inox leisure ltd. · properties properties screens seats fy18 123 492 121,780 mumbai palm beach...
TRANSCRIPT
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INOX PALM BEACH VASHI
INOX LEISURE LTD.R E S U LT S U P D A T E | Q 1 F Y 2 0 1 9
D i s c l a i m e r
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This presentation and the following discussion may contain “forward looking statements” by Inox Leisure Limited (“ILL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of ILL about the business, industry and markets in which ILL operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond ILL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements.
Such statements are not, and should not be construed, as a representation as to future performance or achievements of ILL. In particular, such statements should not be regarded as a projection of future performance of ILL. It should be noted that the actual performance or achievements of ILL may vary significantly from such statements.
Due to rounding-off, figures presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the rounded-off figures.
All financial figures, upto and including FY15 are as per IGAAP and for FY16 and thereafter are as per IND-AS. Revenues for FY14 to FY15 are shown net of entertainment tax, to be consistent with the revenues under IND-AS for FY16 and thereafter.
Financial Results
Property Openings and
Pipeline
Content Pipeline
Shareholding Structure and
Balance Sheet Items
Annexure
D I S C U S S I O N S U M M A R Y
Q1 FY19 Results Highlights
3
Q1 FY19 YoY Comparison
387.4 414.9
-
50.0
100 .0
150 .0
200 .0
250 .0
300 .0
350 .0
400 .0
450 .0
500 .0
Q1FY18 Q1FY19
75.9 83.5
19.6% 20.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100 .0
Q1FY18 Q1FY19
EBITDA EBITDA Margin
32.1 37.0
8.3%
8.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Q1FY18 Q1FY19
PAT PAT Margin
REVENUE FROM OPERATIONS
EBITDA PAT
7% 10%
Note: EBITDA excludes Other Income (non-operating)All figures in INR Crs., unless specified
15%
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Q1 FY19 Results Analysis – Revenue Break Up Analysis
239.2 241.9
88.2111.4
33.440.026.7
21.6387.4414.9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Q1FY18 Q1FY19
-18.8%
20.0%
26.3%
1.1%
Q1 FY19 YoY Comparison
All figures in INR Crs., unless specified
%Share Q1FY18 Q1FY19
Net Box Office 61.7% 58.3%
Net Food & Beverage 22.8% 26.8%
Advertisement 8.6% 9.6%
Other Operating Revenues 6.9% 5.2%
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Q1 FY19 Results Analysis – Top 5 Movies in INOX
TOP 5 Movies in INOX
GBOC – Gross Box Office Collection
Top 5 films accounted for 46% of Q1 FY19 GBOC revenues (63% in Q1 FY18)
Q1FY19
Avengers:
Infinity War Raazi Race 3 Baaghi 2
Jurassic World :
Fallen Kingdom
Footfalls (Lacs) 21.07 15.86 10.55 11.01 8.74
GBOC (INR Crs.) 51.07 30.03 24.81 18.50 17.23
Q1FY18
Baahubali - The
Conclusion Fast & Furious 8 Tubelight Hindi Medium Half Girlfriend
Footfalls (Lacs) 61.25 9.38 7.33 8.69 5.94
GBOC (INR Crs.) 128.75 18.41 17.23 14.96 10.76
Q1 FY19 Results Analysis – Key Operational Metrics
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Overall Footfalls & Occupancy%
158.2 156.2
31%29%
3%
8%
13%
18%
23%
28%
33%
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
Q1FY18 Q1FY19
Footfalls (Lacs) Occ%
Comparable Properties Footfalls & Occupancy%
143.1
138.2
32%30%
3%
8%
13%
18%
23%
28%
33%
38%
132.0
134.0
136.0
138.0
140.0
142.0
144.0
146.0
148.0
150.0
Q1FY18 Q1FY19
Footfalls (Lacs) Occ%
193 199
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50
100
150
200
250
300
Q1FY18 Q1FY19
190 194
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50
100
150
200
250
300
Q1FY18 Q1FY19
Overall Average Ticket Price (ATP) [INR] Comparable Properties Average Ticket Price (ATP) [INR]
Footfalls with Management properties: Q1FY19: 165 lacs
Note: All above charts exclude management properties
-1.2%
3.1%
-3.4%
2.4%
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Q1 FY19 Results Analysis – Key Operational Metrics
Spend Per Head (SPH) [INR] Food & Beverages – Net Contribution (%)
Advertisement Revenue [INR Crs.] Other Operating Revenue [INR Crs.]
