Slower pace of mall construction pushes PVR's target of 1000 screens to 2020
DSIJ Intelligence / 01 Jun 2017
In the last three years of a slumped growth in real estate, PVR has added 180 screens to its bag, cumulating to 580 screens with a further plan to add 70 more screens to its group.
The Baahubali bounty has impacted the fates of the multiplex owners of the nation, but RERA and demonetisation have somehow clamped down the organic growth of the real estate sector which adversely affected the normal expansion plan of multiplex giant PVR.
They are planning to extend their periphery with 1000 screens but now they have pushed back the deadline to 2020 from 2018.
A slowdown in the construction of malls has impacted the expansion plan of the company revealed the CFO of the company, Nitin Sood. The company sets up multiplexes in malls on the basis of anchor tenant ownership.
In the last three years of a slumped growth in real estate, PVR has added 180 screens to its bag, cumulating to 580 screens with a further plan to add 70 more screens to its group.
The company may also face the brunt of the imposition of a 28 per cent tax slab on the entertainment sector under GST.
At 10:30 hrs IST, the stock was trading at Rs 1465, up by 0.69 per cent on the BSE on June 1, 2017.
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