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Inox reports Rs 102.50 crore loss in Q3

It has posted total income of Rs 21.50 crore for the quarter.

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KOLKATA: Multiplex chain Inox has reported Rs 102.50 crore consolidated loss for the third quarter (Q3). The company posted Rs 35.01 crore profit in the corresponding quarter last year.

Inox has posted total income of Rs 21.50 crore in Q3, compared to Rs 517.76 crore for the quarter a year ago. The impact of restricting theatre occupancy at 50 per cent and lack of fresh content showed a visible downturn in the company’s performance, it stated in a BSE filing.

With the allowance and guidelines for 100 per cent seating from 1 February, the company expects studios and producers to promptly announce the release dates of movies, triggering a rapid turnaround.

However, the company has resumed its new screen addition on a rigorous note, with the opening of four new cinemas with 15 screens in Gurugram (2), Salem and Thane. Inox hopes to add another 14 screens before the end of FY21 or during the first quarter of next fiscal.

“Content, which has always been a vital element in our business, will come to the forefront and play its part, making 2021 the Year of Cinema Entertainment,” Inox Group executive director Siddharth Jain said.

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