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New Delhi, Jun 9: Multiplex operator PVR on Monday said it has cut salary across various levels, laid off employees and deferred increments during the lockdown to mitigate adverse impact of COVID-19 on the business.

The company said at present it is not generating any revenue from exhibition business and related activities as cinemas across the country are shut following the directions from the regulatory authorities.

According to the company, closure of screens during the lockdown will have a significant negative impact on profitability and liquidity.

PVR has taken measures to reduce its personnel cost, including salary cuts across various levels in the organisation during the lockdown along with "reduction in headcount by way of layoffs/retrenchment" to mitigate the adverse impact of COVID-19 on the business.

Moreover, the board of the company, in its meeting held on Monday has also approved plan to raise Rs 300 crore through rights issue.

"Since Cinema Exhibition is the only business segment, company is currently not generating any revenue from admissions, food and beverage sales or other revenue and cash flow from operations," said PVR in an update.

Beginning from March 11, PVR started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down, it added.

The company will continue to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments for older working capital.

"This has and will have a significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy," it added.

Further, once the cinemas are re-opened, we may not be able to run our cinemas at normal capacity utilisation levels on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have, the multiplex operator said.

"On account of this, our revenue and cash flow generation may be impeded even once we are allowed to restart operations," it added.

The company has also deferred decision on on increments to reduce its cost, it added.

PVR has also written to developers for waiving rental and CAM (Common Area Maintenance) charges for the lockdown period.

It is in discussion with developers for reducing rentals post re-opening and has invoked force majeure clause in its agreements with them.

Besides, the company has raised additional borrowings from existing bankers to shore up liquidity.

"As of March 31, 2020 the company had cash and bank balance of Rs 316 crore. As on June 7, 2020 cash and bank balance is Rs 227 crore (including undrawn bank lines)," it added.

Over reopening of theatres, PVR said that the government has come out with a phase-wise schedule.

In these guidelines cinema halls have been kept in the third phase of re-opening, where dates will be decided based on assessment of the situation.

"We are in continuous engagement with all regulatory authorities and hope to receive the necessary permissions for restarting opening in the near future," it added.

Currently PVR operates 845 screens in 176 properties in 71 cities.

New Delhi, Mar 5: Urging netizens to adopt traditional salutation styles like 'namaste' and 'salaam' to greet everyone in the wake of the coronavirus outbreak, megastar Salman Khan on Thursday shared a picture from his workout session.

Flaunting his perfectly chiselled body, the 'Sultan' actor shared a picture of himself sitting on a pull-down machine with folded hands as a mark of Indian tradition 'namaste'.

"Namashkaar ... hamari sabhyata mein namaste aur salaam hai! Jab #coronavirus Khatam ho jaye tab Haath milao aur gale lago...." he captioned the picture.

Khan recently touched the mark of 30 million followers on Instagram on Saturday and shared a short video on the platform thanking his fans for it.

In the video, he first thanked fans with folded hands and then a salute.

Mumbai, Jul 22: Actor Sonu Sood on Wednesday launched an app to offer support to workers in finding right job opportunities in various sectors across the country.

Sood, who catapulted to the national spotlight for his work in helping migrants reach their homes amid the Covid-19 pandemic, has come out with a free of cost online platform called 'Pravasi Rojgar', which will provide all the necessary information and right linkages to find jobs.

The 47-year-old actor said while arranging travel for the migrants, their conversations would often revolve around how they were looking for the right work opportunity amid the pandemic.

"Lot of thinking, planning and preparation have gone into designing this initiative over the last few months, in order to ensure that it is holistic and builds on the work already being done in the country.

"Extensive consultations have been held with top organisations that're involved at the grassroots level in skilling and placing the youth below the poverty line, NGOs, philanthropic organisations, government functionaries, strategy consultants, technology start ups and above all the returned migrants whom I have helped," Sood said in a statement.

The initiative will be supported by community outreach in the villages to find the right employment opportunities for migrant workers in different parts of the country.

According to the release, the online platform has over 500 reputed companies related to construction, apparel, healthcare, engineering, BPOs, security, automobile, e-commerce and logistics sectors, offering job opportunities.

'Pravasi Rojgar' will also be offering specific job training programmes like spoken English.

A 24x7 helpline have been set up in New Delhi, Mumbai, Bengaluru, Hyderabad, Coimbatore, Ahmedabad and Thiruvananthapuram.