investor presentation may 2019 · 2019-05-25 · this presentation and the following discussion may...

I nve st or

P re se nt at ion

May 2 0 1 9

Disclaimer

2

This presentation and the following discussion may contain “forward looking statements” by Inox Leisure Limited (“ILL” or “theCompany”) that are not historical in nature. These forward looking statements, which may include statements relating to future stateof 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 ILLoperates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and otherfactors, some of which are beyond ILL’s control and difficult to predict, that could cause actual results, performance or achievementsto 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. Inparticular, such statements should not be regarded as a projection of future performance of ILL. It should be noted that the actualperformance 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 percentagesmay not precisely reflect the rounded-off figures.

FY15 financial figures are as per IGAAP and for FY16 and thereafter are as per IND-AS. Revenues for FY15 are shown net ofentertainment tax, to be consistent with the revenues under IND-AS for FY16 onwards

3

D I S C U S S I O N S U M M A R Y

I N D U S T R Y O V E R V I E W

C O M P A N Y O V E R V I E W

C O M P E T I T I V E A D V A N T A G E & O U T L O O K

A N N E X U R E

Forum Neighbourhood Mall, Bengaluru

4

INDUSTRY OVERVIEW

CR2, Nariman Point, Mumbai

Strong Fundamentals & Huge Growth Potential

5

125

95 80

60 57 40 37

26 25 12 10 8

US France Spain UK Germany South Korea China Japan Taiwan Thailand Brazil India

H o w e v e r , I n d i a ’ s S c r e e n D e n s i t y i s O n e o f t h e L o w e s t

Screens / Million population

Source: CRISIL Report, http://uis.unesco.org/en/news/cinema-data-release (2015), Industry sources and internal calculations

2,178 1,930

1,364

208 197 176 171 169 156 146

China India US France Mexico UK Japan S. Korea Germany Russia

2 n d H i g h e s t N u m b e r O f T h e a t r e F o o t f a l l s i n t h e W o r l d

Footfalls in Million2,000

791686

581

300 298 269 255 226 185

-4 00

100

600

1,10 0

1,60 0

2,10 0

India US China Japan France UK S. Korea Spain Germany Italy

H i g h e s t N u m b e r o f F i l m P r o d u c e d i n t h e W o r l d

Steady Performance and Resilience

6

96.3 102.1 110.0130.0

155.5174.5

194.2

236.1

0.0

50.0

100.0

150.0

200.0

250.0

2017 2018 2019E 2021EDomestic Theatrical Overseas Theatrical Broadcast rights Digital/OTT rights In-cinema advertising Home Video

In Rs. Billion

I n d i a n F i l m I n d u s t r y D i s p l a y s S t e a d y P e r f o r m a n c e T r e n d s

D o m e s t i c T h e a t r i c a l s C o n s t i t u t e s 5 9 % O f T o t a l F i l m I n d u s t r y

Source: FICCI-EY 2019 Report

59%

17%

12%

8% 4% 0%

Domestic Theatrical

Overseas Theatrical

Broadcast rights

Digital/OTT rights

In-cinema advertising

Home Video

2018

Multiplexes Witnessing Rapid Growth

7

FACTORS DRIVING GROWTH IN

MULTIPLEXES:

Strong demographics, rising disposable

incomes and discretionary spends.

Superior location, destination and

parking facilities.

Multiple screens in one location offer a

wider variety of content to the patrons.

Different screen sizes provide

programming flexibility. This results in

higher occupancy ratios.

State of art equipment (high quality

video and audio), superior interiors,

ambience and service.

Source: FICCI-EY Report 2018 & 2019

M u l t i p l e x e s c u r r e n t l y a c c o u n t f o r ~ 3 1 % m a r k e t s h a r e o f t h e s c r e e n s ,

h o w e v e r t h e y a c c o u n t f o r ~ 5 5 % o f b o x o f f i c e c o l l e c t i o n s

