Tag: Inox

#BoycottPVRInox Trends on X: What is the Salaar vs Dunki controversy about?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The film industry is currently in the midst of a significant controversy due to the highly-anticipated showdown between two major movies, Dunki and Salaar. According to a recent exposé by Bollywood Hungama, allegations have arisen claiming that Dunki’s team, backed by Pen Marudhar, is pressuring single-screen owners to secure a 100% exclusive showcasing, intending to overshadow the Prabhas starter–Salaar. This development has resulted in a strong response from the single-screen association.

According to reports, in response to Dunki’s demands, the single-screen association has taken a decisive stand by refusing to open Dunki bookings for Friday, sparking further tension between the two film camps. The controversy escalated when Team Salaar, led by Prabhas, retaliated against what they deemed as unfair trade practices orchestrated by Pen Marudhar and the Dunki team.

Separately, the makers of Salaar: Part 1 – Ceasefire on Wednesday said they won’t screen their film in PVR INOX and Miraj Cinemas theatres in the south because the multiplex chains are favouring Shah Rukh Khan’s Dunki over the Prabhas-starrer. Dunki will hit the screens on Thursday, a day before Hombale Films’ Salaar’s release. While PVR INOX was unavailable for comment, Miraj Cinemas declined to comment on the matter right now.

A spokesperson for Hombale Films said PVR INOX and Miraj Cinemas had promised the banner that both Salaar and Dunki would get ‘equal showcasing’, a promise they are not honouring now.

“Because of unfair showcasing to Salaar, we will not be releasing in PVR INOX, MIRAJ in southern states. We have been discussing it with them for the last two days. They have opened all shows/screens for Dunki alone which was against what they had agreed. They had agreed that they would give equal showcasing when discussed but now they are not doing so,” the spokesperson for the production house said in a statement.

As the situation blew up, Kamal Gianchandani broke his silence and took to X urging fans to “put ridiculous theories to bed”.

Normally, we try to keep Producers related matters to ourself. But this is one of those times for us to share our point of view.

We have come across some absurd internet posts regarding unfair showcasing practices at PVRINOX.

……cont.

— Kamal Gianchandani (@kamalgianc) December 20, 2023

PVR INOX released an official statement on the media reports. “We have come across some speculative media reports about the film SALAAR and its release at PVR INOX Cinemas. We would like to clarify that these reports are incorrect, SALAAR is one of the most anticipated films of the year and it’s releasing across pan India PVR INOX cinemas on the scheduled release date i.e., 22 December 2023,” the statement said.

The latest development reveals that Salaar makers have strategically chosen to hit Dunki where it hurts the most – the multiplex chains. Reports confirm that Salaar’s release in South Indian markets will be withdrawn from major multiplex chains such as PVR, Inox, and Miraj. This decision, influenced by the trending #BoycottPVRInox movement on X serves as a potent response to multiplex giants allegedly favouring Dunki over Salaar.

The hashtag #BoycottPVRInox has gained significant traction as Salaar supporters expressed their discontent over what they perceive as unfair practices within the industry. The decision to pull Salaar from multiplexes is a significant blow to the film’s widespread distribution and marketing strategy.

They @_PVRCinemas @INOXMovies made money & expanded their chains in the name of CINEMA & today are involved in a disgusting plan of robbing #Salaar of their shows. All because their owner #AjayBijli is friends with @iamsrk who is scared of clashing with Prabhas.#BoycottPvrInox pic.twitter.com/XhUbIkyXL5

— Dєνιℓ (@imbeingdevil) December 20, 2023

#BoycottPVRInox:

How can Twitter users demand an equal number of shows for #Salaar and #Dunki in South India? 😆😆#Dunki isn’t being dubbed in South versions, lacking hype/craze down south. In contrast, #Salaar‘s situation is different in North India. AA films acquired Hindi… pic.twitter.com/bfcPgA1x4N

— Hail Prabhas (@HailPrabhas007) December 20, 2023

Cancelled my show ✅

Cancel Yours Ticket Also FMs 🤟#BoycottPVRInox#Salaar pic.twitter.com/iAY0bVIEne

— Radoo🌶️ (@Chandan_radoo) December 20, 2023

In order to survive or to win a clash, fair play is important otherwise it is never considered as a clash..it reflects the fear they have on #Prabhas !!

