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FY-2015: Inox ad revenues up 64.5%; F&B improves share of profits

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BENGALURU: Inox Leisure Limited reported 64.5 per cent growth in advertising revenue to Rs 81.49 crore (eight per cent of Total Revenue or TR) for the year ended 31 March, 2015 (FY-2015, current year) as compared to the Rs 49.55 crore (5.6 per cent of TR) in the previous year.

Ad revenue for Q4-2015 increased 22.7 per cent to Rs 19.79 crore (9.1 per cent of TR) from Rs 16.13 crore (8.6 per cent of TR) in Q4-2014, but was 31.6 per cent less than the Rs 28.92 crore (9.5 per cent of TR) in Q3-2015. While advertising revenues per operating screen (355 screens excluding management screens) in FY-2015 increased to Rs 0.23 crore as compared to the Rs 0.17 crore in FY-2014, the corresponding figure for both Q4-2015 and Q4-2014 was Rs 0.056 crore.

Note: (1) 100,00,000 = 100 lakh = 10 million = 1 crore

(2) Q4-2015 and FY-2015 Figures include Satyam Cineplexes Limited which became wholly owned subsidiary of the company on 8th Aug 2014.

Inox?s total revenues in FY-2015 increased 15.5 per cent to Rs 1014.11 crore from Rs 877.78 crore in FY-2015. In Q4-2015, TR increased 15.6 per cent to Rs 217.75 crore from Rs 188.31 crore in Q4-2014, but declined 28.6 per cent as compared to the Rs 304.85 crore in Q3-2015.

Gross Box Office

Gross box office (GBO) revenue contribution to total revenue has been falling with time. In FY-2015, GBO increased 12.4 per cent to Rs 670.38 crore (66.1 per cent of TR) as compared to the Rs 596.56 crore (68 per cent of TR) in FY-2014. Q4-2015 GBO revenue at Rs 134.80 crore (61.9 per cent of TR) was 8.3 per cent more than the Rs 124.49 crore (66.1 per cent of TR) in Q4-2014, but declined 33.2 per cent as compared to the Rs 201.75 crore (66.2 per cent of TR) in Q3-2015.

Footfalls with management properties in FY-2015 increased 6.5 per cent to 4.11 crore from 3.86 crore in FY-2014. Footfalls increased by 2.4 per cent to 0.84 crore in Q4-2015 from 0.82 crore in Q4-2014, but declined 15.2 per cent as compared to the 0.99 crore in the previous quarter. Occupancy in FY-2015 declined to 25 per cent from 28 per cent in the previous year and declined from 23 per cent in Q4-2014 to 20 per cent in Q4-2015.

Average Ticket Price (ATP) in FY-2015 increased 5.1 per cent to Rs 164 from Rs 156 in FY-2014. In Q4-2015, ATP increased 3.3 per cent in Q4-2015 to Rs 158 as compared to the Rs 153 in the corresponding year ago quarter, but declined 10.9 per cent as compared to the Rs 175 in Q3-2015.

Food and Beverages

Inox?s Food and Beverages (F&B) revenue stream has been growing over time and its contribution to profitability has been increasing reports the company. In FY-2015, F&B contribution to profitability increased to 77 per cent as compared to 74 per cent in FY-2014, however, the segment?s contribution to profitability declined one per cent in Q4-2015 to 75 per cent from 76 per cent in Q4-2014.

F&B revenue in FY-2015 at Rs 191.03 crore (18.8 per cent of TR) improved 17.7 per cent as compared to the Rs 162.33 crore (18.5 per cent of TR) in FY-2014. In Q4-2015, revenue from F&B segment increased 9.4 per cent to Rs 37.43 crore (17.2 per cent of TR) as compared to the Rs 34.2 crore (18.2 per cent of TR) in Q4-2014, but declined 32.7 per cent from the Rs 55.63 crore (18.2 per cent of TR) in the preceding quarter.

Other operating revenue in FY-2015 increased 2.7 per cent to Rs 71.21 crore (7 per cent of TR) as compared to the Rs 69.34 crore (7.9 per cent of TR) in FY-2014. Other operating revenue in Q4-2015 almost doubled (1.9 times) to Rs 25.73 crore (11.8 per cent of TR) as compared to the Rs 13.49 crore (7.2 per cent of TR) and was 38.7 per cent more than the Rs 18.55 crore (6.1 per cent of TR) in Q3-2015.

Entertainment Tax, Distributors? share, F&B costs, rents, et al:

Entertainment tax in FY-2015 at Rs 121.45 crore (12 per cent of TR) increased 14.5 per cent from Rs 106.07 crore (12.1 per cent of TR) in FY-2014. In Q4-2015, entertainment tax increased 2.9 per cent to Rs 22.76 crore (10.5 per cent of TR) from Rs 22.12 crore (11.7 per cent of TR) in Q4-2014, but was 40.3 per cent lower than the Rs 38.12 crore (12.5 per cent of TR) in Q3-2015.

Distributors? share in FY-2015 at Rs 249.32 crore (24.6 per cent of TR; 37.2 per cent of GBO) was 11.6 per cent more than the Rs 223.49 crore (25.5 per cent of TR; 37.5 per cent of GBO) in FY-2014. In Q4-2015, distributors share increased three per cent to Rs 47.75 crore (21.9 per cent of TR; 35.4 per cent of GBO) as compared to the Rs 46.36 crore (24.6 per cent of TR; 37.2 per cent of GBO) in Q4-2014, but was 36.6 per cent lower than the Rs 75.37 crore (24.7 per cent of TR; 37.4 of GBO) in Q3-2015.

F&B cost in FY-2015 at Rs 49.55 crore (4.9 per cent of TR) was 6.2 per cent more than the Rs 46.64 crore (5.3 per cent of TR) in FY-2014. F&B cost in Q4-2015 increased 12.1 per cent to Rs 10.35 crore (4.8 per cent of TR) from Rs 9.23 crore (4.9 per cent of TR) in Q4-2014 and was 23.8 per cent lower than the Rs 13.58 crore (4.5 per cent of TR) in Q3-2015.

Property, rent, conducting fees and common facility charges (rent) form a major percentage of the company?s expenses. Rent charges in FY-2015 increased 28.1 per cent to Rs 175.78 crore (17.3 per cent of TR) from Rs 137.22 crore (15.8 per cent of TR) in FY-2014. Rent in Q4-2015 increased 30.8 per cent to Rs 46.63 crore (21.4 per cent of TR) from Rs 35.64 crore (18.9 per cent of TR) in Q4-2015 and was 0.1 per cent lower (almost flat) as compared to the Rs 46.67 crore (15.5 per cent of TR) in Q3-2015.

Profit After Tax (PAT)

Inox reported 45.7 per cent drop in PAT to Rs 20.04 crore (two per cent of TR) from Rs 36.94 crore (4.2 per cent of TR) in FY-2014. The company reported loss of Rs 4.06 crore in Q4-2015 as compared to a PAT of Rs 1.54 crore in Q4-2014 and a PAT of Rs 14.3 crore in Q3-2015.

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