Number of Screens

9,710 9,121 8,451 7,400 7,031 6,780 6,651

925 1,225

1,500 2,100 2,450 2,750 2,950

10,635 10,346 9,951 9,500 9,481 9,530 9,601

-

2,00 0

4,00 0

6,00 0

8,00 0

10,0 00

12,0 00

14,0 00

16,0 00

2009 2011 2013 2015 2016 2017 2018

Single Screens Multiplexes

Increasing Number Of INR 1bn + Movies

8

1,000 1,598

2,065 2,101 2,638

3,014 3,446 3,359

5,200 4,500

5,300

6,500

4,500

6,900

-

1,00 0

2,00 0

3,00 0

4,00 0

5,00 0

6,00 0

7,00 0

8,00 0

3 Idiots(2009)

Dabaang(2010)

Bodyguard(2011)

Ek Tha Tiger(2012)

Dabaang 2(2012)

ChennaiExpress(2013)

Dhoom 3(2013)

Kick(2014)

P.K(2014)

BajrangiBhaijaan(2015)

Dangal(2016)

Bahubali 2 -The

Conclusion(2017)

Tiger ZindaHai (2017)

2.0 (2018)

1 2

5 9

6 7 5

8 7 10

3 1

2 1 1

- 1

2

1

- --

-

-- 1

1

2 2

3

1

-

2

4

6

8

10

12

14

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 May-19

INR 1Bn to 1.99Bn INR 2Bn to 2.99 Bn INR 3Bn and above

Wider Screen Releases

Higher Number Of INR 1 Bn + MoviesINCREASING NUMBER OF

MOVIES ARE GENERATING

MORE THAN RS 1 BN IN NET

BOX OFFICE COLLECTIONS

DRIVEN BY WIDER SCREEN

RELEASES AND FACILITATED BY

DIGITISATION OF CONTENT

DELIVERY

Source: Industry

I n d i a ’ s C o n s u m p t i o n S t o r y

9Source: Mckinsey - Tracking the growth of Indias Middle Class - 2017

6148 39 30

3952 61 70

1995 2005 2015 2025

Necessities Discretionary

%Share of Average Annual Household Consumption

%Share of Population by Income Bracket

9380

54

3522

618

41

43

36

1 25

22

42

0

10

20

30

40

50

60

70

80

90

100

1985 1995 2005 2015 2025

Lower Class Lower Middle Class Middle & Affluent Class

755 928

1,107 1,278

1,429

-

200

400

600

800

1,00 0

1,20 0

1,40 0

1,60 0

1985 1995 2005 2015 2025

Population of India (Million)

Based on Annual Household Income: Lower Class: < Rs.90,000 , Lower Middle Class: Rs.90,000 to Rs.199,999 , Middle & Affluent Class: > Rs.200,000

702 742 598

447 314

45 167 454

550

514

8

19

55 281 600

-

200

400

600

800

1,000

1,200

1985 1995 2005 2015 2025

Lower Class Lower Middle Class Middle & Affluent Class

Share of Population by Income Bracket (Million)

10

Company Overview

INOX Nehru Place, Delhi

Track Record of Aggressive Expansion

11

Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15

13

INSIGNIA – LUXURY MOVIE

WATCHING EXPERIENCE

R-City Ghatkopar, Mumbai

14

Atria, Worli, Mumbai

15

CR2, Nariman Point, Mumbai

16

Atria, Worli, Mumbai

17

R-City, Ghatkopar, Mumbai

18

Palm Beach, Navi Mumbai

19

INOX Epicuria, Delhi

20

INOX Metro, Mumbai

21

INOX GT Central, Jaipur

22

INOX Malad, Mumbai

23

INOX Marina Mall, Chennai

24

Highest Ever New

Screen Openings for

the Industry in a Year

Highest Ad Revenue Growth Rate in the

Industry for

Highest “EBITDA to Capital Invested” Ratio in the Industry for FY19

First National Chain in the Industry to be

Net Debt Free85 Screens

22%8 consecutive

quarters

25

HIGHEST YEARLY

FOOTFALLS

6.25Crs

HIGHEST YEARLY

ATP

Rs.197

HIGHEST YEARLY

SPH

Rs.74

HIGHEST YEARLY

EBITDA

Rs.309Crs

HIGHEST YEARLY

PAT

Rs.133Crs

HIGHEST YEARLY

REVENUE

Rs.1,692Crs

R e v e n u e f r o m O p e r a t i o n s

27

All figures in INR Crs., unless specified

324

479

-

100

200

300

400

500

600

Q4FY18 Q4FY19

48%

26%

1,348 1,692

-

200

400

600

800

1,00 0

1,20 0

1,40 0

1,60 0

1,80 0

FY18 FY19

895

1,161 1,221 1,348

1,692

FY15 FY16 FY17 FY18 FY19

E a r n i n g s B e f o r e I n t e r e s t , Ta x ,D e p r e c i a t i o n a n d A m o r t i z a t i o n [ E B I T D A ]