Demanding equal screens and fair play in this clash 👍 #BoycottPVRInox

Suriya fans with Prabhas fans ❤️❤️#Salaar #Kanguva pic.twitter.com/cD9jkvuPkk

— Maaran Trolls ™ (@Maaran_Trolls) December 20, 2023

Dear @_PVRCinemas,

Karma says Hi!#BoycottPVRInox pic.twitter.com/s4m0r1DrgT

— Ritik Gupta (@RitikGupta1999) December 20, 2023

Set in the fictional city of Khansaar, Salaar revolves around two friends Deva and Vardha, played by Prabhas and Prithviraj Sukumaran, who end up becoming arch-rivals. Directed by Prashanth Neel, the film will be released in Telugu, Kannada, Tamil, Malayalam and Hindi.

According to Bollywood Hungama’s report, “PVR-Inox backed off their commitment after promising equal showcasing in single screens. PVR-Inox’s position as the market leader influenced single-screen owners, and when SRK learned about their initial commitment to equal showcasing, he took matters into his own hands.”

This overnight shift in a decision sent shockwaves through Anil Thadani and the entire Hombale team, with reports indicating that Hombale is contemplating taking stern action against Ajay Bijli and PVR-Inox in the days to come.

Amidst the unfolding controversy, the highly anticipated battle between Dunki and Salaar on December 22 promises to be a spectacle both on and off the screen.

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PVR Inox shares worth ₹404 crore likely to be divested by Plenty Private, Multiples Private groups

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a strategic move, Plenty Private Group and Multiples Private Group are likely to divest a combined 2.33% stake in India’s largest multiplex operator PVR Inox, sources privy to the developments told CNBC-TV18.

The offer size is estimated at ₹404.5 crore, sources in the know told CNBC-TV18. The offer is expected to be priced at ₹1,750-1,769.5 per share, presenting a potential discount of up to 1.12% on the closing price, sources close to the development said.

Kotak Securities has been enlisted as the banker for the deal, sources said.

PVR Inox recorded a profit of ₹166 crore in the July to September quarter against a loss of ₹82 crore in the preceding quarter. The company’s revenue for the second quarter of the fiscal rose more than 53% sequentially to ₹1,999.9 crore.

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In the quarter ended September 30, PVR Inox saw a massive jump of 830 basis points on a quarter-on-quarter basis to 35.3%. The company’s operating profit or earnings before interest and taxes (EBIT), meanwhile, has doubled from ₹353 crore in the June quarter to ₹706.8 crore in the September quarter.

The second quarter of the financial year was the best quarter of all time for PVR INOX in terms of admissions, average ticket price, and spending per head, leading to the highest-ever revenue, profit after tax (PAT) and earnings before interest, taxes, depreciation, and amortisation (EBITDA), the firm said in a statement.

PVR-INOX Ltd was created after the merger of two leading cinema brands PVR Ltd and INOX Leisure. The merger was effective from February 6, 2023. Overall, including its property in Colombo, it operates 1,711 screens at 359 properties across 114 cities in India and Sri Lanka.

Also Read: LIC Cards, IDFC First Bank, Mastercard collaborate to launch co-branded credit card

Shares of PVR Inox Ltd ended at ₹1,770.40, up by ₹19.55, or 1.12%, on the BSE.

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Hollywood movie watchers steal the show for PVR while Hindi box office recovers, say analysts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Given the excitement in Indian audiences for Hollywood films like Barbie, Oppenheimer and Mission: Impossible – Dead Reckoning Part One, among others, this year, it does not come as a surprise that cinema exhibitor PVR INOX and brokerages are optimistic about the rest of the financial year.

PVR INOX saw a consolidated net loss of Rs 81.6 crore for the April to June quarter, which is much lower than Rs 330 crore in the previous quarter and also over 13 percent less than the CNBC-TV18 poll estimate of Rs 94 crore. The company, earlier known as PVR Ltd, posted a net profit of Rs 53.4 crore in June ended three month period a year ago, according to a regulatory filing.

On other parameters including revenue, earnings before interest, taxes, depreciation, amortisation (EBITDA) and margin, PVR witnessed sequential improvement and also performed largely better than estimates.

Though HSBC believes that the firm’s first quarter performance was “disappointing”, it says the sequential rebound augurs well for the rest of the 2023-24 financial year. The brokerage pointed out that Hollywood saw an impressive rebound while the Hindi box office appears to have stabilised. It noted the recovery in Hindi cinema and said the merger synergies are key catalysts.

