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Miraj Cinemas eyes Rs 1,000 crore revenue in FY25-26, Retail News, ET Retail

Multiplex chain Miraj Cinemas is targeting to hit the Rs 1,000 crore revenue mark in FY 25-26, Amit Sharma, MD, Miraj Cinemas told ETRetail in an interaction.

Last fiscal, the multiplex chain clocked Rs 350 crore in topline revenue. This year, it is planning to close at Rs 500 crore and plans to take it to Rs 700 crore in FY 24-25.

“On the back of new screen expansion and penetration into new cities, we are planning to reach our targets,” he said.

The multiplex chain, which used to operate 120 screens in FY 19-20, expanded to 200 screens this calendar year and is planning to surpass the 300 screens mark in FY 24-25.

“Currently, we have 52 screens under fit-outs in cities like Calicut, Chennai, Vishakhapatnam, Hyderabad, Kolkata, Jamshedpur, Bhagalpur, Indore, Mumbai, Wadala, Noida, Patiala, Sitapur in UP and Sambalpur in Orissa. And we are hopeful that all the screens under fit-outs will be operational before this fiscal year ends,” he asserted.

It is aiming to open another 30-32 screens between July to October 2024 in cities like Pune, Agra, Noida, Ludhiana, Alwar, and Bengaluru.

It further plans to another 50-60 screens in FY 25-26.

When asked about the location strategy, he said, ” In India, there are at least 500 cities where there is no cinema, so there is a lot of scope to penetrate and if your micro market is good, whether it’s a big city or a small city, it doesn’t make any difference.”

This fiscal, the company will be investing more than Rs 100 crore to aid the expansion plans, and next fiscal also, it plans to invest another Rs 100 crore.

The company’s EBITDA profitability stood at 16 per cent in FY 19-20 and post-pandemic, it recovered to 4 per cent in FY 22-23.

“This fiscal, we are aiming for 12-14 per cent EBITDA profitability and expect the same to continue next fiscal as well. However, in FY 25-26, we expect it to reach to 16 per cent,” he said.

Currently, 25 per cent of revenue of the multiplex chain is contributed by F&B, 10 per cent from other revenue streams, and the remaining 65 per cent comes from ticket sales.

“In the next five years, we expect ticket sales to contribute 50 per cent of our revenue, F&B should stand at 35 per cent and the remaining 15 per cent to be contributed by other revenue streams,” he concluded.

  • Published On Dec 27, 2023 at 09:44 PM IST

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