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PVR expects revenue to exceed pre-COVID levels in FY22

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Film production and distribution firm PVR Pictures expects its revenue to return to pre-COVID levels in FY22 backed by a strong pipeline of films, scheduled to be released after March, said a top company official. The company has a strong pipeline of star-studded Indian and regional films along with foreign language films and expects the second half of FY 2021-22 to be even better than the pre-COVID, according to a report by news agency PTI.

“For the entire financial year 2021-22, we would be back to the pre-COVID level. In the second half of FY 2021-22, we will actually exceed the pre-COVID level … and we will have situations when big films will start clashing on certain dates and we will do our best to ensure that there is full optimisation,” PVR Pictures CEO Kamal Gianchandani told PTI.

He further said : “The second half of FY 2021-22 would be better than the pre-COVID in terms of release schedule.”

PVR Pictures had a topline of Rs 150 crore in FY 2019-20, but was impacted in the current fiscal due to pandemic-related disruptions.

“In FY 2019-20, we were expecting to grow by 33 per cent and cross Rs 200 crore in FY 2020-21, but unfortunately COVID damaged the entire year,” he said adding “in FY 2021-22, we are expecting to go back to the FY 2019-20 level and beyond,” Gianchandani further told PTI.

According to Gianchandani, the rhythm in films release schedule is back, which was disrupted as production schedule was affected due to the pandemic.

In October, last year when cinema halls and multiplexes opened for public screening after remaining shut for nearly seven months, they were struggling to have new films for their viewers.

During the pandemic, several producers had realised their films on popular OTT platforms like Netflix and Amazon as cinema halls were closed.

According to Gianchandani, both Cinema halls and OTT platforms would coexist. “OTT and theatrical can thrive together and feed each other. It is good for customers and the filmmakers, producers and studio, as there are more revenue streams,” he said.

While sharing the upcoming films, Gianchandani said in the last week of March film as Godzilla and King Kong are coming. While films as Radhe and Satyameva Jayate have been announced specially for Eid and Maidaan in October.

“Even the regional films as Pushpa, KGF II, RR and Rajnikant’s next film are coming from July to October,” he said adding “we are in touch with other producers, who are ready with release.”

Barring a few states, the cinema halls are operating with full seating capacity. Some of the states such as Maharashtra and Kerala are still continuing 50 per cent restriction.

“People are already back at cinemas,” he added.

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