INOX Leisure Ltd reported financials for the Second Quarter ending 30th September 2021. As permissions from various State Governments were received, the Company started opening cinemas in a staggered manner from July 2021, operating as per the prescribed Standard Operating Procedures. As a result, the Company kicked-off a positive turnaround with reported Revenues at Rs 53 Cr, while the EBITDA stood at Rs (59) Cr* and PAT at Rs (68) Cr*.
The Quarter saw the company received an encouraging response for movies including Bell Bottom, F9 The Fast Saga, Mortal Kombat, Shangchi the Legend Of Ten Rings and No Time to Die which proves that patrons are willing to turn up for good quality content. With 18 lakh guests visiting INOX cinemas across the country, the early signs of revival were evident in the Quarter with a 10% occupancy rate, ATP of Rs 178 and SPH of Rs 92, which is identical to the pre-COVID times.
Highlights for 2nd Quarter ended on 30th September 2021
- Revenues reported at Rs 53 Cr, EBITDA at Rs (59) Cr* and PAT at Rs (68) Cr*
- Company reported an Average Ticket Price of Rs 178
- Spends Per Head stood at Rs 92
- 18 lakhs guests visited INOX cinemas in Q2'FY22 giving a double digit occupancy rate of 10%
- The company added 02 new properties with 06 screens in Q2'FY22, at JTM Mall, Jaipur and Reliance Mall, Bhilwara.
- All States with INOX's presence have allowed cinemas to operate as per Unlock directives
- INOX now operates 658 screens across 156 multiplexes in 70 cities
- Screen addition to continue in FY22
- Stringent cost control procedures continue to remain implemented
- With a massive lineup of great quality content in Hindi, English and other Indian languages, Company expects a strong recovery in the next quarter
- The Company's revamped F&B road map has started getting fructified now with tie-ups including Eazydiner and ITC's brand - Kitchens of India
- 100% INOX employees across the country are vaccinated
Furthermore, the Company's robust F&B road map has started getting fructified now with tie-ups including table reservation platform Eazydiner and ITC's brand - Kitchens of India, aimed at offering more menu choices to the guests and positioning INOX as a food outlet brand.
The Company expects stability & positive sentiment in the business going forward, thanks to a fascinating content lineup in the next festive Quarter with as many as 20+ blockbusters releasing in Hindi, English and other Indian languages, including the likes of Sooryavanshi, 83, Bunty aur Babli 2, Tadap, Chandigarh Kare Aashiqi, Matrix, Pushpa, Jersey and Eternals.
Company has been actively engaging with key stakeholders including the Government Authorities, Mall Developers & Content Producers to garner critical support and ensure a smooth and prompt return to normalcy. With an objective to keep the costs under a check, the Company will continue to implement active cost control measures.
Mr. Siddharth Jain, Director - INOX Group says, "Our performance in this Quarter signifies the beginning of the revival journey, which has come after numerous Quarters of uncertainty. Our teams depicted stout resilience and saw through this phase in a resolute manner, which now provides us with the wherewithal to create and unleash the same old experiential magic that INOX is known for. We are certain that with a great content pipeline in this upcoming Quarters, reduced apprehensions, positive consumer sentiment, a 100% vaccinated team, a strong liquidity position and unlocking of Maharashtra, not only INOX, but the entire film exhibition industry will resurge with a fascinating performance. We have been waiting for this critical juncture to arrive, and with the backing of the faith of all our stakeholders, we know that we are heading into a brighter tomorrow."
With 2 new properties, with 6 screens inaugurated in JTM Mall, Jaipur and Reliance Mall, Bhilwara the Company now operates 156 multiplexes with 658 screens in 70 cities across the country. The Company plans to add 34 screens in FY'22, out of which, project work of 9 screens is ~95% completed.
Shares of INOX Leisure Limited was last trading in BSE at Rs. 420.10 as compared to the previous close of Rs. 419.65. The total number of shares traded during the day was 156275 in over 4622 trades.
The stock hit an intraday high of Rs. 436.65 and intraday low of 413.40. The net turnover during the day was Rs. 66249785.00.