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We present your 13th Annual Report to you with great pleasure and pride. The year has been a landmark year which has seen your company making excellent progress in all its business domains and taking tremendous leaps into new areas which bear great promise for all our futures.
For the Indian economy, the year has ushered in numerous hues. However, despite the path of the stock market, the spectre of inflation and the situation in driver markets such as US, we remain realistically bullish about Indian earning levels, real incomes and spending propensities in most areas of consumption including entertainment.
Your cinema screen count continued to expand and every PVR cinema continued to deliver superior performance in spite of intense competition. A footfall of close to 18 million viewers in FY 07-08 assures us that the PVR cinema experience continues to be unparallelled, even with many PVR innovations being emulated by the rest of the industry. Your company continued to innovate to provide a finer viewer experience and keep ahead of the competition.
In the distribution domain, your company continued to be the distributor of choice for many prestigious studios and independent directors - both Indian and international. PVR continues to grow as a distributor and adds quality and diversity to the Indian screen by profitably bringing in a plethora of talent that would otherwise remain unexhibited in India.
Your company smashed all benchmarks with its maiden co-production "Taare Zameen Par", proving that good cinema with excellent human values and good production standards can indeed win box office success as well as critical acclaim.
Your company has several more productions in the pipeline, each of which is based on a strong story line, a well-crafted script and superb production values. Great effort has been made to cover every possible base to ensure both good returns and betterment of quality Indian cinema.
During the year under review, your company opened two foodcourts at Sahara Mall, Gurgaon and Ambience Mall, Gurgaon. Your company has further signed an MOU with M/s Gyan Enterprises Private Limited, a company promoted by Mr. Amit Burman of Dabur group in order to partner him in the F&B service retailing business.
Looking beyond cinema, your company has taken a bold, new view of the Indian entertainment industry and is in the process of creating new entertainment formats to take the savvy Indian audience several notches higher. A new tie-up has been forged with Thailand's largest provider of premium entertainment, Major Cineplex Group, to form a new joint venture which will offer bowling, karaoke and ice-skating in an exciting new format that also includes cinema. Your company hopes to engross a wider section of the Indian audience and engage them at a deeper level - where they become participants rather than mere spectators. This is the beginning of a very exciting chapter.
We continue to innovate and move every aspect of your company to another level of leadership in every dimension. We are joined in this endeavour by you, our stakeholders, our employees and associates, whose cooperation we are grateful for.
We request your continued combined support in the future, for the future that we envision is wonderful!