1
INOX Metro, Mumbai
INOX LE ISURE LTD.R E S U LT S U P D A T E | Q 3 & 9 M F Y 2 0 1 9
Disclaimer
2
This presentation and the following discussion may contain “forward lookingstatements” by Inox Leisure Limited (“ILL” or “the Company”) that are not historical innature. These forward looking statements, which may include statements relating tofuture state of affairs, results of operations, financial condition, business prospects, plansand objectives, are based on the current beliefs, assumptions, expectations, estimates,and projections of the management of ILL about the business, industry and markets inwhich ILL operates.
These statements are not guarantees of future performance, and are subject to knownand unknown risks, uncertainties, and other factors, some of which are beyond ILL’scontrol and difficult to predict, that could cause actual results, performance orachievements to differ materially from those in the forward looking statements.
Such statements are not, and should not be construed, as a representation as to futureperformance or achievements of ILL. In particular, such statements should not beregarded as a projection of future performance of ILL. It should be noted that the actualperformance or achievements of ILL may vary significantly from such statements.
Due to rounding-off, figures presented throughout this document may not add upprecisely 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 andthereafter are as per IND-AS. Revenues for FY14 to FY15 are shown net of entertainmenttax, to be consistent with the revenues under IND-AS for FY16 and thereafter.
DISCUSSION SUMMARY
Financial Results
Property Openings and Pipeline
Content Pipeline
Shareholding Structure andBalance Sheet Items
Annexure
3
Highest Ever New Property Openings in the Industry: YTD 14 Properties with 68 Screens
Highest Ad Revenue Growth Rate in the Industry for 7 consecutive quarters
First National Chain in the Industry to be Net Debt Free
Industry's Highest “EBITDA to Capital Invested” Ratio for the Quarter: 6%*
*Net Of Minority Interest
SETTING NEW INDUSTRY RECORDS
STRONG ALL ROUND PERFORMANCE OF THE COMPANY
4
9MFY19
Highest Ever Revenue Rs. 1,213 crs
Highest Ever Advertising Revenue Rs. 134 crs
Highest Ever ATP Rs. 200
Highest Ever SPH Rs. 74
Highest Ever PAT Rs. 85 crs
Highest Ever EBITDA Rs. 212 crs
Long Term Rating Upgraded by Crisil to AA-/Stable
Q3 & 9M FY19 Results Highlights
5
Q3 FY19 YoY Comparison
325.9 433.1
-
50.0
100 .0
150 .0
200 .0
250 .0
300 .0
350 .0
400 .0
450 .0
500 .0
Q3FY18 Q3FY19
46.3 83.5
14.2%19.3%
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
Q3FY18 Q3FY19
EBITDA EBITDA Margin
13.2 36.4
4.0%
8.4%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Q3FY18 Q3FY19
PAT PAT Margin
Revenue from Operations EBITDA PAT
9MFY19 YoY Comparison
33% 80%
Revenue from Operations EBITDA PAT
Note: EBITDA excludes Other Income (non-operating)
18% 27%
1,024.5 1,213.3
-
200 .0
400 .0
600 .0
800 .0
1,00 0.0
1,20 0.0
1,40 0.0
9MFY18 9MFY19
166.6 211.8
16.3% 17.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
-
50.0
100 .0
150 .0
200 .0
250 .0