65 76
-
10
20
30
40
50
60
70
80
90
100
Q1FY18 Q1FY19
76.8% 75.6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Q1FY18 Q1FY19
33.4 40.0
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Q1FY18 Q1FY19
26.7 21.6
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Q1FY18 Q1FY19
20.0%
-18.8%
17.2%
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Q1 FY19 Results Analysis – Key Operational Metrics
43.7% 44.2%
34.5% 34.7%
0.0 %
10. 0%
20. 0%
30. 0%
40. 0%
50. 0%
60. 0%
70. 0%
Q1FY18 Q1FY19
Distributor Share On NBOC Distributor Share On GBOC
NBOC (Net Box Office Collections) , GBOC (Gross Box Office Collections)
5.3 5.7
12.0 12.6
12.1 11.7
13.0 12.4
42.5 42.4
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Q1FY18 Q1FY19
-3.4%
-4.1%
4.8%
8.5%
Other Overheads Per Operating Screen (INR Lacs)
Film Distributor Share [%]
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INOX Brings The IMAX Experience to Malad
• INOX has redefined the way cinema is viewed in the country with the best of world-class technology, service and 7-star luxury.
• The new INOX IMAX theatre at Inorbit Mall offers a truly immersive cinematic experience for its guests.
• IMAX’s cutting-edge projection system, which delivers crystal-clear images, coupled with IMAX's customized theatre geometry and powerful digital sound system, create a unique environment that will make audiences feel as if they are in the movie.
• At INOX, it’s about living the movie and an association with IMAX only brings forth that philosophy to practice.
New Properties Opened
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Mumbai Palm Beach (8th May’18)4 Screens 779 Seats
Cuttack SGBL Square Mall (16th Jun'18)4 Screens 830 Seats
Zirakpur Dhillon Mall ( 29th Jun'18) 4 Screens 945 Seats
Kakinada SRMT (9th Jul'18)5 Screens 915 Seats
Property Names Opened Property Screens Seats
Mumbai Palm Beach Q1FY19 1 4 779
Cuttack SGBL Square Mall Q1FY19 1 4 830
Zirakpur Dhillon Mall Q1FY19 1 4 945
Q1FY19 Openings 3 12 2,554
Kakinada SRMT Q2FY19 1 5 915
Gurgaon Sapphire Q2FY19 1 3 567 YTD FY19 Openings 5 20 4,036
Gurgaon Sapphire (24th Jul'18)3 Screens 567 Seats
Track Record of Aggressive Expansion
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Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15
AVERAGE ADDITION OF 8 SCREENS EVERY QUARTER SINCE INCEPTION
8 12 25 35 5
1 76 9
1 11
9
23
9 25
7 27
9 31
0
37
2
42
0
46
8 49
2 51
2
2 3 6 914
22 2632
6368 72
79
96107
118123
128
-70
-50
-30
-10
10
30
50
70
90
110
130
0
100
200
300
400
500
600
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Jul-18
Screens Properties
PAN India Presence
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ONE OF THE LARGEST MULTIPLEX CHAIN OPERATOR IN INDIA
* Includes 8 management properties with 29 screens and 7,370 seats
KERALA |1 Property | 6 Screens
19States
64Cities
128Properties
512Screens
125,508Seats
JHARKHAND | 1 Property | 4 Screens
WEST BENGAL | 14 Properties | 55 Screens
ODISHA | 2 Property | 7 Screens
CHHATTISGARH | 2 Properties | 8 Screens
TELANGANA | 2 Properties | 11 Screens
ANDHRA PRADESH | 8 Properties | 33 ScreensKARNATAKA |10 Properties | 40 Screens
GOA | 4 Properties | 14 Screens
MAHARASHTRA | 28 Properties | 122 Screens
GUJARAT | 17 Properties | 71 Screens
MADHYA PRADESH | 4 Properties | 16 Screens
RAJASTHAN | 13 Properties | 43 Screens
HARYANA | 6 Properties | 19 Screens
TAMIL NADU | 3 Properties | 14 Screens
UTTAR PRADESH | 6 Properties | 24 Screens
DELHI | 4 Properties | 13 Screens
PUNJAB | 2 Property | 10 Screens
Assam | 1 Property | 2 Screens
New Screen Pipeline
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STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS
Properties Screens SeatsProperties Properties Screens Seats FY18 123 492 121,780
Mumbai Palm Beach (Opened 8th May'18) 1 4 779 Adjustments** - - (308)
