Blockbuster March drives footfall despite washout January/February

News: Reported revenue was at Rs 317.7 crore (up ~7.2 QoQ). The box office revenue was Rs 202 crore (up 14% QoQ) led by footfalls at 11 mn, up 17% QoQ, while F&B revenue was Rs 87 crore and Ad revenues as Rs 13 crore. EBITDA (ex- Ind AS116) was at ~Rs 14 crore, with margins of 4.5%, , as the expenses went up on business resumption towards normalcy. Inox recognised Rs 20.3 crore as rent concessions. Ex- Ind AS116 basis, loss was Rs 12 crore.

Views: We believe that that with strong content pipeline recovery trend will continue ahead. Inox with strong balance sheet is poised to grow at superior rate. Remain constructive on the company.

Impact: Neutral