9MFY18 9MFY19
EBITDA EBITDA Margin
56.9 85.4
5.6%7.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
9MFY18 9MFY19
PAT PAT Margin
All figures in INR Crs., unless specified
177%
50%
6
Q3 & 9M FY19 Results Analysis – Revenue Break Up Analysis
187.9242.9
73.1
106.340.3
55.7
24.6
28.3
325.9
433.1
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Q3FY18 Q3FY19
612.7 691.2
228.4
312.5105.7
133.577.7
76.11024.5
1213.3
0.0
200.0
400.0
600.0
800.0
1000.0
1200.0
1400.0
9MFY18 9MFY19
%Share Q3FY18 Q3FY19 9MFY18 9MFY19
Net Box Office 57.6% 56.1% 59.8% 57.0%
Net Food & Beverage 22.4% 24.5% 22.3% 25.8%
Advertisement 12.4% 12.9% 10.3% 11.0%
Other Operating Revenues 7.6% 6.5% 7.6% 6.3%
14.8%
38.3%
45.3%
29.3%
-2.0%
26.3%
36.8%
12.8%
Q3 FY19 YoY Comparison 9MFY19 YoY Comparison
All figures in INR Crs., unless specified
7
Q3FY19 Results Analysis – Top 5 Movies in INOX
GBOC – Gross Box Office Collection
Top 5 films accounted for 45% of Q3 FY19 GBOC revenues (52% in Q3 FY18)
Q3FY19 2.0 Badhaai Ho
Thugs of
Hindostan Simmba Andhadhun Total
Footfalls (Lacs) 22.18 16.11 9.04 7.41 9.49 64.22
GBOC (INR Crs.) 49.12 33.06 21.35 20.20 19.16 142.88
Q3FY18 Tiger Zinda Hai Golmaal Again Judwaa-2 Secret Superstar Fukrey Returns Total
Footfalls (Lacs) 16.98 18.64 9.53 6.76 8.08 59.99
GBOC (INR Crs.) 41.51 38.16 17.01 15.04 14.32 126.04
Q3 & 9M FY19 Results Analysis – Key Operational Metrics
8
Overall Footfalls & Occupancy%
121.3 152.9
407.0 445.7
24%27% 27% 27%
3%
8%
13%
18%
23%
28%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Q3FY18 Q3FY19 9MFY18 9MFY19
Footfalls (Lacs) Occ%
Comparable Properties Footfalls & Occupancy%
97.4 107.5
297.1 300.8
25% 26%27% 27%
3%
8%
13%
18%
23%
28%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Q3FY18 Q3FY19 9MFY18 9MFY19
Footfalls (Lacs) Occ%
199 206 193 200
-
50
100
150
200
250
300
Q3FY18 Q3FY19 9MFY18 9MFY19
197 201 192 195
-
50
100
150
200
250
300
Q3FY18 Q3FY19 9MFY18 9MFY19
Overall Average Ticket Price (ATP) [INR] Comparable Properties Average Ticket Price (ATP) [INR]
Footfalls with Management properties: Q3FY19: 160 lacs, Q3FY18: 128 lacs & 9MFY19: 470 lacs, 9MFY18: 430 lacs
Note: All above charts exclude management properties
26.0%
3.6% 4.0%
10.4% 1.3%
1.8% 1.6%
9.5%
9
Q3 & 9MFY19 Results Analysis – Key Operational Metrics
Spend Per Head (SPH) [INR] Food & Beverages – Contribution (%)
Advertisement Revenue [INR Crs.] Other Operating Revenue [INR Crs.]
70 74 66 74
-
10
20
30
40
50
60
70
80
90
100
Q3FY18 Q3FY19 9MFY18 9MFY19
75.8% 73.4% 76.0% 74.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Q3FY18 Q3FY19 9MFY18 9MFY19
40.3 55.7
105.7 133.5
(10.0)
10.0
30.0
50.0
70.0
90.0
110.0
130.0
150.0
Q3FY18 Q3FY19 9MFY18 9MFY19
24.6 28.3
77.7 76.1
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Q3FY18 Q3FY19 9MFY18 9MFY19
12.2%
38.3% 26.3% 14.8%
-2.0%
5.6%
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Q3 & 9M FY19 Results Analysis – Key Operational Metrics
NBOC (Net Box Office Collections) , GBOC (Gross Box Office Collections)
5.5 6.0
11.6 12.8
10.0 10.5
11.8 12.4
38.9 41.7
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Q3FY18 Q3FY19
