1

INOX PALM BEACH VASHI

INOX LEISURE LTD.R E S U LT S U P D A T E | Q 1 F Y 2 0 1 9

D i s c l a i m e r

2

This presentation and the following discussion may contain “forward looking statements” by Inox Leisure Limited (“ILL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of ILL about the business, industry and markets in which ILL operates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond ILL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements.

Such statements are not, and should not be construed, as a representation as to future performance or achievements of ILL. In particular, such statements should not be regarded as a projection of future performance of ILL. It should be noted that the actual performance or achievements of ILL may vary significantly from such statements.

Due to rounding-off, figures presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the rounded-off figures.

All financial figures, upto and including FY15 are as per IGAAP and for FY16 and thereafter are as per IND-AS. Revenues for FY14 to FY15 are shown net of entertainment tax, to be consistent with the revenues under IND-AS for FY16 and thereafter.

Financial Results

Property Openings and

Pipeline

Content Pipeline

Shareholding Structure and

Balance Sheet Items

Annexure

D I S C U S S I O N S U M M A R Y

Q1 FY19 Results Highlights

3

Q1 FY19 YoY Comparison

387.4 414.9

-

50.0

100 .0

150 .0

200 .0

250 .0

300 .0

350 .0

400 .0

450 .0

500 .0

Q1FY18 Q1FY19

75.9 83.5

19.6% 20.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100 .0

Q1FY18 Q1FY19

EBITDA EBITDA Margin

32.1 37.0

8.3%

8.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Q1FY18 Q1FY19

PAT PAT Margin

REVENUE FROM OPERATIONS

EBITDA PAT

7% 10%

Note: EBITDA excludes Other Income (non-operating)All figures in INR Crs., unless specified

15%

4

Q1 FY19 Results Analysis – Revenue Break Up Analysis

239.2 241.9

88.2111.4

33.440.026.7

21.6387.4414.9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

Q1FY18 Q1FY19

-18.8%

20.0%

26.3%

1.1%

Q1 FY19 YoY Comparison

All figures in INR Crs., unless specified

%Share Q1FY18 Q1FY19

Net Box Office 61.7% 58.3%

Net Food & Beverage 22.8% 26.8%

Advertisement 8.6% 9.6%

Other Operating Revenues 6.9% 5.2%

5

Q1 FY19 Results Analysis – Top 5 Movies in INOX

TOP 5 Movies in INOX

GBOC – Gross Box Office Collection

Top 5 films accounted for 46% of Q1 FY19 GBOC revenues (63% in Q1 FY18)

Q1FY19

Avengers:

Infinity War Raazi Race 3 Baaghi 2

Jurassic World :

Fallen Kingdom

Footfalls (Lacs) 21.07 15.86 10.55 11.01 8.74

GBOC (INR Crs.) 51.07 30.03 24.81 18.50 17.23

Q1FY18

Baahubali - The

Conclusion Fast & Furious 8 Tubelight Hindi Medium Half Girlfriend

Footfalls (Lacs) 61.25 9.38 7.33 8.69 5.94

GBOC (INR Crs.) 128.75 18.41 17.23 14.96 10.76

Q1 FY19 Results Analysis – Key Operational Metrics

6

Overall Footfalls & Occupancy%

158.2 156.2

31%29%

3%

8%

13%

18%

23%

28%

33%

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

Q1FY18 Q1FY19

Footfalls (Lacs) Occ%

Comparable Properties Footfalls & Occupancy%

143.1

138.2

32%30%

3%

8%

13%

18%

23%

28%

33%

38%

132.0

134.0

136.0

138.0

140.0

142.0

144.0

146.0

148.0

150.0

Q1FY18 Q1FY19

Footfalls (Lacs) Occ%

193 199

-

50

100

150

200

250

300

Q1FY18 Q1FY19

190 194

-

50

100

150

200

250

300

Q1FY18 Q1FY19

Overall Average Ticket Price (ATP) [INR] Comparable Properties Average Ticket Price (ATP) [INR]

Footfalls with Management properties: Q1FY19: 165 lacs

Note: All above charts exclude management properties

-1.2%

3.1%

-3.4%

2.4%

7

Q1 FY19 Results Analysis – Key Operational Metrics

Spend Per Head (SPH) [INR] Food & Beverages – Net Contribution (%)

Advertisement Revenue [INR Crs.] Other Operating Revenue [INR Crs.]

