Inox Leisure reports Q1 profit of Rs 57 cr on rising footfalls at cinemas

Multiplex chain operator Inox Leisure Ltd on Wednesday reported a consolidated net profit of Rs 57.09 crore for the quarter ended June, led by rising footfalls at cinema halls.

The company had posted a net loss of Rs 122.28 crore in the April-June period a year ago, said Inox Leisure in a BSE filing.

Its revenue from operations during the quarter under review was at Rs 582.26 crore, up multi-fold in comparison to the low base of the corresponding quarter of the previous year when the cine exhibition industry was impacted due to the second wave of the COVID-19 pandemic.

Inox Leisure's revenue from operations in the April-June quarter of the last fiscal stood at Rs 22.31 crore.

Total expenses were at Rs 513.01 crore, up two-fold.

Inox reported its "highest ever quarterly revenue" and "highest ever EBITDA and profit after tax".

"Q1/FY23 witnessed the best-ever quarterly performance in the history of the company on the back of robust content line-up and rising footfalls," said Inox Leisure, which completed 20 years of operations in May this year.

During the April-June quarter, 18.4 million guests visited Inox cinemas and reported its highest ever ATP (Average Ticket Price) of Rs 229.

Besides, its advertising revenues were at Rs 30 crore, showing a "steady recovery", the company said.

"After facing a severe impact on business due to the pandemic in the last two years, the company reported its best-ever quarterly performance across majority metrics...," it said.

In Q1 FY23, Inox added three new properties with 17 screens. As of June 30, 2022, Inox Leisure was operating a network of 692 screens across 163 multiplexes in 73 cities.

"Screen addition will continue in FY23 with 13 properties and 60 screens in the pipeline," it added.

Inox Group Director Siddharth Jain said: "While our best-ever quarter marks a moment of rejoice, we will also ensure that it keeps inspiring us to raise the bar, while maintaining a strong focus on customer-centricity, innovativeness and profitability.

Regarding its proposed merger with rival PVR, Inox said a joint application has been filed before the Mumbai bench of the National Company Law Tribunal (NCLT).

"...a joint application by INOX Leisure and PVR for the Scheme of Amalgamation has been filed under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, with the Hon'ble National Company Law Tribunal, Mumbai on 2nd August 2022," it said.

Shares of Inox Leisure Ltd on Wednesday settled at Rs 602.65 on BSE, up 0.76 per cent from the previous close.