PVR Looks To Expand Presence Across India
The company has set a target of 1,000 screens in next four to five years.
Multiplex operator PVR Ltd. is looking at around 90 percent jump in revenue to around Rs 4,000 crore in four to five years driven by expansion across the country.
The company has set a target of 1,000 screens in next four to five years with presence in 100 cities by then. It has 570 screens in around 50 cities at present.
"Once we get to 1,000 screens, our revenue would be around Rs 3,500 crore to Rs 4,500 crore," PVR Chief Financial Officer Nitin Sood told PTI.
With the increase in the number of screens, he said in the next three years "people watching movies at our theatres will rise to 100 million from 75 million today".
"Apart from screen addition, we have another milestone. Recently we have crossed the billion dollar market cap, which is a milestone for us," he said. “If you look at the stock price of the company, it has almost grown two times in last 12 months” he added.
We bought Cineplex in 2012 and that time stock price was around Rs 200 and it has grown seven times in last five years."
PVR's shares ended at Rs 1,432.60 on Tuesday, up 1.18 per cent from previous close on BSE.
"This provides us lot of head room to grow," Sood said.
Around 15 years ago, PVR had Rs 20 crore revenue and this year it would be around Rs 2,100 crore, he added.
In FY2015-16 PVR had a revenue of Rs 1,743.98 crore.
As the company grows, Seth said it would be a challenge to bring more variety to entertain the millions of customers on a daily basis.
"How do we complement more entertainment for the customers and how do we offer more variety under food and beverages (F&B)? Can we bring more merchandising and add more ad revenue stream? That would be the two pillars of our strategy," he added.