One of India’s leading exhibition and distribution firm Shringar Cinemas Ltd has declared a profit of Rs 12.6 million for its first quarter ending 30 June. This is a remarkable achievement considering the fact the company faced a loss of Rs 12.2 million last year during the same period.
According to their audited first quarterly statement up to 30 June, the revenues from their multiplexes across the country went up to Rs 127 million recording a 100 per cent rise. Their operating gain stood at Rs 33.8 million.
Speaking to Businesofcinema.com about the reasons for the change of fortunes Shringar Films chief financial officer Shriram Krishnan says, “After the loss we faced last year, we had to generate cash and increase volume. One way was to increase our property. Last year, only two properties of Fame were active, Malad in Mumbai and Nashik and we had one month of Kandivili. But for this quarter we had Fame Nashik, Kolkata, Kandivili and Malad. We also came up with additional property at Pune and Surat in this quarter.”
Further talking about the company’s plans for the year ahead, Krishnan says, “We are aiming at achieving a sizable market share by setting up more multiplexes. We had decided to come up with at least seven-eight multiplexes this year, out of which the Pune and Surat ones are ready and functioning. Very soon Dadar and Thane areas in Mumbai too shall be have our multiplexes. That apart Aurangabad, Chandigarh and Bangalore will also be having our new multiplexes.”