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Inox Q4 net loss at Rs 4 crore

MUMBAI: Leading multiplex operator Inox Leisure has recorded a net loss of Rs 4.06 crore (Rs 40.6 million) for the quarter ended 31 March 2015.

The result for the fourth quarter includes the financials of Satyam Cineplexes, which it acquired in August last year, and is therefore not comparable with its performance in the earlier-year period.

Meanwhile, in the corresponding quarter of the previous fiscal, Inox Leisure had posted a net profit of Rs 1.54 crore (Rs 15.4 million).

Income from operations stood at Rs 217.75 crore (Rs 2.18 billion), out of which 61.9 per cent was gross box-office collection at Rs 134.8 crore (Rs 1.35 billion).

Revenue from food and beverages was at Rs 37.43 crore (Rs 374.3 million), or 17.2 per cent of the revenues, while ad revenue stood at Rs 19.79 crore (Rs 197.9 million).

Total expenses during the quarter stood at Rs 225.34 crore (Rs 2.25 billion). Distributor share was 34.6 per cent of the gross box-office collection, and entertainment tax was 16.9 per cent of gross box-office collection.

EBITDA for the quarter stood at Rs 10.51 crore (Rs 105.1 million), while EBITDA margin was at Rs 4.8 per cent.

In the corresponding quarter of the previous fiscal (Q4FY14), gross box-office revenue was at Rs 188.30 crore (Rs 1.88 billion) and EBITDA stood at Rs 16.29 crore (Rs 284.6 million). The company’s EBITDA margin was at 8.7 per cent.

During the quarter under review, with 8.4 million footfalls, the occupancy rate was 41.1 per cent (for 355 screens, excluding managed properties). In the comparable properties, footfalls fell to 7.1 million, while occupancy rate was at 26 per cent.

Average ticket price (ATP) during the quarter was up at Rs 158, whereas ATP for comparable properties was at Rs 153.

During the quarter, Inox added four properties totalling 13 screens in Bhilwara (3 screens), Kurnool (3 screens), Ajmer (3 screens) and Goa (4 screens).

In FY16, the company intends to add 57 screens in 15 cities.

Full-fiscal performance

For the full year ended 31 March, the consolidated net profit was at Rs 20.04 crore (Rs 200.4 million) on a revenue from operations of Rs 1,016.81 crore (Rs 1.02 billion).

EBITDA stood at Rs 122.77 crore (Rs 1.23 billion).

ATP during the fiscal was at Rs 164, while ATP of comparable properties was at Rs 161.

During the fiscal, the company added nine properties with 27 screens across the country.

The company accounts for 23 per cent share of the multiplex screens in India and 7–8 per cent share of the domestic box-office collections, it said. It has a gross debt of Rs 241.19 crore (Rs 2.41 billion) and a net debt of Rs 227.75 crore (Rs 2.28 billion).