Inox Q2 records 58% net profit at Rs 69.6 million

MUMBAI: Inox Leisure Ltd has reported 42 per cent year on year (YoY) growth in revenues at Rs 399.6 million for the second quarter ended 30 September 2006 versus Rs 282.4 million in the same quarter of the previous year.

According to an official release, for the half year, the growth registered at 58 per cent from Rs 508 million crores to Rs 804.9 million.

The profit after tax for the quarter amounted to Rs 69.6 million, as compared to Rs 56.4 million in the corresponding quarter of the previous year ? an increase of 23 per cent.

For the half year, profit after tax grew from Rs 97.2 million to Rs 153.3 million ? an impressive 58 per cent.

This quarter has seen Inox launch its Nagpur property taking its tally up to 44 screens in 12 multiplexes across 11 cities. Inox has another 21 properties in different stages of implementation, which it expects to operationalise by March 2009. This will help Inox take its total count to 33 properties across 21 cities, 130 screens and 37000 seats by March 2009, informs the release.
In addition to the above, in September, INOX also entered into a definitive agreement for an all share swap deal with Calcutta Cinema Private Limited (CCPL) for acquiring CCPL & its brand of multiplexes ? ?89 Cinemas? and merging the latter?s operations with Inox Leisure Limited. CCPL operates 2 properties as at present and has another 7 properties under different stages of implementation.

Inox Leisure Ltd Deepal Asher said, ?We have been able to maintain our industry leadership position in revenues and profitability, due to better footfalls and pricing at our existing multiplexes as well as the addition of new properties to our portfolio. We expect to maintain the momentum of growth going forward, with another seven properties expected to open by March 2007, in cities like Chennai, Mumbai, Bharuch, Vijaywada, Lucknow, Faridabad and Jaipur. We have also been helped with a good spate of releases, and expect this trend of a continuous flow of big budget and good quality content to continue.?

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