INOX Q1FY21: COVID brings revenue down to Rs 3 crore

Net loss stands at Rs 52 crore

e4m by exchange4media Staff
Published: Aug 5, 2020 7:57 PM  | 2 min read

INOX Leisure Ltd reported financials for the first quarter ending 30th June 2020. The results were taken on record by the Board of Directors today.

The ongoing lockdown imposed by the Central and State Governments to contain the spread of COVID-19 since the month of March 2020 has led to unprecedented circumstances, with the company’s operations halted for the entire first quarter. As a result, the Company reported revenues at Rs 3 crore, and and net loss at Rs 52 crore.

With an objective to keep the costs under a check, the company has implemented active cost control measures and brought down major expenses including Employee Costs, Power & Fuel Costs and Rentals & CAM Charges.

The Company has prepared a rigorous set of Standard Operating Procedures (SOPs) for ensuring safe experience on resumption of operations once Cinemas are allowed to operate.

Siddharth Jain, Director – INOX Group says, “This phase has posed a tough challenge to our aspirations, but we are confident of not only seeing through it, but also script an extraordinary comeback tale. We have pinned out hopes on our strong fundamentals of Luxury, Service and Technology, and on the unshakeable passion and fondness for movies prevalent among the Indian masses. In the given scenario, we are doing all what it takes to lend more strength and sustainability to the Company, so that we soon place ourselves back in our familiar growth orbit. Completely prepared and raring to go, we are earnestly looking forward to the directives from the Government of India to resume operations and get back to doing what we are best at – entertaining India.”

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