Inox Leisure, which operates 667 screens across 158 multiplexes in 70 cities, has reported Rs 301 crore revenue for the quarter ended 31st December 2021. The company's EBITDA and net profit stood at Rs 54 crore and Rs 17 crore respectively. Expenses came in at Rs 247 crore.
In the same quarter of the last fiscal, the company's revenue had plunged to Rs 21 crore while expenses stood at Rs 101 crore due to Covid-19 related impact. The company reported operating and net loss of Rs 79 crore and Rs 83 crore respectively.
For the quarter under review, the company reported highest ever Quarterly Average Ticket Price at Rs 226. At Rs 97, the company reported highest-ever quarterly spends per head. Inox cinemas across the country attracted 9.4 million guests in Q3 FY22 signalling a robust recovery.
During the quarter, the company added three new properties with 13 screens at Aurus Mall, Guwahati, Prabhatam Grand Mall, Dhanbad and Worldmark, Gurugram. In CY2021, the company added 41 screens which it claims is the highest in the industry.
The company has approached landlords for renegotiations of rent and Common Area Maintenance (CAM) charges in Q4 FY22 since its operations have got impacted due to third Covid-19 wave. It had already concluded negotiations for rent and CAM till 31st December 2021.
It further stated that producers and distributors have deferred their movie releases since the majority of them are waiting for the situation to normalise. The company noted that the majority of states have allowed multiplexes to operate with restrictions.
Inox said that its work on 17 upcoming screens is 80% complete. It would require an additional CAPEX of Rs 10 crore to complete the remaining 20% work. The company's liquidity position is strong with funds close to Rs 300 crore, as on 16th January.
The multiplex chain owns six cinemas properties and a head office. As per market valuation, if required, it can raise close to Rs 400 crore by doing a ‘sale-lease back’ of these properties.