INOX Leisure Ltd (INOX) reported financials for the third quarter ending 31st December 2021. The results were taken on record by the Board of Directors. With major business metrics showing a significant reduction in the gap with pre-COVID levels, the third quarter signaled a sharp recovery, largely due to great content and reduced apprehensions due to widespread vaccination. The Company has reported revenues at Rs 301 Cr, with EBITDA standing at Rs 54 Cr* and PAT at Rs 17 Cr* for Q3’FY22. Besides being the only multiplex chain in the country to be Net Debt Free, INOX has managed to maintain strong liquidity of close to Rs 300 Cr including the undrawn limit of Rs 120 Cr.
The Quarter saw the Company receiving a promising response, reminiscent to pre-COVID times for movies including Sooryavanshi, Spider-man: No Way Home, Annaatthe, Pushpa: The Rise and 83, with 2 movies garnering Box-Office collections above Rs 200 Cr and 3 movies above Rs 100 Cr. With 9.4 Mn guests visiting INOX cinemas across the country, the Quarter saw an occupancy rate of 19%. With its highest-ever quarterly Average Ticket Price (ATP) at Rs 226 and highest ever quarterly Spends Per Head (SPH) at Rs 97, INOX has strongly reaffirmed the huge connect that it enjoys with its patrons while placing itself prominently on the recovery path. The Company possesses a progressive approach & positive sentiment for the future, thanks to an extremely rich pipeline with movies in all genres and languages, including RRR, Jersey, Prithiviraj, Attack, Badhaai Do, Gangubai Kathiawadi, Jayeshbhai Jordaar, Bachchan Pandey, Radhe Shyam, The Batman, Death on the Nile, Doctor Strange – Multiverse of Madness, and Top Gun 2 complemented with a robust F&B growth road map and consumer-centric innovations. The Company added 3 new properties with 13 screens in Q3’FY22, at Aurus Mall, Guwahati, Prabhatam Grand Mall, Dhanbad and WorldMark, Gurugram. In the process, INOX exited CY2021 with the addition of 41 screens, which is the highest new screen addition in the industry for the period.
Commenting on the results, Siddharth Jain, Director – INOX Group says, “Besides being resilient, we maintained an optimistic outlook during the adverse phase over the past 8 Quarters. Thanks to our strong fundamentals, the spectacular content flow and above all, the infinite passion for cinema prevailing in our country, we have proudly witnessed the recovery happening. I express my deepest gratitude for the significant support that we have received from all our stakeholders, be it the real estate partners, content creators, our investors or our team. They have played a massive role in this journey, which continues to remain progressive and promising. With the addition of 41 new screens, the highest in the industry in CY2021, we have shown that adversities could not dent our passion. Our path ahead promises to be one underlined by innovativeness and rigour and being enlightened with our lessons from the past. We will certainly gain strength from our excellent liquidity levels and a zero net debt position.”
INOX now operates 158 multiplexes with 667 screens in 70 cities across the country. The Company had plans to add a total of 41 screens in FY ’22, out of which, 24 have been launched, while project work of 17 screens is ~80% completed.
