Multiple chain operator PVR is all set to take its screen count to 500 this financial year from the current 477, and eventually reach 1,000, apparently buoyed by the ever-increasing number of films being released.
The company, whose 477 screens are spread across 44 cities, had seen a fourfold jump in its second-quarter net profit at Rs 41.05 crore, up from Rs 9.20 crore in the corresponding period last year. Revenues had gone up from Rs 398.92 crore in the September 2014 quarter to Rs 474.60 crore in the second quarter of 2015-16.
Its current chain of screens consists of four brands â€” PVR Talkies, PVR Cinemas, PVR Premium and the newly-launched PVR Icon.
The expansion will mainly be in the PVR Cinemas and PVR Premium categories.
"Our target is to reach 1,000 screens quickly. The shorter target is to get to 500 screens in this financial year and then look at going to 1,000 screens," PVR Cinemas Chief Executive Officer Gautam Dutta told PTI.
The company will embark on both bringing up new screens and renovation of the existing ones.
PVR has an occupancy rate of about 35-37%, with a reported footfall of 6.6 crore. In terms of revenue split, food and beverages contribute 25%, while advertising accounts for about 12%, with the rest coming from ticket sales, of which online sales contribute 35%, according to brokerage Angel Broking.
With movie buffs thronging cinema halls to watch their favourite films such as "Tamasha", "Spectre", "Prem Ratan Dhan Payo", multiplexes are apparently bullish on growth prospects.
The PVR stock closed at Rs 843.35, down 0.02%, on Monday on the BSE.