28


123

189

146

210

309

14%

16%

12%

16%

18%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%


EBITDA EBITDA Margin %

44

97

14%

20%

0%

5%

10%

15%

20%

25%

-

20

40

60

80

100

120

Q4FY18 Q4FY19

EBITDA EBITDA Margin

210 309

16%

18%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

-

50

100

150

200

250

300

350

FY18 FY19

EBITDA EBITDA Margin

47%

Note: EBITDA excludes Other Income (non-operating)

122%

P r o f i t a f t e r t a x [ PAT ]

29

20

81

31

115

133

2.2%

7.0%

2.5%

8.5%7.9%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-

20

40

60

80

100

120

140


PAT PAT Margin %

57.7

48.1

17.8%

10.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Q4FY18 Q4FY19

PAT PAT Margin

16%

114.6 133.5

8.5% 7.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

-

20.0

40.0

60.0

80.0

100 .0

120 .0

140 .0

160 .0

FY18 FY19

PAT PAT Margin

All figures in INR Crs., unless specified# Includes tax write back of Rs.54crs (FY18) and Rs.5crs (FY19)

-17%

##

# #

R e v e n u e s - S e g m e n t B r e a k u p

30


552 713 748 802

975 191

266 284

306

436

81

91 96

139

176

71

91 92 101

105

895

1,161 1,221

1,348

1,692

-

200

400

600

800

1,00 0

1,20 0

1,40 0

1,60 0

1,80 0

2,00 0


NBOC F & B Advertising Others

190

284

78

123

33

43

23

28

324

479

0

100

200

300

400

500

600

Q4FY18 Q4FY19

802975

306

436139

176

101

105

1348

1692

0

200

400

600

800

100 0

120 0

140 0

160 0

180 0

200 0

FY18 FY19

3%

27%

42%

22%

22%

29%

59%

50%

F o o t f a l l s a n d O c c u p a n c y R a t e

31

All figures in Lakhs, unless specified

126

180

26%

31%

3%

8%

13%

18%

23%

28%

33%

80

100

120

140

160

180

200

Q4FY18 Q4FY19

533 625

26%28%

3%

8%

13%

18%

23%

28%

33%

-

100

200

300

400

500

600

700

FY18 FY19

42%

17%

411

534 537 533625

25%

29%28%

26%

28%

0%

5%

10%

15%

20%

25%

30%

0

100

200

300

400

500

600

700

800


Footfalls Occ%

A v e r a g e T i c k e t P r i c e [ AT P ]

32

164 170 178193 197


All figures in INR, unless specified

193 189

-

20

40

60

80

100

120

140

160

180

200

Q4FY18 Q4FY19

193 197

-

20

40

60

80

100

120

140

160

180

200

FY18 FY19

-2%

2%

*W.e.f 1st Jan 2019, GST rate on tickets is reduced from 28%/18% to 18%/12%, thereby affecting the YoY ATP growth.

S p e n d P e r H e a d [ S P H ]

33

55 58 62 6674



67

73

60

62

64

66

68

70

72

74

76

78

80

Q4FY18 Q4FY19

66 74

-

10

20

30

40

50

60

70

80

FY18 FY19

9%

11%

F & B C o n t r i b u t i o n

34

41 44

47 50

55 74.1% 75.0% 76.0% 75.7%74.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

-

10

20

30

40

50

60


SPH Contribution (Rs.)