4.9%
5.4%
10.2%
7.1%
Other Overheads Per Operating Screen (INR Lacs)
Film Distributor Share [%]
16.4 17.6
35.1 37.7
33.3 33.0
34.8 37.5
119.7 125.8
(10.0)
10.0
30.0
50.0
70.0
90.0
110.0
130.0
150.0
9MFY18 9MFY19
7.7%
-1.0%
7.4%
7.0%
GST/Entertainment Tax [%]
Other Overheads
CAM, Power & Fuel, R&M
Property Rent &Conducting Fees
Employee Benefits
27.4% 27.9% 26.9% 27.6%
Q3FY18 Q3FY19 9MFY18 9MFY19
On NBOC
21.5% 21.8% 21.2% 21.6%
Q3FY18 Q3FY19 9MFY18 9MFY19
On GBOC46.9% 44.6% 45.5% 44.5%
Q3FY18 Q3FY19 9MFY18 9MFY19
On NBOC
36.8% 34.9% 35.9% 34.9%
Q3FY18 Q3FY19 9MFY18 9MFY19
On GBOC
New Properties Opened in Q3FY19 and QTD
11
Gwalior DB Mall (5th Nov 2018)6 Screens 1023 Seats
Kolkata Madhyamgram (21st Dec 2018)4 Screens 809 Seats
Bangalore RMZ (12th Oct 2018)5 Screens 1317 Seats
Mumbai Metro Cinema (6th Oct 2018)2 Screens 94 Seats
Jaipur GT Central (21st Jan 2019)7 Screens 731 Seats
Bhubhaneshwar D N Mall (25th Jan 2019)4 Screens 762 Seats
YTD Property Openings
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Property Opened till date in FY19 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
Pune Heritage Mall (existing) Q2FY19 - 2 428
Coimbatore Prozone Q2FY19 1 9 2,057
Surat Reliance Mall Q2FY19 1 3 539
Gorakhpur City Mall Q2FY19 1 3 742
Delhi Epicuria Q2FY19 1 3 117
Q2FY19 Openings 6 28 5,365
Mumbai Metro (existing) Q3FY19 - 2 94
Bangalore RMZ Galleria Q3FY19 1 5 1,317
Gwalior DB Mall Q3FY19 1 6 1,023
Kolkata Madhyamgram Q3FY19 1 4 809
Q3FY19 QTD Openings 3 17 3,243
9MFY19 Openings 12 57 11,162
Jaipur GT Central Q4FY19 1 7 731
Bhubhaneshwar D N Mall Q4FY19 1 4 762
YTD FY19 Openings 14 68 12,655
Track Record of Aggressive Expansion
13
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
8 76 9
1 11
9
23
9 25
7 27
9 31
0
37
2 42
0 46
8 49
2
55
7
2 3 6 916
2226
32
6368
7279
96
107
118123
136
-30
-10
10
30
50
70
90
110
130
-50
50
150
250
350
450
550
650
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Feb-19
Screens Properties
PAN India Presence
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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
67Cities
136Properties
557Screens
132,631Seats
JHARKHAND | 1 Property | 4 Screens
WEST BENGAL | 15 Properties | 59 Screens
ODISHA | 3 Property | 11 Screens
CHHATTISGARH | 2 Properties | 8 Screens
TELANGANA | 2 Properties | 11 Screens
ANDHRA PRADESH | 8 Properties | 33 ScreensKARNATAKA |11 Properties | 45 Screens
GOA | 4 Properties | 14 Screens
MAHARASHTRA | 28 Properties | 126 Screens
GUJARAT | 18 Properties | 74 Screens
MADHYA PRADESH | 5 Properties | 22 Screens
RAJASTHAN | 13 Properties | 47 Screens
HARYANA | 6 Properties | 19 Screens
TAMIL NADU | 4 Properties | 23 Screens
UTTAR PRADESH | 7 Properties | 27 Screens
DELHI | 5 Properties | 16 Screens
PUNJAB | 2 Property | 10 Screens
Assam | 1 Property | 2 Screens
New Screen Pipeline
15
STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS
**Adjustments:• 687 seats reduced due to renovation in Nashik, Banglore Garuda, Kolkata Southcity, Mumbai Malad and Jodhpur • Additionally, Discontinued Operations of Kota Om Cineplex (3 screens 1117 seats)
Properties Screens SeatsProperties Properties Screens Seats FY18 123 492 121,780