Cuttack SGBL Square Mall (Opened 16th Jun'18) 1 4 830 FY19 Openings till date 5 20 4036
Zirakpur Dhillon Mall (Opened 29th Jun'18) 1 4 945 Expected - Aug18 to Mar19 7 39 6,543
Kakinada SRMT (Opened 9th Jul'18) 1 5 915 FY19 Expected 135 551 132,051
Gurgaon Sapphire (Opened 24th Jul'18) 1 3 567 Additions Post FY19 118 757 135,506 Pune (Existing) - 2 428 Leading to 253 1,308 267,557
Gwalior 1 6 1,009
Delhi 1 3 117
Jaipur 1 7 723
Bangalore 1 5 1,328 Mumbai (Existing) - 2 98
Hyderabad 1 8 1,678
Bhubaneswar 1 3 612
Jaipur 1 3 550 Total 12 59 10,579
FY19 Pipeline
**Adjustments:• 308 seats reduced due to renovation at Nashik, Banglore Garuda, Kolkata Southcity, Mumbai Malad
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Content Pipeline – July 2018
Skyscraper (3D)
Release Date: 20th July 2018Cast: Dwayne Johnson, Neve CampbellDirector: Rawson M. ThurberBanner: Legendary Entertainment, Flynn Picture Company, Seven Bucks Productions
Ant Man And The Wasp (3D IMAX)
Release Date:13th July 2018Cast: Paul Rudd, Evangeline Lilly, Michael PenaDirector: Peyton ReedBanner: Marvel Studios
M:i 6 - Mission Impossible (IMAX)
Release Date: 27th July 2018Cast: Tom Cruise, Henry CavillDirector: Christopher McQuarrieBanner: Bad Robot, Paramount Pictures,Skydance Media, TC Productions
Dhadak
Release Date:20th July 2018Cast: Janhvi Kapoor, Ishaan KhatterDirector: ShashankKhaitanBanner: Dharma Productions, Zee Studios
Soorma
Release Date: 13th July 2018Cast: Diljit Dosanjh, Sandeep Singh, TaapseePannuDirector: Shaad AliBanner: Sony Pictures Networks Productions
Saheb Biwi Aur Gangster 3
Release Date:27th July 2018Cast: Sanjay Dutt, Jimmy Sheirgill, MahieGill, Chitrangda SinghDirector: TigmanshuDhuliaBanner: JAR Pictures
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Content Pipeline – August 2018
Vishwaroop II
Release Date: 10th August 2018Cast: Kamal Haasan, Rahul Bose, PoojaKumarDirector: Kamal HaasanBanner: Raajkamal Films International, Rohit Shetty Picturez, Reliance Entertainment
Karwaan
Release Date:3rd August 2018Cast: Irrfan Khan, Dulquer Salmaan, Mithila PalkarDirector: AkarshKhuranaBanner: Ishka Films, RSVP
Yamla Pagla DeewanaPhir Se
Release Date: 31st August 2018Cast: Dharmendra, Sunny Deol, Bobby DeolDirector: NavaniatSinghBanner: Pen India Ltd., Sunny Sounds Pvt Ltd, Intercut Entertainment
Satyameva Jayate
Release Date:15th August 2018Cast: John Abraham, Manoj Bajpayee, Aisha SharmaDirector: Milap ZaveriBanner: T-Series Super Cassettes Industries Ltd., EmmayEntertainment Pvt. Ltd
Fanney Khan
Release Date: 3rd August 2018Cast: Anil Kapoor, Aishwarya Rai Bachchan, Rajkummar RaoDirector: Atul ManjrekarBanner: RakeyshOmprakash MehraPictures,T-Series Super Cassettes Industries Ltd.
GOLD
Release Date:15th August 2018Cast: Akshay Kumar, Mouni RoyDirector: Reema KagtiBanner: Excel Entertainment
Content Pipeline – September 2018
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The Nun
Release Date: 7th September 2018Cast: Taissa Farmiga, Bonnie AaronsDirector: CorinHardyBanner: Atomic Monster Productions, New Line Cinema, The Safran Company
Drive
Release Date:7th September 2018Cast: Sushant Singh Rajput, Jacqueline FernandezDirector: TarunMansukhaniBanner: Dharma Productions
Sui Dhaga – Made in India
Release Date: 28th September 2018Cast: Varun Dhawan, AnushkaSharmaDirector: SharatKatariyaBanner: Yash Raj Films
Predator (IMAX)
Release Date:14th September 2018Cast: Olivia Munn, Yvonne StrahovskiDirector: Shane BlackBanner: Twentieth Century Fox, Davis Entertainment, TSG Entertainment,Canada Film Capital,Dark Castle Entertainment
Paltan
Release Date: 7th September 2018Cast: Suniel Shetty, Arjun Rampal, Abhishek BachchanDirector: J P DuttaBanner: Zee Studios,J.P. Films
Batti Gul Meter Chalu
Release Date:21st September 2018Cast: Shahid Kapoor,Shraddha Kapoor, YamiGautamDirector: Shree Narayan SinghBanner: KriArjEntertainment, T-Series Super Cassettes Industries Ltd.