F & B Contribution (%)

50

54

74.9% 74.3%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

48

49

50

51

52

53

54

55

Q4FY18 Q4FY19

50

55

75.7% 74.2%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

47

48

49

50

51

52

53

54

55

56

FY18 FY19

8%

9%


SPH Contribution (Rs.) = SPH (Rs.) x F&B Contribution (%)

A d v e r t i s e m e n t R e v e n u e

35

81 91 96

139

176

25.1 24.6 22.4

29.8

33.9

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0


Advertising Rev (Rs Crs)

Advertising Rev Per Screen (Rs Lakhs)

33 43

6.8 7.7

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

-

10

20

30

40

50

60

70

Q4FY18 Q4FY19

29%

139

176

29.8

33.9

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

-

20

40

60

80

100

120

140

160

180

200

FY18 FY19

27%

e

O t h e r O p e r a t i n g I n c o m e P e r S c r e e n

36

21.9 24.6

22.7 23.1 21.3


All figures in INR Lakhs, unless specified

5.1 5.4

-

1.0

2.0

3.0

4.0

5.0

6.0

Q4FY18 Q4FY19

23.1 21.3

-

5.0

10.0

15.0

20.0

25.0

FY18 FY19

6%

-8%

G S T/ E n t e r t a i n m e n t Ta x ( E t a x ) ( % )

37

22.0%

26.8% 26.8% 27.0%24.9%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%


GST/ETax on NBOC

NBOC (Net Box Office Collections)

27.5%

18.1%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

Q4FY18 Q4FY19

27.0%

24.9%

23. 5%

24. 0%

24. 5%

25. 0%

25. 5%

26. 0%

26. 5%

27. 0%

27. 5%

FY18 FY19

*W.e.f 1st Jan 2019, GST rate on tickets is reduced from 28%/18% to 18%/12%

F i l m D i s t r i b u t o r S h a r e ( % )

38

43.8% 43.9% 44.4% 44.6% 44.2%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%


Distributor Share on NBOC

NBOC (Net Box Office Collections)

41.7% 43.7%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

Q4FY18 Q4FY19

44.6% 44.2%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

FY18 FY19

O t h e r O v e r h e a d s P e r O p e r a t i n g S c r e e n

39

20.3 20.1 21.2 22.1 23.5

41.3 44.0 45.6 46.7 50.8

40.8 45.5 42.9 43.1 43.2

43.447.5 52.7 47.5

50.9

145.8157.1 162.4 159.4

168.3


Employee BenefitsLease Rental & Hire ChargesCAM, Power & Fuel, R&MOther Overheads

All figures in INR Lakhs, unless specified

22.0 23.5

46.6 50.8

43.1 43.2

47.5 50.9

159.3 168.3

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

FY18 FY19

5.6 5.9

11.4 13.0

9.7 10.2

12.5 13.3

39.2 42.5

(5.0)

5.0

15.0

25.0

35.0

45.0

55.0

Q4FY18 Q4FY19

6.3%

5.3%

14.2%

5.6%

7.1%

0.2%

8.9%

6.4%

40

Compet i t ive Advantage• R e c o g n i s e d A n d T r u s t e d C o r p o r a t e

G r o u p

• W e l l D i v e r s i f i e d P r e s e n c e A c r o s s I n d i a

• S t r o n g N e w S c r e e n s P i p e l i n e

• S t r o n g B r a n d P a r t n e r s h i p s

• S t r o n g B a l a n c e S h e e t

• S t a t e O f T h e A r t T e c h n o l o g y , U n m a t c h e d

S e r v i c e A n d A m b i e n c e

INOX Nehru Place, Delhi

41

Largest producer of (by

volume)

Chloromethanes,

refrigerants and

Polytetrafluoroethylene

in India.

Pioneer of carbon

credits in India

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

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 67 cities with 141

multiplexes and 583 screens

50:50 joint venture with Air

Products Inc., USA

Largest producer of

industrial gases in India

40 plants spread

throughout the country

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

•

•

•

•

W e l l D i v e r s i f i e d P r e s e n c e A c r o s s I n d i a

42

East; 23; 16%

West, 57, 41%

North, 34, 24%

South, 27, 19%East; 10; 15%

West, 23, 34%

North, 20, 30%

South, 14, 21%

East; 87; 15%

West, 247, 42%

North, 123, 21%

South, 126, 22%

East, 21,717 , 16%

West, 57,819 , 42%North; 28,783 ; 21%

South; 29,046 ; 21%

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

141 Properties 67 Cities

583 Screens 137,365 Seats

S t r o n g N e w S c r e e n s P i p e l i n e

43

STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

Properties Screens SeatsProperties Open Date Properties Screens Seats FY19 139 574 135,586

