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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.

Washington, May 26: Making a slight change to the name of their newborn, Tesla CEO Elon Musk and his singer girlfriend Grimes have now named their first child X AE A-Xii.

The difference is only in the numeral part of the name which is now written in the Roman format.

Earlier this month, the celebrity couple hogged headlines for naming their son X AE A-12.

The change in the name came when an Instagram follower of the Canadian singer asked if she had considered changing the name of the child and she replied with, "X AE A-Xii."

However, the performer didn't provide further insight concerning the reason behind the change.

Canadian singer Grimes gave birth to her first child on May 4.

The 32-year-old had earlier taken to Twitter and explained the meaning of the baby's name.  

New Delhi, May 15: In an attempt to constructively use leisure time during the lockdown, actor Bhumi Pednekar has started learning Kathak from her mother, Sumitra Pednekar, who is a trained dancer of this discipline.

Elaborating on her keenness to enhance her knowledge on the dance form, the actor explained about her routine followed for the dance practice and how much she is enjoying it.

"I wanted to learn kathak for a long time as my mother is a trained Kathak dancer! So, for about an hour in the evening this what I and my mom do. She is quite enjoying it and I'm loving learning it from her!" the 30-year-old actor said.

The growing fear of coronavirus has halted many entertainment shootings and productions. The 'Pati Patni Aur Who' actor referring to the current situation opened about the uncertainties of going back to shootings.

"It has put a big question mark on when will we get back to work and how things are going to be. There's a lot of uncertainty. Of course, our dates and schedules have gone haywire and we can't plan anything," she added.

However, the 'Bala' actor is finding a silver lining among the gloom as she says that the time has given her an opportunity to get back to what she used to love as a child - the habit of reading.

"I was a voracious reader but since entering Bollywood I haven't got a chance to read something at a stretch," she said.

"But now, I have got all the time and I'm making full use of the time at hand. I have been watching TED talks and have been reading a lot about climate change because that is something, I am severely passionate about. This time has been very educational for me," she added.

On the professional front, Pednekar will be soon seen as a leading lady in the Akshay Kumar's 'Durgavati' and award-winning director Alankrita Srivastava's 'Dolly Kitty Aur Woh Chamakte Sitaare'.