News: Reported revenue was at Rs 582.3 crore, (up 83.3% QoQ) and ~18% higher than pre-covid levels in Q1FY20. The reported box office revenue was at Rs 353 crore (up 75% QoQ) and ad revenues of Rs 30 crore (at 64% of pre covid level). The company reported Rs 164 crore of F&B revenues, up 89% QoQ, with SPH at Rs 96 was up 11.6% QoQ. The footfalls were up ~67% QoQ at 18.4 million and ATP at Rs 229 was up ~5% QoQ owing to slate mix. EBITDA (ex- Ind AS116) was at Rs 123 crore with margins of 21.3% (better than pre covid levels of 20%) given the strong box office performance.
View: 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. Maintain constructive view on the company.
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