Lucknow Garden 12-Apr-19 1 4 803 FY20 Openings till date 2 9 1,779

Taksh Galaxy 3-May-19 1 5 976 Expected Jun'19 to Mar'20 16 71 12,633

Openings Till Date 2 9 1,779 FY20 Expected 157 654 149998Hyderabad 1 8 1,678

Gurugram 2 8 970 Additions Post FY20 120 830 151,663 Kolkata 1 2 342 Leading to 277 1484 301661

Bengaluru 2 9 1,357 Gorakhpur 1 4 761

Lucknow 2 9 1,817

Jalandhar 1 3 822 Indore (existing) - 6 403

Pune 1 5 1,160 Delhi 2 6 498

Tumkur 1 5 1,000

Vijayawada 1 3 1,022 Salem 1 3 803 Total 18 80 14,412

FY20 Pipeline

S t r o n g B r a n d P a r t n e r s h i p s

17%

FMCG CONSUMER DURABLES AUTOMOBILES GEC ECOMMERCE &TELECOMM.

OTHERSBFSI

S t r o n g B a l a n c e S h e e t

45

Potential To Grow Aggressively Without Any

Stress On Balance Sheet

Particulars (INR Crs.) Mar-19 Mar-18

Share Capital 102.6 96.2

Other Equity 893.9 606.1

Interest in Inox Benefit Trust, at cost (32.7) (32.7)

Total Shareholder funds 963.8 669.6

Non-Controlling Interest 0.01 0.01

Total Equity 963.8 669.6

Total Debt 110.0 291.9

Other Non-Current Liabilities 90.7 88.9

Total Sources of Funds 1,164.5 1,050.4

Fixed Assets 986.1 825.7

Other Non-Current Assets 341.3 315.8

Current Assets 137.6 116.5

Cash & Cash Equivalents 13.7 26.9

Less: Current Liabilities 314.3 234.6 Net Current Assets (163.0) (91.1)

Total Assets 1,164.5 1,050.4

Key Balance sheet Ratios Mar-19 Mar-18

Net Debt : Equity 0.10 0.40

Return on Equity (ROE)# 16.3% 18.8%

Return on Capital Employed (ROCE) 20.9% 13.2%

Low Leverage Net D/E:

Treasury Stock in Inox Benefit Trust

Promoters Stake

Strong Balance Sheet

Real Estate on Balance Sheet

INR 350 Crs.

144 INR Crs.As on 22-May-19

0.10x

51.9%

ROE (TTM): PAT/Avg. Equity, ROCE (TTM): EBIT/Avg. Capital Employed (Capital Employed = Equity + Total Debt)#Includes Tax write back pertaining to earlier years of Rs.53.7 crs.(FY18) and Rs.4.6crs (FY19)

S t a t e o f t h e A r t Te c h n o l o g y, U n m a t c h e d S e r v i c e & A m b i e n c e

46

Focus On Technology

ILL is the first multiplex chain to implement SAP HANA with all integrated functions

Focus on ensuring transparency with regulatory agencies and distributors through daily performance analysis reports

The Network Operations Centre (NOC) in Mumbai enables continuous monitoring, control and reporting of information on all digital systems across the

country. Advertisers can track their advertisement screening at various multiplexes on real-time basis leading to improved transparency and higher advertising

revenues for ILL

ILL stands for the best in LUXURY, SERVICE and TECHNOLOGY and keeping this core in mind; INOX has tied up with IMAX for the best in cinema viewing

experience for 10 screens.

ILL has pioneered Laser projection across the country including India’s first Laserplex.

ILL has tied up with Samsung for its ONYX Cinema LED screen technology.

ILL has tied up with MX4D for providing exciting in-cinema 4D effects to its Patrons.

ILL has tied up with ScreenX to provide a 270 degree viewing experience on 3 walls of the theatre enabled through multi-projection system.

Focus on high quality video and audio

ILL operates high quality DCI Compliant 2K & 4K Digital Projection Systems across all the screens in India

High-definition picture quality, strong 3D capabilities and high frame rate (HFR) (can go up to 60 fps)

ILL has been one of the early adopters of Dolby ATMOS sound technology. Excellent acoustic systems and distortion free sound

Focus on service and ambience:

Focus on providing world class ambience.

