Inox Leisure is the second largest player in terms of multiplex screen count in India. Currently, the company operates 692 screens in 163 cinemas in 73 cities in India with an aggregate seating capacity of ~1.55 lakhs seats.
It is the only national multiplex which enjoys a net debt free balance sheet
Q1FY23 Results
Robust performance was led by strong box office recovery.
Reported revenue was at ₹ 582.3 crore, (up 83.3% QoQ) and ~18% higher than pre-Covid levels in Q1FY20. The reported box office revenue was at ₹ 353 crore (up 75% QoQ) and ad revenues of ₹ 30 crore (at 64% of pre Covid level). The company reported ₹ 164 crore of F&B revenues, up 89% QoQ, with SPH at ₹ 96 was up 11.6% QoQ. The footfalls were up ~67% QoQ at 18.4 million and ATP at ₹ 229 was up ~5% QoQ owing to slate mix
EBITDA (ex- Ind AS116) was at ₹ 123 crore with margins of 21.3% (better than pre Covid levels of 20%) given the strong box office performance. On reported basis, EBITDA was at ₹ 210.5 crore (margin of 36.1%)
The reported PAT was at ₹ 57.1 led by strong operating performance. The company reported PAT (ex- Ind AS116) at ₹ 74.4 crore
Revenues reported at Rs 522 crore, EBITDA at Rs 87 crore, and adjusted PAT at Rs 40 crore.
Company reported highest ever quarterly Average Ticket Price of Rs 230
Company reported its highest ever quarterly Spends Per Head at Rs 106
15.3 mn guests visited INOX cinemas in Q3FY23 giving an occupancy rate of 23%
The company added 4 new properties with 15 screens in Q3FY23; 3 screens multiplex at CMR Mall, Gajuwaka, 4 screens multiplex at Centro Mall, Mysuru, 3 screens multiplex at Laila Mall, Vijayawada and 5 screens multiplex at RCube Monad Mall, New Delhi.
INOX now operates 722 screens across 170 multiplexes in 74 cities.
The company launched AmpliX, an innovative seat-integrated sound technology, which offers a 360-degree spherical audio experience on cinema seats.
Company has a strong liquidity of Rs 355 crore (including undrawn limits of Rs 125 crore) as of 28th January 2023 and also continues to remain net debt free.
Company added 45 screens in the first 9 months of FY23, which is the highest screen addition in industry.
Screen addition to continue in Q4FY23 with 7 properties and 32 screens in pipeline
NCLT Mumbai bench has allowed the proposed scheme of amalgamation between INOX Leisure with PVR on 12th January 2023
Commenting on the results, Siddharth Jain, Director – INOX Leisure Ltd says, “The inevitable cheerfulness and buoyancy is back on the cinema floor, and is clearly reflecting on our quarterly performance. This quarter not only reiterates the fact that normalcy is back, but also reconnects us with our usual journey of growth and profitability. Our constant pursuit of innovativeness and our desire to offer the best cinema-viewing experience have played significant roles in a quarter which may be termed as a remarkable one. Content, like always, remains the most critical aspect, and would continue to play a pivotal role in the coming quarters as well. With the new merged entity with PVR soon to take shape, we look forward to the new journey, which would have topnotch guest-experience forming the core of all its decisions.”
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