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Content Pipeline – October 2018
Ajay Devgan Luv RanjanNext
Release Date: 19th October 2018Cast: Ajay Devgan, KajolDirector: Akiv AliBanner:
A Star is Born
Release Date:5th October 2018Cast: Lady Gaga, Bradley CooperDirector: Bradley CooperBanner: Gerber PicturesJoint Effort, Live Nation Productions, MalpasoProductions, Metro-Goldwyn-Mayer (MGM),Thunder Road Pictures
Mowgli (3D IMAX)
Release Date: 19th October 2018Cast: Rohan Chand, Cate Blanchett, Benedict Cumberbatch, Christian BaleDirector: Andy SerkisBanner: ImaginariumProductions, Warner Bros.
Badhai Ho
Release Date:19th October 2018Cast: Ayushmann Khurrana, Sanya MalhotraDirector: Amit SharmaBanner: JungleePictures, Chrome Pictures
Ek Ladki Ko Dekha TohAisa Laga
Release Date: 12th October 2018Cast: Anil Kapoor, SonamKapoor Ahuja, RajkummarRao, Juhi ChawlaDirector: Shelly ChopraBanner: Fox Star Studios, Vidhu Vinod Chopra Productions, RajkumarHirani Films
Namastey England
Release Date:19th October 2018Cast: Arjun Kapoor, Parineeti ChopraDirector: VipulAmrutlal ShahBanner: Pen India Ltd.,Reliance Entertainment,Blockbuster Movie Entertainers
Shareholding Structure
18
Source: BSE
Public/Others, 11.48%
INOX Benefit Trust, 4.51%
DII, 17.70%
FII, 17.61%
Promoter & Promoter
Group, 48.70%
% Shareholding as of June 2018
Source: Company Source: Company
Key Institutional Investors – June 2018 % Holding
DSP Blackrock MF 7.0%
RelianceMF 4.1%
Aditya Birla Sunlife 3.5%
Kuwait Investment Authority Fund 3.0%
Goldman Sachs India Ltd. 2.6%
Morgan Stanley 2.2%
Sundaram MF 1.8%
VFM Emerging Markets Trust 1.6%
RAMS Equities Portfolio Fund 1.3%
Taiyo Greater India Fund Ltd 0.8%
Market Data As on 23-Jul-18
No. of Shares Outstanding (Crs.) 9.6
Face Value (INR) 10.0
Price (INR) 202.5
52 week High/Low (INR) 326.00/195.30
Market Capitalisation (INR Crs.) 1,953
Source: BSE
0
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100
150
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350
Share Price Performance
19
Annexure
INOX Vashi Palm Beach
Annexure: Consolidated P&L Statement
20
Particulars (INR Crs.) Q1FY19 Q1FY18 YoY % Q4 FY18 QoQ % FY18
Revenue from Operations 414.9 387.4 7.1% 323.6 28.2% 1,348.1
Exhibi tion Cost 109.7 107.1 2.4% 81.3 34.9% 367.3
Food & Beverages Cost 27.2 20.5 33.0% 19.5 39.6% 74.4
Employee Benefi ts Expense 26.3 23.0 14.5% 25.4 3.4% 96.4
Lease Rental & Hire Charges 57.7 52.2 10.5% 52.1 10.7% 203.8
CAM, Power & Fuel , R&M 53.2 52.6 1.2% 44.3 20.2% 188.2
Other Expenses 57.4 56.3 1.9% 57.2 0.4% 207.7
EBITDA 83.5 75.9 10.1% 43.9 90.3% 210.4
EBITDA Margin % 20.1% 19.6% 54 bps 13.6% 657 bps 15.6%
Depreciation & Amortisation 22.7 21.5 5.5% 21.9 3.5% 86.7
Impairment Loss on PP&E - 0.6 -100.0% 1.8 -100.0% 3.1
Other Income 2.8 2.3 21.6% 6.2 -54.7% 14.5
Finance Cost 6.9 7.2 -3.8% 7.1 -2.6% 28.9
Exceptional Items - - 8.5 -100.0% 8.5
Share of Profi t from Joint Ventures - 0.01 -100.0% (0.02) -100.0% (0.03)
PBT 56.7 48.9 16.0% 10.7 430.8% 97.6
Current Tax 18.6 17.8 4.2% 0.9 1894.2% 32.5
Deferred Tax 1.1 (1.1) -205.8% 5.8 -80.6% 4.2
Tax perta ining to earl ier years - - (53.7) -100.0% (53.7)
PAT 37.0 32.1 15% 57.7 -36% 114.6
PAT Margin % 8.9% 8.3% 63 bps 17.8% -891 bps 8.5%
Earnings Per Share (EPS) 4.03 3.49 15% 6.29 -36% 12.49
All figures in INR Crs., unless specified
Annexure: Brief Profile
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• Inox Leisure Limited (ILL), incorporated in 1999, is one of the largest multiplex operator in India• ILL is a part of Inox Group which is diversified across industrial gases, engineering plastics, refrigerants, chemicals, cryogenic engineering,
renewable energy and entertainment sectors• ILL currently operates 128 properties (512 screens and 125,508 seats) located in 64 cities across India, being the only multiplex operator
having such a diverse presence across PAN India• The company accounts for 19% share of the multiplex screens in India and ~11% share of domestic box office collections• The company has aggressively scaled up through organic and inorganic expansion over last decade growing from 2 properties – 8 screens in
FY03 to 128 properties – 512 screens at present, on an average adding 8 screens every quarter since inception.
