BENGALURU: Given the high movie consumption in South India, multiplex chain PVR Inox continues its expansion in the South market with the opening of its first multiplex in Cuddalore, Tamil Nadu.
PVR INOX said it will strengthen its foothold in Tamil Nadu with 139 screens in 23 properties. It continues expansion in the southern part with 549 screens in 98 properties.
Ajay Bijli, Managing Director, PVR Inox Limited, said, “We are delighted to strengthen our foothold in Tamil Nadu with the opening of the first multiplex in the city of Cuddalore. The launch of the new 3-screen multiplex at Cuddalore aligns to our vision of accelerating growth in underserved markets”.
“At PVR INOX, we are paving the way for expanded access to entertainment in untapped markets with cutting edge technologies, world class ambience, opulent comfort and exciting range of F&B options,” said Sanjeev Kumar Bijli, Executive Director, PVR Inox Limited.
Nirmal Bang in its recent report said the next 2-3 quarters (3QFY24-1QFY25) are going to be muted partly due to lack of material Hollywood content for the multiplex chain. “Even if Dec’23 is as strong as Aug’23, we think EBITDA for 3QFY24 will likely show a steep decline QoQ (50-55%) from the record levels seen in 2QFY24.”
It added, “while a bulk of new screen openings (40-45%) are going to be in South India, we really doubt whether the bargaining power would shift to PVRL in the next five years.” PVR Inox is the largest film exhibition company with 1712 screens across 359 properties in 114 cities (India and Sri Lanka).