Mumbai Palm Beach (Opened 8th May'18) 1 4 779 Adjustments** (1) (3) (1,804)
Cuttack SGBL Square Mall (Opened 16th Jun'18) 1 4 830 FY19 Openings till date 14 68 12655
Zirakpur Dhillon Mall (Opened 29th Jun'18) 1 4 945 Expected - Feb19 to Mar19 2 13 1,215
Kakinada SRMT (Opened 9th Jul'18) 1 5 915 FY19 Expected 138 570 133,846
Gurgaon Sapphire (Opened 24th Jul'18) 1 3 567 Additions Post FY19 130 857 155,743
Pune Heritage Mall (Existing: 1st Aug'18) - 2 428 Leading to 268 1,427 289,589
Coimbatore Prozone (Opened 20th Aug'18) 1 9 2,057 Surat Reliance Mall (Opened 22nd Sep'18) 1 3 539
Gorakhpur City Mall (Opened 24th Sep'18) 1 3 742 Delhi Epicuria (Opened 29th Sep'18) 1 3 117 Mumbai Metro (Existing, Opened 6th Oct'18) - 2 94
Bangalore RMZ Galleria (Opened 12th Oct'18) 1 5 1,317
Gwalior DB Mall (Opened 5th Nov'18) 1 6 1,023
Kolkata Madhyamgram (Opened 21st Dec'18) 1 4 809
Jaipur GT Central (Opened 21st Jan'19) 1 7 731
Bhubhaneshwar D N Mall (Opened 25th Jan'19) 1 4 762
Gurgaon 1 4 120
Vadodara 1 5 927
Mumbai (Existing) - 4 168 Total 16 81 13,870
FY19 Pipeline
16
Content Pipeline – February 2019
The Lego Movie 2: The Second Part
Release Date: 8th February 2019Cast: Margot Robbie, Alison Brie, Chris PrattDirector: Mike MitchellBanner: Warner Bros.
Ek Ladki Ko Dekha TohAisa Laga
Release Date:1st February 2019Cast: Anil Kapoor, SonamKapoor Ahuja, RajkummarRao, Juhi ChawlaDirector: Shelly ChopraBanner: Fox Star Studios,Vidhu Vinod Chopra Productions,Rajkumar Hirani Films
Total Dhamaal
Release Date: 22nd February 2019Cast: Ajay Devgn, Riteish Deshmukh, Arshad WarsiDirector: Indra KumarBanner: Ajay DevgnFfilms, Fox Star Studios, Maruti International,Shri Adhikari Bros
Gully Boy
Release Date:14th February 2019Cast: Ranveer Singh, Alia Bhatt, KalkiKoechlinDirector: Zoya AkhtarBanner: Excel Entertainment, Tiger Baby
Alita: Battle Angel (IMAX)
Release Date:8th February 2019Cast: Mahershala Ali, Rosa SalazarDirector: Robert RodriguezBanner: Twentieth Century Fox, LightstormEntertainment, Troublemaker Studios
Hum Chaar
Release Date:15th February 2019Cast: Prit Kamani, Simran Sharma, Anshuman Malhotra, Tushar PandeyDirector: Abhishek DixitBanner: RajshriProductions Pvt Ltd
17
Content Pipeline – March 2019
Captain Marvel
Release Date: 8th March 2019Cast: Brie Larson, Gemma Chan, Jude LawDirector: Anna Boden, Ryan FleckBanner: Marvel Studios
Luka Chuppi
Release Date:1st March 2019Cast: Kartik Aaryan, Kriti SanonDirector: LaxmanUtekarBanner: Maddock Films
Kesari
Release Date: 21st March 2019Cast: Akshay Kumar, Parineeti ChopraDirector: Anurag SinghBanner: Dharma Productions, Cape of Good Films, Azure Entertainment, Zee Studios
Sonchiriya
Release Date: 1st March 2019Cast: Sushant Singh Rajput, Bhumi Pednekar, Manoj BajpayeeDirector: Abhishek ChaubeyBanner: RSVP,Macguffin Pictures
Mental Hai Kya
Release Date: 29th March 2019Cast: Kangana Ranaut, Rajkummar RaoDirector: Prakash KovelamudiBanner: Balaji Motion Pictures, Karma Media
Badla
