Miraj Cinemas eyes 100 screens by October this year

Multiplex operator Miraj Cinemas plans to add 35 new screens to its network by October this year taking the total count to 100, a top company official said.
"We have a target to have 100 screens by October this year. By 2020, we want to reach 200 screens. We will be adding on an average 30-35 screens every year," Miraj Cinemas Managing Director Amit Sharma told PTI here.
At present, the company operates 65 screens.
He also added that the company invests Rs 1.5-2 crore to set up a screen. Of the 100 screens, which the company aims to have by October, Mumbai, Delhi, Ahmedabad, Hyderabad would have 50 screens and the rest will be in the non-metros.

The company has infused close to Rs 100 crore so far and for the next 100 screens the total investment might scale up to Rs 150-200 crore, Sharma said.
Started in 2012, Miraj Cinemas operates 65 screens in 25 multiplexes across the country at present.

It is expecting to clock a revenue of Rs 125 crore in financial year 2016-17 and in the current fiscal, it is aiming to touch Rs 200 crore.
Online ticket sales for the company has seen a spike post demonetisation accounting for almost 45-50 per cent of the total ticket sales from 30 per cent earlier.

Miraj Cinemas enjoys an occupancy rate of 28-30 per cent at present, while the food and beverages account for 23 per cent of topline. Advertising revenue contributes around 7.5-8 per cent at present, which the company aims to increase to 10-12 per cent in the next couple of years.
The company, which has had an organic growth so far, is also eyeing acquisitions, once it reaches the 100 screen mark.
"We want to have a base of at least 100 screens before we go inorganic," Sharma said.
With few malls being developed due to real estate slow down, the multiplex operators are converting the single screen theatres into multiple screens.

"Single screen conversion is because of less supply of real estate for multiplexes. Malls are not there and that is one of the reason single screen conversion has started," he said.