Multiplex operator Inox Leisure is planning to add 50 screens each year as it eyes a revenue of Rs 2,000 crore in the next three years, a top company official has said.
Multiplex operator Inox Leisure is planning to add 50 screens each year as it eyes a revenue of Rs 2,000 crore in the next three years, a top company official has said.
"On an average, we are trying to add about 50 screens organically per year. Other than our 468 operational screens that we have today, we have another 500 screens that are signed and under execution. The only limiting factor that we have is the speed at which malls are developed,"
Inox Group of Companies Director Siddharth Jain told PTI.
Inox Leisure currently operates 118 properties across 58 cities in the country, and each new screen entails an investment of Rs 2.5 crore.
The company had reported a revenue of Rs 1,332.69 crore in fiscal year 2015-16 and Jain said "we strive to be a Rs 2,000 crore company in three years time".
The city-based company enjoys an occupancy rate of 30%, with online accounting for 40% of the total ticket sales.
The Indian multiplex space has been in consolidation mode over the last few years, and Jain said the company is constantly evaluating acquisition opportunities.
"We are constantly evaluating acquisition opportunities but currently in the multiplex space there are only few small players left," he said.
In July 2014, Inox Leisure had acquired Gurugram-based rival Satyam Cineplexes in a Rs 182-crore deal to strengthen its presence in North India. It had earlier also bought multiplex cinema theatre firm Fame India and Calcutta Cinema in West Bengal.
The company, which will be converting Kolkata's Metro Cinema in a multiplex, is also evaluating other opportunities to convert single screen theatres into multiple screens.
"We are constantly in talks with single screen owners who want to convert themselves to multiplexes, but do not necessarily have the expertise to run the multiplex. It (conversion) begins with metros where land is scarce and then we go to tier II and tier III cities," he said.
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