Inox posts operational revenue of Rs 148 crore in FY21
Inox posted total operational revenues of Rs 148 crore with EBITDA and PAT loss of Rs 204 crore and Rs 257 crore respectively
The financial year 2020-21 turned out to be a complete washout for cinema exhibitor Inox Leisure COVID-19 had a severe impact on the company's revenues, EBITDA, PAT, and Footfalls. Inox posted total operational revenues of Rs 148 crore with EBITDA and PAT loss of Rs 204 crore and Rs 257 crore respectively.
The company had launched five new properties with 17 screens in the last Quarter of FY21, at Gurugram (2), Salem, Thane and Kolkata. It also added one property with five screens added in April at Bengaluru. Inox now operates 648 screens across 153 multiplexes in 69 cities. Inox noted that screen addition will continue in FY22 as it plans to add 10 more properties with 44 screens.
The Board has approved the enabling resolution for fundraising up to Rs. 300 crore at its meeting held on 6th April 2021.
The company is in constructive engagement going with all stakeholders, including producers & studios, mall developers, Government authorities, media and consumers. It is also implementing stringent cost control procedures.
With a massive lineup of great quality content in Hindi, English and other Indian languages, the company expects a robust recovery once pandemic subsides and government's vaccination drive achieves desired targets. The company has chalked out an entirely revamped F&B road map including tie-ups with online food ordering platforms.
Inox Grup Director Siddharth Jain said, “The advent of COVID-19 has left a severe impact on our FY21 performance. Just when the industry had started witnessing the fervor in Q4, the resurgence of COVID-19 cases has emerged as a cause of concern. Despite the pandemic, we have continued the addition of news cinemas in FY21 with the launch of new properties in Gurugram, Kolkata, Thane and Salem, and we are sure that we will up the ante in FY22.
"We have laid our hopes on the massive vaccination drive being undertaken by the Government authorities, which would prove to play a pivotal role, not just in the revival of the cinema exhibition industry, but the overall national economy at large.
'The pandemic has not even fractionally shaken our belief and outlook for the business, and the strong content pipeline strengthens the same. We are optimistic about our new F&B roadmap which would yield positive results once normalcy resumes. There cannot be a better time to thank our stakeholders, who continue to repose unwavering faith in our business and the capabilities of our team, which is raring to post a marvelous comeback.”
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