INOX Leisure Ltd reports earnings for Q4, FY2020

INOX Leisure Ltd reported financials for the fourth quarter and the financial year ending 31st March 2020. The results were taken on record by the Board Of Directors today at a meeting held in Mumbai.

Highlights for FY ended on 31st March 2020

- FY20 ends with highest ever Revenues, EBITDA, PAT, Footfalls, ATP and SPH in the Company's history
- Total revenues rise 12% to Rs. 1915 Crores.
- EBITDA grows 7% to Rs. 347 Crores*
- PAT grows 6% to Rs. 141 Crores *
- Historic footfall of 66 Mn reported for the year.
- Highest ever ATP reported as Rs. 200
- SPH stands at highest ever levels at Rs. 80
- 58 screens added in FY20 - Milestone of 600 screens crossed
- INOX now operates 626 screens across 147 multiplexes in 68 cities
- Elevates cinema viewing experience to new levels with opening of 2 INOX Megaplex cinemas
- Megaplex at Inorbit Mall Malad, Mumbai is world's first multiplex with 6 different cinema viewing formats. Megaplex at Palassio Mall Lucknow is city's largest multiplex.
- Launched INOX REWARDS, India's first tier-based cinema loyalty program with a current membership base of close to 5 Mn

Highlights for Q4FY20 ended on 31st March 2020

- Impact of COVID-19 erodes financial performance for the Quarter
- Revenues stand at Rs. 376 Crores
- EBITDA for the Quarter stands at Rs. 40 Crores*
- Quarterly LAT (Loss After Tax) reported at Rs. 2 Crores*
- 17 Screens added in the Quarter

Siddharth Jain, Director - INOX Group said, "I feel extremely proud to put forth yet another year of historic performance emerging out of our relentless endeavors of doing nothing but the best. Despite the advent of COVID-19, we managed to continue our uninterrupted streak of Revenue growth. The financial results of FY20 strongly underline our sharp focus on all the critical aspects of business, and above all, our customers, who would always remain at the core of all our decisions. The year saw us taking our experience focus to newer levels with the launch of two Megaplex cinema properties and introduction of new cinema technologies like MX4D and ScreenX for the first time in our country. As the Company reports its highest ever Revenues, EBITDA and Footfalls, I humbly take the opportunity to thank all our stakeholders for reposing their faith on us." Siddharth Jain further adds, "The advent of COVID-19 has left a serious mark on our 4th Quarter performance and will remain a cause of concern in the subsequent months as well. With a clear priority on safety and well-being of our guests as well as our employees, we are preparing ourselves with the wherewithal which would help us see through this phase. Our SOPs have been tailored to offer a safe, reliable and a seamless movie watching experience once we resume operations. We are confident that the signature INOX experience, which has become synonymous to movie watching in our country, will remain intact, and will continue to delight our patrons on the other side of COVID-19. We are banking on our inherent passion and our robust Balance Sheet, which would help us emerge stronger and faster from this pandemic situation and deliver a remarkable turnaround, delighting all our stakeholders."

SPH or Spends Per Head showed a growth of 8% on an annual basis owing to INOX's efforts to transform cinema into a complete family destination offering a wholesome dining experience. Innovative and themed F&B offerings, promotions, addition of LIVE kitchens, and introduction of new concepts and menu items proved to be the drivers of a healthy F&B and SPH growth.

Footfalls at INOX properties rose by 6% with content playing a significant role. Besides big ticket movies like War, Kabir Singh, Tanhaji and Mission Mangal, the movies from the other Indian languages played their part too. Hollywood's contribution with movies like Avengers Endgame and Lion King was significant as well. Advertising Revenues bore the brunt of the recessionary slowdown and the building COVID- induced fear psychosis towards the end of the FY20, and therefore maintained a flat trajectory with a growth of 1%.

The company added 58 screens in the entire financial year, depicting its focus on getting closer to the customers. INOX extended its strategy of developing massive experience-driven entertainment destinations with the opening of its 2nd Megaplex in the city of Lucknow after launching its 1st Megaplex in Mumbai earlier this year. INOX continued its focus on technology and formats with the pioneering of MX4D® Theatre Effects and the 270 degree multi-projection technology ScreenX into the country.

Shares of INOX LEISURE LTD. was last trading in BSE at Rs.283 as compared to the previous close of Rs. 288.45. The total number of shares traded during the day was 150190 in over 5574 trades.

The stock hit an intraday high of Rs. 317.75 and intraday low of 275. The net turnover during the day was Rs. 44734426.

*Excludes impact of Ind AS 116

Source : Equity Bulls

Keywords