65 76

-

10

20

30

40

50

60

70

80

90

100

Q1FY18 Q1FY19

76.8% 75.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Q1FY18 Q1FY19

33.4 40.0

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Q1FY18 Q1FY19

26.7 21.6

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Q1FY18 Q1FY19

20.0%

-18.8%

17.2%

8

Q1 FY19 Results Analysis – Key Operational Metrics

43.7% 44.2%

34.5% 34.7%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

Q1FY18 Q1FY19

Distributor Share On NBOC Distributor Share On GBOC

NBOC (Net Box Office Collections) , GBOC (Gross Box Office Collections)

5.3 5.7

12.0 12.6

12.1 11.7

13.0 12.4

42.5 42.4

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Q1FY18 Q1FY19

-3.4%

-4.1%

4.8%

8.5%

Other Overheads Per Operating Screen (INR Lacs)

Film Distributor Share [%]

9

INOX Brings The IMAX Experience to Malad

• INOX has redefined the way cinema is viewed in the country with the best of world-class technology, service and 7-star luxury.

• The new INOX IMAX theatre at Inorbit Mall offers a truly immersive cinematic experience for its guests.

• IMAX’s cutting-edge projection system, which delivers crystal-clear images, coupled with IMAX's customized theatre geometry and powerful digital sound system, create a unique environment that will make audiences feel as if they are in the movie.

• At INOX, it’s about living the movie and an association with IMAX only brings forth that philosophy to practice.

New Properties Opened

10

Mumbai Palm Beach (8th May’18)4 Screens 779 Seats

Cuttack SGBL Square Mall (16th Jun'18)4 Screens 830 Seats

Zirakpur Dhillon Mall ( 29th Jun'18) 4 Screens 945 Seats

Kakinada SRMT (9th Jul'18)5 Screens 915 Seats

Property Names Opened Property Screens Seats

Mumbai Palm Beach Q1FY19 1 4 779

Cuttack SGBL Square Mall Q1FY19 1 4 830

Zirakpur Dhillon Mall Q1FY19 1 4 945

Q1FY19 Openings 3 12 2,554

Kakinada SRMT Q2FY19 1 5 915

Gurgaon Sapphire Q2FY19 1 3 567 YTD FY19 Openings 5 20 4,036

Gurgaon Sapphire (24th Jul'18)3 Screens 567 Seats

Track Record of Aggressive Expansion

11

Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15

AVERAGE ADDITION OF 8 SCREENS EVERY QUARTER SINCE INCEPTION

8 12 25 35 5

1 76 9

1 11

9

23

9 25

7 27

9 31

0

37

2

42

0

46

8 49

2 51

2

2 3 6 914

22 2632

6368 72

79

96107

118123

128

-70

-50

-30

-10

10

30

50

70

90

110

130

0

100

200

300

400

500

600

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Jul-18

Screens Properties

PAN India Presence

12

ONE OF THE LARGEST MULTIPLEX CHAIN OPERATOR IN INDIA

* Includes 8 management properties with 29 screens and 7,370 seats

KERALA |1 Property | 6 Screens

19States

64Cities

128Properties

512Screens

125,508Seats

JHARKHAND | 1 Property | 4 Screens

WEST BENGAL | 14 Properties | 55 Screens

ODISHA | 2 Property | 7 Screens

CHHATTISGARH | 2 Properties | 8 Screens

TELANGANA | 2 Properties | 11 Screens

ANDHRA PRADESH | 8 Properties | 33 ScreensKARNATAKA |10 Properties | 40 Screens

GOA | 4 Properties | 14 Screens

MAHARASHTRA | 28 Properties | 122 Screens

GUJARAT | 17 Properties | 71 Screens

MADHYA PRADESH | 4 Properties | 16 Screens

RAJASTHAN | 13 Properties | 43 Screens

HARYANA | 6 Properties | 19 Screens

TAMIL NADU | 3 Properties | 14 Screens

UTTAR PRADESH | 6 Properties | 24 Screens

DELHI | 4 Properties | 13 Screens

PUNJAB | 2 Property | 10 Screens

Assam | 1 Property | 2 Screens

New Screen Pipeline

13

STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

Properties Screens SeatsProperties Properties Screens Seats FY18 123 492 121,780

Mumbai Palm Beach (Opened 8th May'18) 1 4 779 Adjustments** - - (308)

Cuttack SGBL Square Mall (Opened 16th Jun'18) 1 4 830 FY19 Openings till date 5 20 4036

Zirakpur Dhillon Mall (Opened 29th Jun'18) 1 4 945 Expected - Aug18 to Mar19 7 39 6,543

