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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.

Thiruvananthapuram, Jun 15: Kerala Chief Minister Pinarayi Vijayan has condoled the death of actor Sushant Singh Rajput and recalled his support to the state during the floods in 2018.

The 34-year old Bollywood actor was found hanging at his apartment in Mumbai on Sunday.

"We are deeply saddened to hear of the death of Sushant Singh Rajput. His early demise is a great loss to the Indian Film industry. Our heartfelt condolences to his family, friends and supporters," Vijayan said in a tweet.

"We take a moment to remember his support during the time of Kerala floods

During the deluge in August, 2018, a fan had tagged him in a comment on his Instagram post and said, he don't have the money, but wanted to donate some food.

The actor, who spotted the comment, replied that he will donate Rs one crore in his fan's name.

Rajput donated Rs one crore to CMDRF in the name of his fan and uploaded the screenshot saying, My Kerala.

New Delhi Apr 10:  Actor Salman Khan on Friday thanked people for staying indoors and shared two pictures, first showing Bada Qabaristan's (graveyard) gate which has been closed due to lockdown and the second was of an empty street in Mumbai.

The actor thanked the people for listening to the guidelines and understanding the gravity of this situation amid the 21-day government-imposed lockdown in view of coronavirus outbreak. The tweet by 'Dabangg' actor came soon after the conclusion of Shab-e-Barat.

Shab-e-Barat is observed as a day of forgiveness or atonement in Islam and leads to congregations at graveyards and religious places.

The 54-year-old actor took to Twitter and wrote, "Wah! Thank u for listening n understanding the gravity of this situation the country is in. God bless n protect each n every 1.

Over the past few days, appeals were made to the Muslim community from several quarters to not venture out of their houses to pray on Shab-e-Barat in view of the COVID-19 lockdown.

Earlier, the 'Tiger Zinda Hai' star shared his lockdown experience in a video message with nephew Nirvaan and urged people to take the government's advisory of self-isolation seriously amid the rising cases of coronavirus in the country.