Release Date: 8th March 2019Cast: Taapsee Pannu, Amitabh BachchanDirector: Sujoy GhoshBanner: Red ChilliesEntertainment,Azure Entertainment
18
Content Pipeline – April 2019
Shazam! (IMAX)
Release Date: 5th April 2019Cast: Zachary Levi, Mark StrongDirector: David F. SandbergBanner: Warner Bros., DC Entertainment
Junglee
Release Date:5th April 2019Cast: Vidyut JammwalDirector: Chuck RussellBanner: JungleePictures
Avengers: Endgame
Release Date: 26th April 2019Cast: Robert Downey Jr., Chris Hemsworth, Brie Larson, Chris EvansDirector: Anthony Russo, Joe RussoBanner: Marvel Studios
Kalank
Release Date:19th April 2019Cast: Madhuri Dixit, Sonakshi Sinha, Alia Bhatt, Varun DhawanDirector: Abhishek VarmanBanner: NadiadwalaGrandson Entertainment, Dharma Productions, Fox Star Studios
The Zoya Factor
Release Date: 5th April 2019Cast: Sonam Kapoor Ahuja, Dulquer SalmaanDirector: Abhishek SharmaBanner: Fox STAR Studios
Romeo Akbar Walter (RAW)
Release Date:12th April 2019Cast: John Abraham, Mouni Roy, Jackie Shroff Director: Robby GrewalBanner: KYTA Productions, VA Film Company, Red Ice Films, Viacom 18 Motion Pictures
19
Content Pipeline – May 2019
Jabariya Jodi
Release Date:17th May 2019Cast: Parineeti Chopra, Sidharth MalhotraDirector: Prashant SinghBanner: BalajiTelefilms Ltd., Karma Media
Godzilla: King of the Monsters
Release Date: 31st May 2019Cast: Millie Bobby Brown, Sally Hawkins, Vera FarmigaDirector: Michael DoughertyBanner: Legendary Entertainment, Wanda Qingdao Studios, Warner Bros.
Ad Astra
Release Date:24th May 2019Cast: Brad Pitt, Tommy Lee JonesDirector: James GrayBanner: New Regency Pictures, Keep Your Head, MadRiverPictures
Student Of The Year 2
Release Date: 10th May 2019Cast: Tiger Shroff, Tara Sutaria, AnanyaPandeyDirector: PunitMalhotraBanner: Fox Star Studios, Dharma Productions
Aladdin
Release Date:24th May 2019Cast: Naomi Scott, Will Smith, Billy MagnussenDirector: Guy RitchieBanner: Walt Disney Pictures, Lin Pictures
De De Pyaar De
Release Date:17th May 2019Cast: Ajay Devgn, Tabu, Rakul PreetSinghDirector: Akiv AliBanner: Urban Romcom
Shareholding Structure
20
Source: BSE
Public/Others, 10.84%
INOX Benefit Trust, 4.23%
DII, 20.98%
FII, 12.06%
Promoter & Promoter
Group, 51.89%
% Shareholding as of December 2018
Source: Company Source: Company
Market Data As on 04-Feb-19
No. of Shares Outstanding (Crs.) 10.3
Face Value (INR) 10.0
Price (INR) 262.6
52 week High/Low (INR) 326.00/189.65
Market Capitalisation (INR Crs.) 2,701
Source: BSE180
205
230
255
280
305
Jan
-18
Feb
-18
Mar
-18
Ap
r-1
8
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
De
c-1
8
Jan
-19
Feb
-19
Share Price Performance
Key Institutional Investors – December 2018 % Holding
HDFC MF 6.2%
Reliance MF 4.6%
Aditya Birla Sunlife 3.4%
Sundaram MF 2.7%
DSP Blackrock MF 2.0%
Taiyo Greater India Fund Ltd 1.8%
Morgan Stanley 1.6%
Kuwait Investment Authority Fund 1.3%
AADI financial 1.2%
RAMS Equities Portfolio Fund 1.2%
DFA Investments Group 1.1%
COHESION Fund 1.0%
Pre & Post Issue Shareholding Pattern
21
• Promoter and Promoter Group has been issued 64,00,000 equity shares on preferential basis at a price of Rs 250 per share.
