Inox Leisure Q2 net loss narrows to Rs 40 cr, revenue rises multi-fold

Multiplex chain operator Inox Leisure Ltd on Wednesday reported a narrowing of its consolidated net loss to Rs 40.37 crore for the second quarter that ended on September 30, 2022, helped by rising footfalls at cinema halls.

The company had posted a net loss of Rs 87.66 crore in the July-September period a year ago, said Inox Leisure in a BSE filing.

Its revenue from operations during the quarter under review was at Rs 374.12 crore, up multi-fold in comparison to the low base of the corresponding quarter of the previous year when the cine exhibition industry was impacted due to the second wave of the COVID-19 pandemic.

Inox Leisure’s revenue from operations in the July-September quarter of the last fiscal stood at Rs 47.44 crore.

Total expenses were at Rs 434.24 crore, up two-fold.

During the July-September quarter, 11.6 million guests visited Inox cinemas and reported “ATP (Average Ticket Price) of Rs 215 and the highest ever quarterly SPH (Spending Per Head) at Rs 102”.

This was largely driven by “additions to menu, introduction of seasonal specialties, timely & result-oriented marketing initiatives, interactive culinary sessions & workshops and numerous process innovations have led to a solid recovery on the F&B Revenues,” it said.

Inox Leisure added two new properties with 13 screens in Q2/FY23.

Commenting on the results, Inox Leisure Director Siddharth Jain said: “The 2nd Quarter of FY23 was impacted by the inconsistency in the content value chain, proving the importance of great quality content yet again. We are delighted with our promising performance on the F&B front with our highest ever Quarterly Spends Per Head.”

Moreover, Inox’s foray in Kashmir with the region’s first multiplex marked the revival of cinemas in the valley, and is quite upbeat about this historic launch, he said.

“The spectacular content pipeline, the festive fervour and our consistent rigour will certainly mark a celebratory 3rd Quarter for us, Jain added.

Inox Leisure operates a network of 165 multiplexes spanning 705 screens across 74 cities.

Shares of Inox Leisure Ltd on Wednesday settled at Rs 514.20 on BSE, up 0.58 per cent from the previous close. PTI