PVR INOX to close 70 non-performing screens in FY25, plans monetisation of real estate assets
The Hindu
PVR INOX to close 70 non-performing screens, focus on South India expansion, and transition to capital-light growth model.
Leading multiplex operator PVR INOX plans to close 70 non-performing screens in FY25 and will go for potential monetisation of non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara, according to its latest annual report.
Though the company will add 120 new screens in FY25, it will close almost 60–70 non-performing screens, as it chases for profitable growth.
About 40% of new screen additions will come from South India, with a "strategic focus" on this lesser penetrated region as per its medium to long-term strategy.
Moreover, PVR INOX is redefining its growth strategy by transitioning towards a capital-light growth model to reduce its capex on new screen additions by 25 to 30 per cent in the current fiscal.
Now, PVR INOX will partner with developers to jointly invest in new screen capex by shifting towards a franchise-owned and company-operated (FOCO) model.
It is also evaluating monetisation of owned real estate assets, as the leading film exhibitor aims to become a "net-debt free" company in the foreseeable future.
"This involves a potential monetisation of our non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara," said Managing Director Ajay Kumar Bijli and Executive Director Sanjeev Kumar addressing the shareholders of the company.
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