ILL with its in-app F&B ordering and Qbuster service, is able to considerably reduce its queue size and transaction time

Emphasis on safety, comfort and convenience

Focus On Strong Technology, Unmatched Service And Ambience

47

Content Pipeline – May 2019

Godzilla: King of the Monsters

Release Date: 31st May 2019Cast: Millie Bobby Brown, Sally Hawkins, Vera FarmigaDirector: Michael DoughertyBanner: Legendary Entertainment, Wanda Qingdao Studios, Warner Bros.

Student Of The Year 2

Release Date: 10th May 2019Cast: Tiger Shroff, Tara Sutaria, AnanyaPandeyDirector: PunitMalhotraBanner: Fox Star Studios, Dharma Productions

Aladdin

Release Date:24th May 2019Cast: Naomi Scott, Will Smith, Billy MagnussenDirector: Guy RitchieBanner: Walt Disney Pictures, Lin Pictures

De De Pyaar De

Release Date:17th May 2019Cast: Ajay Devgn, Tabu, Rakul PreetSinghDirector: Akiv AliBanner: Urban Romcom

Maharshi (Telugu)

Release Date:9th May 2019Cast: Mahesh Babu, Pooja HegdeDirector: VamsiPaidipallyBanner: Sri VenkateswaraCreations, VyjayanthiMovies, PVP Cinema

India’s Most Wanted

Release Date:24th May 2019Cast: Arjun KapoorDirector: RajkumarGuptaBanner: Fox Star Studios, RaapchikFilms

48

Content Pipeline – June 2019

Annabelle Comes Home

Release Date: 28th June 2019Cast: Emily Brobst, Patrick Wilson, Vera FarmigaDirector: Gary DaubermanBanner: Atomic Monster, New Line Cinema, RatPac-Dune Entertainment

Bharat

Release Date: 5th June 2019Cast: Salman Khan, Katrina KaifDirector: Ali Abbas ZafarBanner: T-Series Super Cassettes Industries Ltd., Reel Life Production Pvt Ltd, Salman Khan Films

Dark Phoenix

Release Date:7th June 2019Cast: Sophie Turner, Jennifer Lawrence, James McAvoyDirector: Simon KinbergBanner: 20th Century Fox Film Corporation, Bad Hat Harry Productions

Drive

Release Date: 28th June 2019Cast: Sushant Singh Rajput, Jacqueline FernandezDirector: TarunMansukhaniBanner: Dharma Productions, Fox Star Studios

Kabir Singh

Release Date:21st June 2019Cast: Shahid Kapoor, Kiara AdvaniDirector: Sandeep Reddy VangaBanner: T-Series Super Cassettes Industries Ltd., Cine1 Studios Production

Toy Story 4

Release Date:21st June 2019Cast:Tom Hanks, Tim Allen, Keanu ReevesDirector: Josh CooleyBanner: Pixar, Walt Disney Pictures

49

Content Pipeline – July 2019

Jabariya Jodi

Release Date:12th July 2019Cast: Parineeti Chopra, Sidharth MalhotraDirector: Prashant SinghBanner: BalajiTelefilms Ltd., Karma Media

Spider-Man: Far from Home

Release Date: 5th July 2019Cast: Zendaya, Tom Holland, Jon FavreauDirector: Jon WattsBanner: Sony Pictures Releasing, Columbia Pictures, Marvel Studios

Arjun Patiala

Release Date:19th July 2019Cast: Diljit Dosanjh, Kriti SanonDirector: Abhishek ChaubeyBanner: Maddock Flms

The Lion King

Release Date: 19th July 2019Cast: Chiwetel Ejiofor, Seth Rogen, Billy EichnerDirector: Jon favreauBanner: Fairview Entertainment, Walt Disney Pictures

Mental Hai Kya

Release Date: 26th July 2019Cast: Kangana Ranaut, Rajkummar RaoDirector: Prakash KovelamudiBanner: Balaji Motion Pictures, Karma Media

Once Upon a Time In Hollywood

Release Date:26th July 2019Cast: Brad Pitt, Leonardo DiCaprio, Margot Robbie Director: Quentin TarantinoBanner: Sony Pictures, Columbia Pictures, Heyday Films, PolybonaFilms

50

Content Pipeline – August 2019

Batla House

Release Date:15th August 2019Cast: John Abraham, Mrunal ThakurDirector: Nikhil AdvaniBanner: T-Series Super Cassettes Industries Ltd., Emmay Entertainment Pvt. Ltd, JA Entertainment Pvt. Ltd.

