Inox Q2 net zooms 62% on uptick in exhibition income

MUMBAI: Multiplex chain major Inox Leisure’s second-quarter net profit jumped 62.1 per cent to Rs 53 million over the earlier-year period, despite a steep rise in interest and depreciation costs.

The topline got a boost on the back of three big-budget movie releases – New York, Love Aaj Kal and Kaminey. Inox posted an income of Rs 706.8 million, 17.86 per cent up from Rs 599.7 million a year ago, as footfalls increased 14.8 per cent to 3.9 million.

Says Inox Leisure director Deepak Asher, “Our strong performance is reflective of the stringent cost control measures adopted by us and the good film releases we have seen in this quarter.”

Operating margins expanded to 19.3 per cent, driven down by a tight control on expenses. This despite a 21.5 per cent rise in its interest cost to Rs 1 billion and a 20.2 per cent jump in depreciation expense to Rs 37 million. 

From the multiplex segment alone, the company has reported an operating profit of Rs 75.5 million (earlier Rs 65 million) on a revenue of Rs 666.7 million (from Rs 598.6 million).
On the film production front, Inox got an operating profit of Rs 2.9 million on a revenue of Rs 40 million.

Inox opened one multiplex during the quarter, consisting of four screens in Indore. Inox has a total of 29 properties with 105 screens, spread across 20 cities in India.

Inox has a positive outlook on the remaining two quarters due to bigger movie releases and the revenue from its recent foray into film production.

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