In a post-earnings conversation, PVR MD Ajay Bijli and CFO Nitin Sood said content is coming back, people are wanting to consume movies on the big screen and even the smaller movies have done well in the June quarter.

In India, Oppenheimer has done much better than Barbie, the management said, adding that Independence Day weekend is expected to be big with Gadar 2 and OMG 2.

Also Read: PVR and peers get tax relief as GST on pre-booked snacks drops to 5%

During the quarter, PVR saw strong growth in the ticket price and is looking for a growth of 6-8 percent in the current fiscal year, they said, adding revenue could be around Rs 7,000 crore.

India box office number for July was at Rs 1,000 crore, they added.

CLSA highlighted that the management is optimistic about the current line-up. It believes volatility in Hindi films has reduced and the firm benefitted from the surge in Hollywood, the brokerage said.

PVR Inox added 27 net screens for a total of 1,707 screens now, results show.

Investec, meanwhile, pointed out that the improvement in sight of Q1FY24 performance of PVR (weaker YoY given the very high base) was better than Q4 across revenue and profitability metrics.

“We expect this improvement to continue in Q2FY24E given the recent trends and strong pipeline ahead. While Q1 performance is significantly below the annual run rate that we are building for PVR in FY24E, we expect a catch-up in performance in the next few quarters and hence maintain our estimates,” it said.

Nuvama also said the market share for Hindi and Hollywood movies rose significantly in the first quarter. “The content pipeline for Q2FY24 and FY24 at large is robust. We continue to reiterate our positive stance on multiplexes over the medium/long term,” it said.

It added that Hollywood and regional films are driving footfall while Hindi films are recovering. Movies such as The Kerala Story, Adipurush, PS 2 and Fast X were the major crowd pullers for Q1FY24, and the company registered 1.75x QoQ growth (from Rs 131 million to Rs 230 million) in the average box office of top 10 films. Market share for Hindi and Hollywood is significantly higher than last year and increased to 39 percent (from 23 percent) for Hindi and 24 percent (from 14 percent) for Hollywood movies, the brokerage noted.

Watch the accompanying video for more 

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Adipurush tickets sell for Rs 2,000 in Delhi, Prabhas starrer likely to earn Rs 3 crore before its release

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prabhas starrer Adipurush has created a massive buzz among the fans ahead of its release. The mythological drama, based on the Hindu epic Ramayana, is going to hit theatres on Friday, June 16. Despite facing numerous delays it has created a huge interest and now its ticket prices for advance booking have skyrocketed to Rs 2,000 in Delhi. Similar prices were seen in other cities like Bengaluru, Kolkata, Noida and more.

Trade analysts estimate the film has already earned Rs 3 crore in pre-release ticket bookings and it may break the records of blockbusters like KGF and RRR.

ALSO READ | Prabhas Starrer Adipurush trailer leaked hours before the official release

As per a Zee Business report, the three top cinema chains, PVR, Cinepolis and INOX have already sold approximately 35,000 tickets for the weekend and overall, around 50,000 tickets have been sold across the country.

According to reports, the ticket prices of the film have soared to Rs 2,000 for the first day of the release at PVR: Vegas LUXE, Dwarka in Delhi.

Meanwhile, at PVR Select City Walk (Gold), the first-day shows were sold out and tickets for the next day were selling at Rs 1,800.

At PVR Gold, Logix City Centre in Noida, tickets are available at Rs 1,650.

In Mumbai’s Maison PVR: Living Room, Luxe, Jio World Drive, BKC, the prices have also soared to Rs 2,000 for all shows with first-day shows sold out in several theatres.

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In Bengaluru’s PVR, Director’s Cut, and REX Walk, tickets for the film were selling for Rs 1,600 and Rs 1,800.

Tickets at Kolkata’s South City Mall were selling for Rs 1,060.

Adipurush to earn Rs 3 crore ahead of its release

Industry insiders estimate that the film has earned approximately Rs 3 crore before its theatrical release, through advance bookings alone, signalling a promising start. However, the amount isn’t high considering the staggering budget of the film.

Trade analyst Manobala Vijayabalan shared a calculation on Adipurush’s Box Office collection on Twitter.

He wrote “#Adipurush FREE ticket approx calculation. Even if we consider a bigger figure of 1,50,000 free tickets with an average ticket price of Rs 200. It would just add Rs 3 crore to the overall gross Box Office collection.”

#Adipurush FREE ticket approx calculation.