Business Overview
• One of the largest multiplex chains in India• Most diversified distribution of multiplexes in India• Premium multiplex properties, state of the art technology and unmatched service and ambience• Strong partnerships with more than 50 leading Indian and Global brands, offering high growth potential for advertising and
other ancillary revenues• Strong management team and recognized and trusted corporate group
Key Strengths
• Consolidated Revenues, EBITDA and PAT were Rs 1,348.1 cr, Rs 210.4 cr and Rs 114.6 cr in FY18• Strong balance sheet with Gross Debt of Rs 291.9 cr, Net Debt of Rs 265 cr and Equity of Rs 669.6 cr in FY18 with net D/E ratio of 0.40x
Strong Financials
Annexure : Recognised & Trusted Corporate Group
22
L i s t e d C o m p a n i e s O t h e r K e y C o m p a n i e s
INOX LeisureLimited
Largest producer of (by volume)
Chloromethanes, refrigerants
and Polytetrafluoroethylene in
India.
Pioneer of carbon credits in
India
INOX Air Products Private Limited
50:50 joint venture with Air
Products Inc., USA
Largest producer of industrial
gases in India
40 plants spread throughout
the country
One of the largest multiplex
chains in India
In the business of setting up,
operating and managing a
national chain of multiplexes
under the brand name ‘INOX’
Present in 64 cities with 128
multiplexes and 512 screens
Gujarat FluorochemicalsLimited
Largest producer of cryogenic
liquid storage and transport
tanks in India
Offers comprehensive
solutions in cryogenic storage,
vaporization and distribution
engineering
Has operations in India, USA,
Netherlands and Brazil
INOX India PrivateLimited
Fully integrated player in the
wind energy market
State-of-the-art manufacturing
plants near Ahmedabad
(Gujarat), Una (Himachal
Pradesh) and Barwani (Madhya
Pradesh). Our Madhya Pradesh
facility is one of the largest in
Asia
Ability to provide end-to-end
turnkey solutions for wind farms
INOX Wind Limited
• 90 Year track record of consistent business growth• USD $3 Billion Inox Group diversified across 7 different businesses
• 10,000+ employees at 150+ business units across India• Distribution network spread over 50+ countries
East; 10; 16%
West; 22; 34%North; 19; 30%
South; 13; 20%
Annexure: PAN India Presence
23
East, 20, 16%
West; 53; 41%
North, 31, 24%
South, 24, 19%
East, 76, 15%
West; 223; 44%
North; 109; 21%
South, 104, 20%East; 19,636 ; 16%
West; 54,471 ; 43%North; 27,549 ; 22%
South; 23,852 ; 19%
Well DiversifiedDistribution of
Multiplexesacross India
Access toWide Variety of
Regional Content
Lower Dependencyon Hindi and English
Content
Includes 8 management properties with 29 screens and 7,370 seats
128 Properties 64 cities
512 Screens 125,508 Seats
Automobiles FMCG Ecommerce & Telecom
BFSIConsumer DurablesMedia Others Others
Annexure: Strong Brand Partnerships
25
Thank YouBalesh Talapady GM – Business AnalysisINOX Leisure Ltd.Contact+91-22-4062 6927Email: [email protected]
INOX PALM BEACH VASHI