PVR Inox shares gain on opening 10 screens across 2 new multiplexes

The company had reported a profit of Rs 166.3 crore in the second quarter of fiscal 2024 as against a loss of Rs 81.6 crore in the June quarter.

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PVR Inox share price gained 1 percent in  early trade on October 15 after the company opened a 6-screen multiplex Maison INOX at Jio World Centre, Mumbai, and a 4-screen multiplex at Utkal Kanika Galleria Mall, Bhubaneswar, Odisha.

At 09:19am, PVR INOX was quoting at Rs 1,652.60, up Rs 15.45, or 0.94 percent on the BSE.

The cinema at Jio World Centre, Mumbai is equipped with the most advanced 4K Laser Projection System, Dolby Atmos Surround Sound, and Next-Gen 3D Screens, and at Utkal Kanika Galleria Mall, Bhubaneswar is equipped with the best-in-class theatrical solutions including 4K Laser projection, Dolby 7.1 immersive audio and Next-Gen 3D screens.

The company consolidated its presence in Western India with 345 screens in 76 properties and 138 screens in 36 properties in Eastern India.

Also, with this launch, the company now operates the largest multiplex network with 1,711 screens across 359 properties in 114 cities (India and Sri Lanka).

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The new 6-screen multiplex, Maison INOX has a seating capacity of 790 audiences including 2 Insignia screens, 1 IMAX screen, and 3 regular screens.

The 4-screen multiplex located at Utkal Kanika Galleria Mall, Bhubaneswar is the first cinema in the city featuring all 4K Laser screens. It has a total seating capacity of 682 audiences

“Right at the start of the festive season with a robust content lineup, we are proud to open 10 screens in two different regions of our country with their unique set of audiences. PVR INOX strives to develop cinemas as social spaces and ideal out-of-home entertainment destinations with a view to make them more experiential and immersive to meet the growing aspirations of consumers with their unique movie-going preferences’,” said Ajay Bijli, Managing Director, PVR INOX Limited.

In October the company opened a new 5-screen multiplex at Elan Mercado, Sector 80, NH-8, Gurugram, Haryana.

The company reported a profit of Rs 166.3 crore in the second quarter of fiscal 2024 as against a loss of Rs 81.6 crore in the June quarter.

The company reported revenue of Rs 1,999.9 crore, up sequentially from Rs 1304.9 crore in Q1 FY24.