Kakinada SRMT (Opened 9th Jul'18) 1 5 915 FY19 Expected 135 551 132,051

Gurgaon Sapphire (Opened 24th Jul'18) 1 3 567 Additions Post FY19 118 757 135,506 Pune (Existing) - 2 428 Leading to 253 1,308 267,557

Gwalior 1 6 1,009

Delhi 1 3 117

Jaipur 1 7 723

Bangalore 1 5 1,328 Mumbai (Existing) - 2 98

Hyderabad 1 8 1,678

Bhubaneswar 1 3 612

Jaipur 1 3 550 Total 12 59 10,579

FY19 Pipeline

**Adjustments:• 308 seats reduced due to renovation at Nashik, Banglore Garuda, Kolkata Southcity, Mumbai Malad

14

Content Pipeline – July 2018

Skyscraper (3D)

Release Date: 20th July 2018Cast: Dwayne Johnson, Neve CampbellDirector: Rawson M. ThurberBanner: Legendary Entertainment, Flynn Picture Company, Seven Bucks Productions

Ant Man And The Wasp (3D IMAX)

Release Date:13th July 2018Cast: Paul Rudd, Evangeline Lilly, Michael PenaDirector: Peyton ReedBanner: Marvel Studios

M:i 6 - Mission Impossible (IMAX)

Release Date: 27th July 2018Cast: Tom Cruise, Henry CavillDirector: Christopher McQuarrieBanner: Bad Robot, Paramount Pictures,Skydance Media, TC Productions

Dhadak

Release Date:20th July 2018Cast: Janhvi Kapoor, Ishaan KhatterDirector: ShashankKhaitanBanner: Dharma Productions, Zee Studios

Soorma

Release Date: 13th July 2018Cast: Diljit Dosanjh, Sandeep Singh, TaapseePannuDirector: Shaad AliBanner: Sony Pictures Networks Productions

Saheb Biwi Aur Gangster 3

Release Date:27th July 2018Cast: Sanjay Dutt, Jimmy Sheirgill, MahieGill, Chitrangda SinghDirector: TigmanshuDhuliaBanner: JAR Pictures

15

Content Pipeline – August 2018

Vishwaroop II

Release Date: 10th August 2018Cast: Kamal Haasan, Rahul Bose, PoojaKumarDirector: Kamal HaasanBanner: Raajkamal Films International, Rohit Shetty Picturez, Reliance Entertainment

Karwaan

Release Date:3rd August 2018Cast: Irrfan Khan, Dulquer Salmaan, Mithila PalkarDirector: AkarshKhuranaBanner: Ishka Films, RSVP

Yamla Pagla DeewanaPhir Se

Release Date: 31st August 2018Cast: Dharmendra, Sunny Deol, Bobby DeolDirector: NavaniatSinghBanner: Pen India Ltd., Sunny Sounds Pvt Ltd, Intercut Entertainment

Satyameva Jayate

Release Date:15th August 2018Cast: John Abraham, Manoj Bajpayee, Aisha SharmaDirector: Milap ZaveriBanner: T-Series Super Cassettes Industries Ltd., EmmayEntertainment Pvt. Ltd

Fanney Khan

Release Date: 3rd August 2018Cast: Anil Kapoor, Aishwarya Rai Bachchan, Rajkummar RaoDirector: Atul ManjrekarBanner: RakeyshOmprakash MehraPictures,T-Series Super Cassettes Industries Ltd.

GOLD

Release Date:15th August 2018Cast: Akshay Kumar, Mouni RoyDirector: Reema KagtiBanner: Excel Entertainment

Content Pipeline – September 2018

16

The Nun

Release Date: 7th September 2018Cast: Taissa Farmiga, Bonnie AaronsDirector: CorinHardyBanner: Atomic Monster Productions, New Line Cinema, The Safran Company

Drive

Release Date:7th September 2018Cast: Sushant Singh Rajput, Jacqueline FernandezDirector: TarunMansukhaniBanner: Dharma Productions

Sui Dhaga – Made in India

Release Date: 28th September 2018Cast: Varun Dhawan, AnushkaSharmaDirector: SharatKatariyaBanner: Yash Raj Films

Predator (IMAX)

Release Date:14th September 2018Cast: Olivia Munn, Yvonne StrahovskiDirector: Shane BlackBanner: Twentieth Century Fox, Davis Entertainment, TSG Entertainment,Canada Film Capital,Dark Castle Entertainment

Paltan

Release Date: 7th September 2018Cast: Suniel Shetty, Arjun Rampal, Abhishek BachchanDirector: J P DuttaBanner: Zee Studios,J.P. Films

Batti Gul Meter Chalu

Release Date:21st September 2018Cast: Shahid Kapoor,Shraddha Kapoor, YamiGautamDirector: Shree Narayan SinghBanner: KriArjEntertainment, T-Series Super Cassettes Industries Ltd.

17

Content Pipeline – October 2018

Ajay Devgan Luv RanjanNext

Release Date: 19th October 2018Cast: Ajay Devgan, KajolDirector: Akiv AliBanner:

A Star is Born

Release Date:5th October 2018Cast: Lady Gaga, Bradley CooperDirector: Bradley CooperBanner: Gerber PicturesJoint Effort, Live Nation Productions, MalpasoProductions, Metro-Goldwyn-Mayer (MGM),Thunder Road Pictures

Mowgli (3D IMAX)

Release Date: 19th October 2018Cast: Rohan Chand, Cate Blanchett, Benedict Cumberbatch, Christian BaleDirector: Andy SerkisBanner: ImaginariumProductions, Warner Bros.

Badhai Ho

Release Date:19th October 2018Cast: Ayushmann Khurrana, Sanya MalhotraDirector: Amit SharmaBanner: JungleePictures, Chrome Pictures

Ek Ladki Ko Dekha TohAisa Laga

Release Date: 12th October 2018Cast: Anil Kapoor, SonamKapoor Ahuja, RajkummarRao, Juhi ChawlaDirector: Shelly ChopraBanner: Fox Star Studios, Vidhu Vinod Chopra Productions, RajkumarHirani Films

Namastey England

Release Date:19th October 2018Cast: Arjun Kapoor, Parineeti ChopraDirector: VipulAmrutlal ShahBanner: Pen India Ltd.,Reliance Entertainment,Blockbuster Movie Entertainers

Shareholding Structure

18

Source: BSE

Public/Others, 11.48%

INOX Benefit Trust, 4.51%

DII, 17.70%

FII, 17.61%

Promoter & Promoter

Group, 48.70%

% Shareholding as of June 2018

Source: Company Source: Company

Key Institutional Investors – June 2018 % Holding

DSP Blackrock MF 7.0%

RelianceMF 4.1%

Aditya Birla Sunlife 3.5%

Kuwait Investment Authority Fund 3.0%

Goldman Sachs India Ltd. 2.6%

Morgan Stanley 2.2%

Sundaram MF 1.8%

VFM Emerging Markets Trust 1.6%

RAMS Equities Portfolio Fund 1.3%

Taiyo Greater India Fund Ltd 0.8%

Market Data As on 23-Jul-18

No. of Shares Outstanding (Crs.) 9.6

Face Value (INR)  10.0

Price (INR) 202.5

52 week High/Low (INR)  326.00/195.30

Market Capitalisation (INR Crs.) 1,953

Source: BSE

0

50

100

150

200

250

300

350

Share Price Performance

19

Annexure

INOX Vashi Palm Beach

Annexure: Consolidated P&L Statement

20

Particulars (INR Crs.) Q1FY19 Q1FY18 YoY % Q4 FY18 QoQ % FY18

Revenue from Operations 414.9 387.4 7.1% 323.6 28.2% 1,348.1

Exhibi tion Cost 109.7 107.1 2.4% 81.3 34.9% 367.3

Food & Beverages Cost 27.2 20.5 33.0% 19.5 39.6% 74.4

Employee Benefi ts Expense 26.3 23.0 14.5% 25.4 3.4% 96.4

Lease Rental & Hire Charges 57.7 52.2 10.5% 52.1 10.7% 203.8

CAM, Power & Fuel , R&M 53.2 52.6 1.2% 44.3 20.2% 188.2

Other Expenses 57.4 56.3 1.9% 57.2 0.4% 207.7

EBITDA 83.5 75.9 10.1% 43.9 90.3% 210.4

EBITDA Margin % 20.1% 19.6% 54 bps 13.6% 657 bps 15.6%

Depreciation & Amortisation 22.7 21.5 5.5% 21.9 3.5% 86.7

Impairment Loss on PP&E - 0.6 -100.0% 1.8 -100.0% 3.1

Other Income 2.8 2.3 21.6% 6.2 -54.7% 14.5

Finance Cost 6.9 7.2 -3.8% 7.1 -2.6% 28.9

Exceptional Items - - 8.5 -100.0% 8.5

Share of Profi t from Joint Ventures - 0.01 -100.0% (0.02) -100.0% (0.03)