• Generated Rs.160crs to the company, which was utilized to repay debt. • Debt repayment would lead to reduction of Interest burden, thereby
increasing PAT• INOX has strengthen its Balance Sheet for future expansions
Promoter Group stake in the Company increases from 48.7% to 51.9%
No. of Shares
Preferential
Allotment % ChangePromoter and Promoter Group 46,973,928 48.70% 6,400,000 53,373,928 51.89% 3.19%
Public /others 11,317,804 11.73% - 11,149,920 10.84% -0.89%
Inox Benefit Trust 4,350,092 4.51% - 4,350,092 4.23% -0.28%
DII 19,851,515 20.58% - 21,577,848 20.98% 0.40%
FII 13,964,415 14.48% - 12,405,966 12.06% -2.42%
Total 96,457,754 100.00% 6,400,000 102,857,754 100.00%
Pre-issue - No. of Shares Post-issue - No. of Shares
(31st Dec 2018)
290
129
Sep-18 Dec-18
Gross Debt (INR Crs.)
22
Annexure
INOX GT Central, Jaipur
Annexure: Consolidated P&L Statement
23
Particulars (INR Crs.) Q3FY19 Q3FY18 YoY % Q2FY19 QoQ % 9MFY19 9MFY18 YoY % FY18
Revenue from Operations 433.1 325.9 32.9% 365.3 18.6% 1,213.3 1,024.5 18.4% 1,348.1
Exhibi tion Cost 112.2 90.5 24.0% 95.1 17.9% 317.0 286.0 10.8% 367.3
Food & Beverages Cost 28.3 17.7 60.2% 25.3 11.8% 80.8 54.9 47.3% 74.4
Employee Benefi ts Expense 30.2 24.7 22.2% 27.9 8.2% 84.3 70.9 18.9% 96.4
Lease Rental & Hire Charges 64.2 51.1 25.7% 59.2 8.5% 181.0 151.7 19.3% 203.8
CAM, Power & Fuel , R&M 52.7 43.8 20.3% 52.4 0.5% 158.4 143.9 10.0% 188.2
Other Expenses 62.1 51.8 19.7% 60.6 2.4% 180.1 150.5 19.7% 207.7
EBITDA 83.5 46.3 80.4% 44.8 86.4% 211.8 166.6 27.2% 210.4
EBITDA Margin % 19.3% 14.2% 508 bps 12.3% 702 bps 17.5% 16.3% 120 bps 15.6%
Depreciation & Amortisation 24.5 21.7 12.8% 23.4 4.8% 70.6 64.8 9.1% 86.7
Impairment Loss on PP&E - - - - 1.3 -100.0% 3.1
Other Income 3.1 3.0 3.2% 3.7 -17.3% 9.7 8.2 17.7% 14.5
Finance Cost 6.2 7.3 -14.7% 6.8 -8.3% 19.9 21.8 -8.7% 28.9
Exceptional Items - - - - - 8.5
Share of Profi t from Joint Ventures - (0.0) -100.0% - - (0.0) -100.0% (0.0)
PBT 55.9 20.3 175.8% 18.4 204.0% 130.9 87.0 50.6% 97.6
Current Tax 16.50 7.0 134.4% 3.5 368.3% 38.6 31.6 22.2% 32.5
Deferred Tax 2.92 0.0 6463.8% 2.9 1.4% 6.9 (1.6) -542.9% 4.2
Tax perta ining to earl ier years - - - - - (53.7)
PAT 36.4 13.2 177% 12.0 204% 85.4 56.9 50% 114.6
PAT Margin % 8.4% 4.0% 437 bps 3.3% 514 bps 7.0% 5.6% 148 bps 8.5%
Earnings Per Share (EPS) 3.90 1.43 172% 1.30 200% 9.23 6.20 49% 12.49
All figures in INR Crs., unless specified
Annexure: Consolidated Balance Sheet Statement
24
Equity & Liabilities (INR Crs.) Sep-18 Mar-18
Equity:
Equity Share Capital 96.2 96.2
Other Equity 655.9 606.1
Interest in Inox Benefit Trust, at cost (32.7) (32.7)
Equity attributable to owners of the company 719.4 669.6
Non-Controlling Interest 0.0 0.01
Total Equity 719.4 669.6
Non-current liabilities:
Borrowings 234.7 252.4
Other Financial Liabilities 2.3 3.1
Provisions 11.4 10.1
Other Non-current Liabilities 72.7 75.7
Total of Non-Current Liabilities 321.1 341.3
Current Liabilities:
Borrowings 19.6 -
Trade Payables 132.8 113.2
Other Financial Liabilities 115.5 105.7
Other Current Liabilities 54.0 38.2
