock amalgamation of INOX with PVR</li>
<li>INOX shareholders will receive 3 shares of PVR for 10 shares of INOX.</li>
<li>Post the merger, INOX Promoters will have 16.66% stake, while PVR promoters will have 10.62% stake in the combined entity.</li>
<li>Promoters of INOX will become co-promoters in the merged entity</li>
<li>PVR currently operates 871 screens across 181 properties in 73 cities</li>
<li>INOX has 675 screens across 160 properties in 72 cities.</li>
<li>The next competitor Cinepolis&nbsp;runs 472 screens across India vs 1500 screens by the merged entity&nbsp;</li>
<li>Ajay Bijli appointed MD, Sanjeev Kumar Executive Director</li>
<li>PVR&nbsp;stock at doubled in the last one year.&nbsp;Inox stock had hit a recent low of Rs 150/share in May 2020, up over 3x since then</li>
<li>INOX had posted a revenue of Rs 296.47 crore and a loss of Rs 1.31 crore for the quarter ended December 2021. PVR made a loss of Rs 24.53 crore on a turnover of Rs 546.94 crore for the third quarter</li>
</ol>

PVR&nbsp;Ltd, the country's largest multiplex operator, has announced a partnership with homegrown&nbsp;e-sports firm Nodwin&nbsp;Gaming to stream gaming tournaments in its theaters.
Ajay Bijli,&nbsp;Chairperson of PVR, had&nbsp;exclusively told&nbsp;Editorji&nbsp;in June about their plans to&nbsp;revamp&nbsp;PVR&nbsp;entirely. The cinema pioneer had said it was looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.
Also watch:&nbsp;PVR Exclusive, Ajay Bijli details the revival plan for cinemas post pandemic
This is first of its kind initiative in the country that will begin with&nbsp;Battlegrounds Mobile India (BGMI), the game that replaced the banned PUBG&nbsp;Mobile game.
As per some reports, PVR&nbsp;wants to grow this property on similar lines as the IPL.
At the moment, the company has chosen four cities in India, including Gurgaon, Indore, Hyderabad and Mumbai.
E-sports events will be accompanied by commentary, graphics, trivia and more, which are being handled by Nodwin Gaming. While PVR will be selling tickets for these in-theatre events.

You can now watch your favourite gaming tournament in PVR

PVR cinemas to foray into e-sports streaming

The company has chosen four cities in India, including Gurgaon, Indore, Hyderabad and Mumbai.

PVR&nbsp;Ltd, the country's largest multiplex operator, has announced a partnership with homegrown&nbsp;e-sports firm Nodwin&nbsp;Gaming to stream gaming tournaments in its theaters. PVR&nbsp;stock has moved from its pandemic low of Rs 720 to as high as Rs 1,640 on Monday.
Ajay Bijli,&nbsp;Chairperson of PVR, had&nbsp;exclusively told&nbsp;Editorji&nbsp;in June about their plans to&nbsp;revamp&nbsp;PVR&nbsp;entirely. The cinema pioneer had said it was looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.
Also watch:&nbsp;<a href="https://www.editorji.com/story/on-biz-buzz-pvr-exclusive-ajay-bijli-details-the-revival-plan-for-cinemas-post-pandemic-1623745512038" target="_blank">PVR Exclusive, Ajay Bijli details the revival plan for cinemas post pandemic</a>
This is first of its kind initiative in the country that will begin with&nbsp;Battlegrounds Mobile India (BGMI), the game that replaced the banned PUBG&nbsp;Mobile game.
As per some reports, PVR&nbsp;wants to grow this property on similar lines as the IPL.
At the moment, the company has chosen four cities in India, including Gurgaon, Indore, Hyderabad and Mumbai.
E-sports events will be accompanied by commentary, graphics, trivia and more, which are being handled by Nodwin Gaming. While PVR will be selling tickets for these in-theatre events.

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz&nbsp;Buzz, catch Ajay Bijli, chairman and owner of&nbsp;PVR&nbsp;Cinemas in India, candidly talk about the competition from the new platforms.

On Biz Buzz | Movie man Ajay Bijli of PVR makes the case for cinema vs OTT 

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz&nbsp;Buzz, catch Ajay Bijli, chairman and owner of&nbsp;PVR&nbsp;Cinemas in India, candidly talk about the competition from the new platforms.

Ajay Bijli,&nbsp;Chairperson of PVR&nbsp;exclusively tells&nbsp;editorji&nbsp;&amp;&nbsp;Fortune India even though cost cuts are here to stay, that they are looking at revamping PVR&nbsp;entirely. The cinema pioneer is looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.&nbsp;

On Biz Buzz | PVR Exclusive, Ajay Bijli details the revival plan for cinemas post pandemic

Ajay Bijli&nbsp;Chairperson of PVR&nbsp;exclusively tells&nbsp;editorji&nbsp;&amp;&nbsp;Fortune India even though cost cuts are here to stay, that they are looking at revamping PVR&nbsp;entirely. The cinema pioneer is looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.&nbsp;

Ajay Bijli&nbsp;Chairperson of PVR&nbsp;exclusively tells&nbsp;editorji&nbsp;&amp;&nbsp;Fortune India even though cost cuts are here to stay, that they are looking at revamping PVR&nbsp;entirely. The cinema pioneer is looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.&nbsp;

Ajay Bijli,&nbsp;Chairperson of PVR&nbsp;exclusively tells&nbsp;editorji&nbsp;&amp;&nbsp;Fortune India even though cost cuts are here to stay, that they are looking at revamping PVR&nbsp;entirely. The cinema pioneer is looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.&nbsp;

In a candid conversation with editorji & Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination picks

PVR Exclusive, Chief Ajay Bijli says vaccination a priority not re-opening of cinema 

In a candid conversation with editorji &amp; Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination picks up pace. Confidence he says will only return post mass vaccination or the optimism of revival will be short lived.

In a candid conversation with editorji &amp; Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination picks up pace. Confidence he says will only return post mass vaccination or the optimism of revival will be short lived.

In an exclusive and candid conversation, PVR Chairperson Ajay Bijli details the post pandemic plans for the cinema experience. The permanent cost cuts to reinventing bus

On Biz Buzz | PVR Chief Ajay Bijli reveals exclusive details of revival and rebooting cinema biz

In an exclusive and candid conversation, PVR Chairperson Ajay Bijli details the post pandemic plans for the cinema experience. The permanent cost cuts to reinventing business models to new F&amp;B tie-ups, there is a new script of survival for the multiplexes.

In an exclusive and candid conversation, PVR Chairperson Ajay Bijli details the post pandemic plans for the cinema experience. The permanent cost cuts to reinventing business models to new F&amp;B tie-ups, there is a new script of survival for the multiplexes.

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