Even if we consider a bigger figure of 1,50,000 free tickets with an average ticket price ₹200.

It would just add ₹3 cr to the overall gross Box Office collection.

Hence, ₹3cr is not a big deal for a film of ₹5️⃣0️⃣0️⃣ cr budget.…

— Manobala Vijayabalan (@ManobalaV) June 13, 2023

According to reports, as the film has been made with a massive budget of nearly Rs 700 crore, the film will need to break several box office collection records to become profitable.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PVR-Inox focus on penetrating further in South India markets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PVR-Inox which declared its results for the first time as a merged entity on Monday post market hours, reported 34 percent higher revenues owing to a low base effect, wherein Q4-FY22 was affected by the Omicron variant of Covid. The combined entity’s occupancy declined 290 bps year on year to 22.2 percent versus 25.1 percent in Q4-FY22. Admits for the combined entity improved 21 percent year on year to 30.5 million, while the average ticket price and spends per head improved 3 percent and 12 percent year on year respectively. Consequently, the company reported a loss of Rs 333 crore.

Also read: PVR Inox Q4 results | Multiplex chain reports loss of Rs 333 crore

In an interaction with CNBC-TV18 on Tuesday, Ajay Bijli and Nitin Sood said the occupancy rates are being affected due to volatility in content consumption trends. The multiplex behemoth is expected to add 180 new screens in FY24. The operator also said 168 screens were added in FY23 between PVR (97 screens) and INOX (71 screens), while 79 screens were added in Q4-FY23 between PVR (53 screens) and INOX (26 screens).

The multiplex chain plans to shut down 50 screens in FY24 with either their leases expiring or have weak performance. “The company plans to shut down approximately 50 cinema screens over the next 6 months. These properties are loss making, or housed in malls which have reached the end of their life cycle with little hope of any revival. The company has taken an accelerated charge of the depreciation in its books and written off the WDV of assets,” PVR INOX said in a statement.

The company targets Rs 6,000 to Rs 7,000 crore in FY24 with margins ranging 18 to 20 percent. It also expects to reach pre pandemic levels of occupancy in FY24.

Bijli and Sood further stated that there is an potential to grow advertising revenues from Inox properties and the merged entity targets Rs 500 crore in advertising revenues in FY24.

The stock is trading 3.6 percent lower on the exchanges at 11 am on Tuesday.

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PVR-Inox to screen movie trailers for 30-minutes at one rupee to shore up footfalls

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PVR-Inox has introduced screening of movie trailers for 30-minutes at the cost of one rupee in a bid to shore up footfalls, this comes at a time when multiplexes are grappling with poor occupancies.

The multiplex giant saw a 15 percent fall in its footfalls in the first nine months of the last fiscal year compared to pre-COVID levels.

Imagine this. You come to the theatres to watch a 30-min show filled with trailers of movies in Hindi, English and your regional languages to give you a sneak peek of the movies that are lined-up over the next few months. That’s what PVR-Inox has launched in the form of 30-minute trailer shows at its screens across the country. But what’s the idea behind such an initiative? Will it actually bring more people to the movies?

Gautam Dutta, Co-CEO of PVR-Inox said, “Trailers is all about sampling a film. If you like a sample of what you’ve seen, we believe that it would end up getting us a lot of additional footfalls.”

PVR-Inox has priced the ticket at one rupee per show, and these will be slotted around prime time.

“Debated a lot about ticket price – at least for next couple of months we should focus on rolling the red carpet virtually free of cost for consumers to come and enjoy the trailers,” Dutta said.

The 30-minute trailer show was first run as pilot across various screens, and PVR-Inox says it saw occupancies of over 35 percent.

This offering comes at a time when footfalls at the cinemas have continued to remain muted, despite the likes of Pathaan and Bhola clocking healthy box-office numbers. Experts, however, are not sold on the idea, and don’t see this improving footfalls or F&B sales for the company significantly.

Karan Taurani of Elara Capital said, “This is an attempt to just get footfalls on board. However it’s going to be a challenge because we don’t know how many people will actually come to watch trailers. Most screen have 5 shows, and if you have these trailers being played you will see a disruption in number of shows, and that will bring down the overall efficiency. Also if the audiences don’t buy food products, then it’s a loss making proposition on overall basis.”

But PVR-Inox is confident that despite a slowdown in footfalls currently, it is confident that the upcoming Salman Khan movie and the lineup of movies starting mid-May to June will bring a huge number of consumers back to the cinemas.