Chhichhore

Release Date: 30th August 2019Cast: Sushant Singh Rajput, Shraddha KapoorDirector: Nitesh TiwariBanner: Fox Star Studios, Nadiadwala GrandsonEntertainment

Hobbs & Shaw

Release Date: 2nd August 2019Cast: Dwayne Johnson, Idris Elba, EizaGonzálezDirector: David LeitchBanner: Universal Pictures

Made in China

Release Date:30th August 2019Cast: RajKummar Rao, Mouni RoyDirector: MikhilMusaleBanner: Maddock Films

Mission Mangal

Release Date:15th August 2019Cast: Akshay Kumar, Vidya Balan, TaapseePannuDirector: Jagan ShaktiBanner: Cape of Good Films, Fox Star Studios

Saaho

Release Date:15th August 2019Cast: Prabhas, Shraddha KapoorDirector: SujeethBanner: UV Creations, T-Series, Dharma Productions

51

Annexure

INOX Metro, Mumbai

Shareholding Structure

52

Source: BSE

Public/Others, 12.08%

INOX Benefit Trust, 4.23%

DII, 20.64%

FII, 11.16%

Promoter & Promoter

Group, 51.89%

% Shareholding as of 17th May 2019

Source: Company Source: Company

Source: BSE

Market Data As on 22-May-19

No. of Shares Outstanding (Crs.) 10.3

Face Value (INR) 10.0

Price (INR) 331.7

52 week High/Low (INR) 344.00/189.65

Market Capitalisation (INR Crs.) 3,411

Key Institutional Investors – 17th May 2019

%

Holding

HDFC MF 6.2%

Reliance MF 3.7%

Aditya Birla Sunlife 3.2%

Sundaram MF 3.2%

DSP Blackrock MF 2.0%

Taiyo Greater India Fund Ltd 1.6%

BNP Paribas MF 1.5%

DFA Investments Group 1.2%

Morgan Stanley 1.0%

RAMS Equities Portfolio Fund 0.9%

Kuwait Investment Authority Fund 0.9%

Cohesion Fund 0.9%

AADI financial 0.7%

180

200

220

240

260

280

300

320

340

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19

INR

Share Price Performance

Consolidated Profit & Loss Statement

53

Particulars (INR Crs.) Q4FY19 Q4FY18 YoY % Q3FY19 QoQ % FY19 FY18 YoY %

Revenue from Operations 478.8 323.6 48.0% 433.1 10.6% 1,692.2 1,348.1 25.5%

Exhibi tion Cost 127.2 81.3 56.5% 112.2 13.4% 444.2 367.3 20.9%

Food & Beverages Cost 31.7 19.5 62.6% 28.3 11.9% 112.5 74.4 51.3%

Employee Benefi ts Expense 30.9 25.4 21.4% 30.2 2.3% 115.2 96.4 19.5%

Lease Rental & Hire Charges 68.3 52.1 31.2% 64.2 6.5% 249.3 203.8 22.4%

CAM, Power & Fuel , R&M 53.6 44.3 21.0% 52.7 1.7% 211.9 188.2 12.6%

Other Expenses 69.8 57.2 22.1% 62.1 12.5% 249.9 207.7 20.3%

EBITDA 97.4 43.9 121.9% 83.5 16.6% 309.2 210.4 46.9%

EBITDA Margin % 20.3% 13.6% 678 bps 19.3% 105 bps 18.3% 15.6% 266 bps

Depreciation & Amortisation 24.8 21.9 13.2% 24.5 1.3% 95.5 86.7 10.1%

Impairment Loss on PP&E 0.8 1.8 -55.1% - 0.8 3.1 -73.5%

Other Income 5.2 6.2 -16.0% 3.1 69.3% 14.9 14.5 3.1%

Finance Cost 3.8 7.1 -46.7% 6.2 -38.9% 23.7 28.9 -18.1%

Exceptional Items 5.0 8.5 -41.5% - 5.0 8.5 -41.5%

Share of Profi t from Joint Ventures - (0.0) -100.0% - - (0.0) -100.0%

PBT 68.2 10.7 538.1% 55.9 22.0% 199.1 97.6 103.9%

Current Tax 21.5 0.9 2207.5% 16.5 30.3% 60.1 32.5 84.9%

Deferred Tax 3.1 5.8 -45.5% 2.9 7.5% 10.1 4.2 139.3%