Provisions 13.3 14.8
Income Tax Liabilities (Net) 1.7 2.1
Total of Current Liabilities 336.8 274.1
Total Equity & Liabilities 1,377.3 1,285.0
Assets (INR Crs.) Sep-18 Mar-18
Non-Current Assets:
Property, Plant & Equipment 788.1 742.7
Capital work-in-progress 76.9 53.9
Goodwill 17.5 17.5
Other Intangible Assets 10.3 11.5
Investments in Joint Ventures - -
Other Investments 0.7 1.2
Loans 90.2 74.2
Other Financial Assets 77.1 67.5
Deferred Tax Assets (Net) 68.8 81.1
Tax Assets (Net) 8.8 9.1
Other Non Current Assets 92.9 82.7
Total Non Current Assets 1,231 1,142
Current Assets:
Inventories 11.4 9.4
Other Investments 0.5 12.4
Trade Receivables 84.8 76.1
Cash and Bank Balances 11.5 13.3
Bank Balances Other than above 2.3 1.7
Loans 5.4 5.9
Other Financial Assets 0.1 0.2
Other Current Assets 30.0 24.4
Total Current Assets 146.0 143.4
Total Assets 1,377.3 1,285.0
Annexure: Brief Profile
25
• 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 136 properties (557 screens and 132631 seats) located in 67 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 136 properties – 557 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
26
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 67 cities with 136
multiplexes and 557 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; 15%
West; 23; 34%North; 20; 30%
South; 14; 21%
Annexure: PAN India Presence
27
East, 22, 16%
West; 55; 41%
North, 33, 24%
South, 26, 19%
East, 84, 15%
West; 236; 43%
North; 119; 21%
South, 118, 21%East; 21,108 ; 16%
West; 56,317 ; 42%North; 27,980 ; 21%
South; 27,226 ; 21%
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
136 Properties 67 Cities
557 Screens 132,631 Seats
Annexure: Strong Brand Partnerships
BFSI FMCG CONSUMER DURABLES AUTOMOBILES GECECOMMERCE &TELECOMM. OTHERS
Financial Summary
29
762.8 895.4
1,160.6 1,220.7 1,348.1
FY14 FY15 FY16 FY17 FY18
122.0 122.7
189.1 146.1
210.4
16.0% 13.7% 16.3% 12.0% 15.6%
FY14 FY15 FY16 FY17 FY18
EBITDA EBITDA Margin %
36.9 20.0
81.0
30.6
114.6 4.8%
2.2%7.0%
2.5%
8.5%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0 %
5.0 %
10. 0%
-
20.0
40.0
60.0
80.0
100 .0
120 .0
140 .0
FY14 FY15 FY16 FY17 FY18
PAT PAT Margin %
242.2 241.2 267.0 317.0 291.9
390.9 676.2 522.3 552.5 669.6
0.6 0.3 0.4 0.5 0.4
FY14 FY15 FY16 FY17 FY18
Equity Debt Net Debt to Equity
64.3% 61.6% 61.4% 61.3% 59.5%
21.3% 21.3% 22.9% 23.3% 22.7%
6.5% 9.1% 7.8% 7.9% 10.3%
7.9% 8.0% 7.8% 7.6% 7.5%
FY14 FY15 FY16 FY17 FY18
NBOC F & B Advertising Others
ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)Net Debt = Total Debt – Cash –Bank – Liquid MF Investments
REVENUES EBITDA PAT
REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS
All figures in INR Crs., unless specified
11.5%
6.1%
14.9%
7.3%
13.2%
10.3%
3.8%
16.8%
5.7%
18.8%
0.0 %
2.0 %
4.0 %
6.0 %
8.0 %
10. 0%
12. 0%
14. 0%
16. 0%
18. 0%
20. 0%
FY14 FY15 FY16 FY17 FY18
ROCE % ROE %
# Includes Tax write back pertaining to earlier years of ~Rs.54crs
#
30
Thank YouBalesh Talapady GM – Business AnalysisINOX Leisure Ltd.Contact+91-22-4062 6927Email: [email protected]
INOX DB Mall, Gwalior