PVR-Inox will now start selling tickets to this 30-minute show on Bookmyshow and Paytm and says this could improve occupancy for this particular show to over 55 percent, and bring more footfalls for movies that go beyond the big names.

Also Read: PVR Inox launches 2 multiplexes in Telengana town, Dehradun — deets here

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PVR-INOX merged entity will take this long to realise merger synergies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PVR-INOX merged entity expects to reap a combined benefit of Rs 200-225 crore over the next two years.

For growth the company is focused on food and beverage, upcoming content, screen expansion, and cinema advertising, the merged entity mentioned in a concall.

In the first concall after the merger the PVR-INOX mentioned that the company plans to add 200 screens every year on a base of 1,642 screens. Further it will take 12-24 months to realise merger synergies

In the short term company will focus in on platform integration and the long term goals include to drive synergies from Ad revenue, F&B revenue and operational costs

Further the merged entity targets to derive 5 percent of cinema SPH (spends per head) from food delivery business. With the leverage of scale and standardisation of products PVR-INOX expects the cost per screen to reduce by 10-15 percent.

Also read: PVR-Inox merger: Will your popcorn or ticket price get expensive? Here is what experts think

Brokerage firm Nomura has a Buy rating on the shares of PVR with the target price at Rs 2125.

As per the brokerage firm addition of 44 percent new screen additions in metro cities, focus on increasing penetration in southern parts of the country
and the work towards international distribution of Indian movies in an efficient manner will aid the merged entity.

Leadership across key operating metrics with experienced promoters, key managerial personnel and senior management teams with an established track record will add further value. Reiterate positive stance on multiplexes for medium to long-term, Nomura said in a Note.

Also read: PVR-Inox merger approved by NCLT

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PVR announces February 17 as record date for amalgamation with INOX Leisure

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PVR Ltd. and INOX Leisure Ltd. informed bourses on Tuesday that the amalgamation of the two companies was completed on February 6. The two companies have set February 17 as the record date for the purpose of allotting equity shares of the merged entity to shareholders of INOX Leisure Ltd.

The National Company Law Tribunal granted its approval for the merger of the multiplex operators on January 12. With the merger, the new entity would become the largest multiplex operator in the country with over 1,500 screens in its network.

Under the amalgamation scheme, the share-swap ratio has been set at three shares of PVR for 10 shares of INOX Leisure. Investors of INOX Leisure will receive three shares of PVR for every 10 shares of INOX Leisure that they hold as of February 17, the record date.

Shares of PVR ended unchanged at Rs 1,682, while those of INOX Leisure ended nearly 1 percent higher at Rs 501.50.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stocks To Watch In 2023 | Brokerages bullish on PVR, Inox following merger synergies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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2022 was a year of consolidation for the media and entertainment sector. Within this space, two large players — PVR and Inox are being merged and should be on investor’s radar.

The merger could create a multiplex behemoth, with an increased bargaining power. The NCLT has already given an approval in January 2023 and with only a few formalities left, the merger is expected to be completed in the fourth quarter of this fiscal.

What synergies could this merger really draw?

Inox’s advertising revenue per screen is at a 33 percent discount versus that of PVR in the pre-COVID year of the 2019-20 fiscal year. For the merged entity, expectations are of better yields on advertising, wherein Inox could come on par with PVR and the combined entity, may even command a further premium over the medium term.

Additionally, the market share could trend up as the combined entity may gain from smaller chains as well as single screens, that have struggled due to the COVID led closures. Management had earlier guided to add 150 to 200 screens every year as a merged entity.

In terms of ticket prices and spends per head too, Inox could move towards rapid premiumisation in line with PVR.

Also Read: Nirmal Bang’s Rahul Arora bets on PVR as a ‘great pick for core portfolio’

Hence with all the synergies flowing through, the street expects this acquisition to be a “big win-win” for the films industry and benefit both the players.

With a higher positive bias towards Inox, there is an expectation of Rs 150 crore of synergy benefit on the EBITDA of Inox.

Brokerages, like Elara Capital, Nuvama and ICICI Securities have a buy rating with target prices of about Rs 2,100 to Rs 2,600. Though Ambit Capital does have a sell call with a target price of Rs 1,434.

While for Inox, the target prices are anywhere in the range of Rs 600 to 760.

Also Read: PVR opens 19 screens in Jaipur, Bengaluru and Gurugram and crosses 900-screens mark

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow