Movies

Inox‘s net profit & turnover up, op profit down

MUMBAI: It has knocked up fairly impressive financials. Cinema theatrical exhibition company Inox Leisure has reported a seven per cent higher net profit at Rs 260.6 million for the financial year ended 31 March 2010. In FY09, net profit had seen a drop of eight per cent.


Inox‘s net sales rose 12.2 per cent over FY09 at Rs 2.56 billion. Multiplex income generated during the fiscal was Rs 2.54 billion which is 12.53 per cent higher than the previous year. However, the company did lose out heavily on its film distribution income, when it fell to Rs 1.9 million as compared to Rs 15.2 million in FY09. Even the Rs 2.9 million it made via film production did not do much to offset the loss in distribution income.


Inox‘s net profits are higher than last year, but a point of worry is the fact that it has spruced up its operations. The company‘s operating profit fell 6.4 per cent to Rs 209.5 million. What helped add green to its bottom-line was the tax provisions it had made, and excess entertainment tax paid earlier which it no longer has to make and the same being credited to the company‘s P&L account, under taxation in the previous years. 


On the plus side from an investors point of view, the overall increase in net profit, has led to the company‘s EPS has gone up to Rs 4.24 (Rs 3.96 in FY09).


Inox launched six new properties in FY10, at Hyderabad, Indore, Kolkata, Siliguri, Visakhapatnam, taking its tally of total screens in operation from 91 to 119. Also, the company‘s properties under operation are 32 as on 31 March 2010, as against 26 at the end of the last fiscal. The company also successfully made an open offer bid for Fame earlier this year, and now owns a stake of 50.48 per cent in the exhibition chain.


The company‘s loan fund rose to Rs 1.86 billion as compared to last fiscal‘s Rs 449 million.
 

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