PBT 56.7 48.9 16.0% 10.7 430.8% 97.6

Current Tax 18.6 17.8 4.2% 0.9 1894.2% 32.5

Deferred Tax 1.1 (1.1) -205.8% 5.8 -80.6% 4.2

Tax perta ining to earl ier years - - (53.7) -100.0% (53.7)

PAT 37.0 32.1 15% 57.7 -36% 114.6

PAT Margin % 8.9% 8.3% 63 bps 17.8% -891 bps 8.5%

Earnings Per Share (EPS) 4.03 3.49 15% 6.29 -36% 12.49

All figures in INR Crs., unless specified

Annexure: Brief Profile

21

• Inox Leisure Limited (ILL), incorporated in 1999, is one of the largest multiplex operator in India• ILL is a part of Inox Group which is diversified across industrial gases, engineering plastics, refrigerants, chemicals, cryogenic engineering,

renewable energy and entertainment sectors• ILL currently operates 128 properties (512 screens and 125,508 seats) located in 64 cities across India, being the only multiplex operator

having such a diverse presence across PAN India• The company accounts for 19% share of the multiplex screens in India and ~11% share of domestic box office collections• The company has aggressively scaled up through organic and inorganic expansion over last decade growing from 2 properties – 8 screens in

FY03 to 128 properties – 512 screens at present, on an average adding 8 screens every quarter since inception.

Business Overview

• One of the largest multiplex chains in India• Most diversified distribution of multiplexes in India• Premium multiplex properties, state of the art technology and unmatched service and ambience• Strong partnerships with more than 50 leading Indian and Global brands, offering high growth potential for advertising and

other ancillary revenues• Strong management team and recognized and trusted corporate group

Key Strengths

• Consolidated Revenues, EBITDA and PAT were Rs 1,348.1 cr, Rs 210.4 cr and Rs 114.6 cr in FY18• Strong balance sheet with Gross Debt of Rs 291.9 cr, Net Debt of Rs 265 cr and Equity of Rs 669.6 cr in FY18 with net D/E ratio of 0.40x

Strong Financials

Annexure : Recognised & Trusted Corporate Group

22

L i s t e d C o m p a n i e s O t h e r K e y C o m p a n i e s

INOX LeisureLimited

Largest producer of (by volume)

Chloromethanes, refrigerants

and Polytetrafluoroethylene in

India.

Pioneer of carbon credits in

India

INOX Air Products Private Limited

50:50 joint venture with Air

Products Inc., USA

Largest producer of industrial

gases in India

40 plants spread throughout

the country

One of the largest multiplex

chains in India

In the business of setting up,

operating and managing a

national chain of multiplexes

under the brand name ‘INOX’

Present in 64 cities with 128

multiplexes and 512 screens

Gujarat FluorochemicalsLimited

Largest producer of cryogenic

liquid storage and transport

tanks in India

Offers comprehensive

solutions in cryogenic storage,

vaporization and distribution

engineering

Has operations in India, USA,

Netherlands and Brazil

INOX India PrivateLimited

Fully integrated player in the

wind energy market

State-of-the-art manufacturing

plants near Ahmedabad

(Gujarat), Una (Himachal

Pradesh) and Barwani (Madhya

Pradesh). Our Madhya Pradesh

facility is one of the largest in

Asia

Ability to provide end-to-end

turnkey solutions for wind farms

INOX Wind Limited

• 90 Year track record of consistent business growth• USD $3 Billion Inox Group diversified across 7 different businesses

• 10,000+ employees at 150+ business units across India• Distribution network spread over 50+ countries

East; 10; 16%

West; 22; 34%North; 19; 30%

South; 13; 20%

Annexure: PAN India Presence

23

East, 20, 16%

West; 53; 41%

North, 31, 24%

South, 24, 19%

East, 76, 15%

West; 223; 44%

North; 109; 21%

South, 104, 20%East; 19,636 ; 16%

West; 54,471 ; 43%North; 27,549 ; 22%

South; 23,852 ; 19%

Well DiversifiedDistribution of

Multiplexesacross India

Access toWide Variety of

Regional Content

Lower Dependencyon Hindi and English

Content

Includes 8 management properties with 29 screens and 7,370 seats

128 Properties 64 cities

512 Screens 125,508 Seats

Automobiles FMCG Ecommerce & Telecom

BFSIConsumer DurablesMedia Others Others

Annexure: Strong Brand Partnerships

25

Thank YouBalesh Talapady GM – Business AnalysisINOX Leisure Ltd.Contact+91-22-4062 6927Email: balesh.talapady@inoxmovies.com

INOX PALM BEACH VASHI