Tax perta ining to earl ier years (4.6) (53.7) -91.5% - (4.6) (53.7) -91.5%

PAT 48.1 57.7 -17% 36.4 32% 133.5 114.6 16%

PAT Margin % 10.0% 17.8% -779 bps 8.4% 162 bps 7.9% 8.5% -61 bps

Earnings Per Share (EPS) 4.97 1.43 248% 3.90 27% 14.20 12.49 14%

Consolidated Balance Sheet Statement

54

Equity & Liabilities (INR Crs.) Mar-19 Mar-18

Equity:

Equity Share Capital 102.6 96.2

Other Equity 893.9 606.1

Interest in Inox Benefit Trust, at cost (32.7) (32.7)

Equity attributable to owners of the company 963.8 669.6

Non-Controlling Interest 0.0 0.0

Total Equity 963.8 669.6

Non-current liabilities:

Borrowings 55.0 252.4

Other Financial Liabilities 9.0 3.1

Provisions 12.7 10.1

Other Non-current Liabilities 69.0 75.7

Total of Non-Current Liabilities 145.7 341.3

Current Liabilities:

Borrowings 20.0 -

Trade Payables 159.6 113.2

Other Financial Liabilities 120.4 105.7

Other Current Liabilities 47.5 38.2

Provisions 14.4 14.8

Income Tax Liabilities (Net) 7.4 2.1

Total of Current Liabilities 369.3 274.1

Total Equity & Liabilities 1,478.8 1,285.0

Assets (INR Crs.) Mar-19 Mar-18

Non-Current Assets:

Property, Plant & Equipment 893.9 742.7

Capital work-in-progress 63.7 53.9

Goodwill 17.5 17.5

Other Intangible Assets 11.1 11.5

Investments in Joint Ventures - -

Other Investments 0.6 1.2

Loans 89.2 74.2

Other Financial Assets 86.0 67.5

Deferred Tax Assets (Net) 52.9 81.1

Tax Assets (Net) 8.8 9.1

Other Non Current Assets 103.9 82.7

Total Non Current Assets 1,327 1,142

Current Assets:

Inventories 12.2 9.4

Other Investments 0.6 12.4

Trade Receivables 88.2 75.9

Cash and Bank Balances 11.8 13.3

Bank Balances Other than above 1.9 1.7

Loans 5.2 5.9

Other Financial Assets 0.2 0.2

Income Tax Assets (net) 4.6 -

Other Current Assets 26.7 24.6

Total Current Assets 151.3 143.4

Total Assets 1,478.8 1,285.0

Financial Summary

55

895

1,161 1,221 1,348

1,692


123

189 146

210

309 13.7% 16.3% 12.0% 15.6% 18.3%


EBITDA EBITDA Margin %

20

81

31

115 133

2.2%7.0%

2.5%

8.5% 7.9%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0 %

5.0 %

10. 0%

-

20

40

60

80

100

120

140


PAT PAT Margin %

241 267 317 292 110

676 522 553 670 964

0.3 0.4 0.5 0.4 0.1


Equity Debt Net Debt to Equity

61.6% 61.4% 61.3% 59.5% 57.6%

21.3% 22.9% 23.3% 22.7% 25.8%

9.1% 7.8% 7.9% 10.3% 10.4%

8.0% 7.8% 7.6% 7.5% 6.2%


NBOC F & B Advertising Others

ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)Net Debt = Total Debt – Cash –Bank – Liquid MF Investments

REVENUES EBITDA PAT

REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS


6.1

%

14

.9%

7.3

%

13

.2%

20

.9%

3.8

%

16

.8%

5.7

%

18

.8%

16

.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%


ROCE % ROE %

56

Thank YouBalesh Talapady

GM – Business Analysis

INOX Leisure Ltd.

Contact+91-22-4062 6927

Email: [email protected]

investor presentation may 2019 · 2019-05-25 · this presentation and the following discussion may...

Documents