In a groundbreaking merger, PVR and INOX have collaborated to create PVR INOX, offering a premier cinematic experience in India. The recent opening of a state-of-the-art five-screen multiplex in Gurugram marked a significant milestone, providing audiences with cutting-edge technology and comfort. Sanjeev Kumar Bijli, Executive Director of PVR INOX Ltd, discussed the new property, the industry’s revival in 2023, upcoming blockbusters, and the company’s ambitious 2024 plans in an exclusive interview.
He told about PVR INOX’s new Gurugram multiplex at Elan Mercado features advanced technology, including 2K projectors, Dolby 7.1 audio, and Next-Gen 3D screens, ensuring a top-notch viewing experience. The strategic location on the Delhi-Jaipur highway makes it easily accessible to audiences from Delhi, Jaipur, and Gurugram, attracting movie enthusiasts from all around.
Sanjeev added that ‘The year 2023 has been a turning point for cinemas, with steady growth in Average Ticket Price (ATP) and Seats per Hour (SPH) in the first quarter of FY’24. Blockbuster releases like “Barbie,” “Oppenheimer,” and “Mission Impossible 7” contributed to a significantly higher market share for Hindi and Hollywood films. The second quarter of FY’24 marked the best-ever performance for PVR INOX, with Hindi releases “Jawan” and “Gadar 2” achieving remarkable box office success.’
Talking about Indian regional cinema he said that it has played a crucial role, with the box office share of regional content growing from 23% to 33%. Movies like “Carry on Jatta 3,” “Baipan Bhari Deva,” and “Jailer” have demonstrated the strength and resilience of regional cinema. Looking ahead, PVR INOX anticipates an exciting lineup of films across languages, including highly anticipated Hindi releases like “Tiger 3,” “Animal,” and “Sam Bahadur,” as well as Hollywood blockbusters and compelling regional cinema.
Lastly, he concludes that PVR INOX is diligently working on realizing the potential of the merger, with seamless integration leading to operational efficiencies and synergies. The company is on a robust growth trajectory, with plans to open 150-160 new screens in FY’24, funded through internal accruals.
These achievements position PVR INOX for a promising future, delivering a significant portion of merger synergies in FY’24 and contributing to the continued success of the cinema industry.
