Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Inox Leisure</h2>
<h3>Second Covid wave possibly the last good entry point</h3>
<p>After cinemas were allowed to operate at 100% capacity from 1st February 2021, the Film Exhibition sector was expected to recover in 4QFY21. Even though there were signs of resurgence in demand through South Indian movies like Master, Solo Brathuke So Better, Krack &amp; Red, push-back of release of fresh blockbuster Hindi content (‘Sooryavanshi’ and ‘83’ specifically) and renewed restrictions due to the second…</p>

<p>Company Update</p>
<h2>Inox Leisure</h2>
<h3>Near term a bit more challenged; long term story intact</h3>
<p>Post 3QFY21 (<a href="http://track.routespf.com/Link/1ZuSmks666Y=/ODnO606jwoU=/xsCVQXLNxYJsViyANyxYZA==?LinkValue=105174" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://track.routespf.com/Link/1ZuSmks666Y%3D/ODnO606jwoU%3D/xsCVQXLNxYJsViyANyxYZA%3D%3D?LinkValue%3D105174&amp;source=gmail&amp;ust=1616697906436000&amp;usg=AFQjCNG5GS56MaHiOnXf_OSWTnWkhrx3Dw" rel="noopener">Update</a>) and consequent to new developments, we have trimmed our 4QFY21/1QFY22 expectations, largely based on later-than-expected release of fresh Hindi content (‘Sooryavanshi’ and ‘83’ specifically) and renewed restrictions due to what seems to be a second wave of Covid infections. While vaccination pace will likely pick up starting 1st April 2021 (with all citizens aged above 45 being allowed to be…</p>

<p>3QFY21 Result Update</p>
<h2>Inox Leisure</h2>
<h3>100% permitted occupancy likely to encourage release of fresh content</h3>
<p>3QFY21 witnessed partial and restricted operations, resuming after more than 2 quarters of shutdown as various states gradually allowed operations post 15th October 2020. Inox Lesiure (INOL) reported revenue of Rs149mn in 3QFY21 (down 97% YoY). Fewer operational days, lack of fresh content and restricted theatre occupancy at 50% affected the quarter’s performance. EBITDA loss (pre IndAS 116)…</p>

<p>2QFY21 Result Update</p>
<h2>Inox Leisure</h2>
<h3>Green shoots seen as theatres reopen in Maharashtra</h3>
<p>With lockdown imposed by the central &amp; state governments to contain the spread of covid-19 for the last 2 quarters, Inox Leisure (INOL) witnessed yet another quarter with not a single day of operations, thereby reporting negligible revenue at Rs50mn. INOL reported an EBITDA loss (pre-IndAs 116) of Rs339mn, largely in-line with our estimate of Rs344mn. Total expenses reduced by ~80% YoY. Employee costs further…</p>

<p>1QFY21 Result Update</p>
<h2>Inox Leisure</h2>
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<p><strong>Good cost control; Govt decree on social distancing key</strong></p>
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<p>With cinemas remaining shut through 1QFY21 and with next to no revenue, Inox Leisure (INOL) reported an EBITDA loss (pre-IndAs 116) of Rs353mn in 1QFY21 against our estimated loss of Rs515mn backed by better than expected control over expenses. INOL significantly reduced its major expenses i.e. employee benefit costs (down 31% YoY), power and fuel costs (down 90% YoY) and rentals &amp; common area maintenance…</p>
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India

Inox Leisure Ltd. provides motion picture entertainment. The Company owns and operates a chain of movie theaters throughout India.

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