investor presentation€¦ · india's most trusted cinema display brand i multiplex i ; chain...

$: Investor Presentation€¦ · india's most trusted cinema display brand i multiplex i ; chain oftheyear \; t at imax big 1 cine awards j 2018 highest luxury 11 standards / 1 at international$
Investor Presentation

February 2020

2

DISCLAIMERThis 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.

FY15 financial figures are as per IGAAP, and for FY16 and thereafter it is as per INDAS.

Revenues for FY15 are shown net of entertainment tax, to be consistent with the revenues

under INDAS.

S U M M A R Y

• INDUSTRY OVERVIEW

• COMPANY OVERVIEW

• COMPETITIVE ADVANTAGE

& OUTLOOK

• ANNEXURE

3

Exceeding Expectationsi BESTTECHNOLOGY 1 1 ADOPTER 1) 1 OFTHEYEAR \) t AT IMAX BIG )

CINE AWARDS 2019

I NOX LEI SURE

ET BEST BRANDS

MOST ADMIRED MULTIPLEX OFTHE

YEAR AT ET NOW GLOBAL AWARDS

FOR RETAIL EXCELLENCE

2018-19

BEST TECHNOLOGY OFTHEYEAR

IMAX BIG CINE AWARDS

2018

INDIA'STOP MULTIPLEX CHAIN

OFTHEYEAR AT IMAX BIG

CINE AWARDS 2019 , -..1)

,.

POPULAR MULTIPLEX

TIMES RETAIL ICON AWARDS

2018-19

I lj I I

j

I I I; I,; ,,

BEST MARKETED

BRAND KOTLER AWARD OF EXCELLENCE

2018-19

INDIA'S MOST TRUSTED CINEMA DISPLAY BRAND

I

MULTIPLEX I ; CHAIN OFTHEYEAR \; t AT IMAX BIG 1

CINE AWARDS J 2018

HIGHEST LUXURY 11 STANDARDS / 1 AT INTERNATIONAL ( t FILM BUSINESS

AWARDS 2018-19

J

BEST TECHNOLOGY OFTHEYEAR

IMAX BIG CINE ,I

AWARDS 2018

BEST EMPLOYER OFTHEYEAR I

AT EMPLOYER I \)

BRANDING I,; AWARDS 2018-19

1, MAPIC INDIA MOST /; f ADMIRED RETAIL t PERSONALITY

OFTHEYEAR 2019

4

INDUSTRY OVERVIEW

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

.,1 .I .1 I : , ____ .,

,l ,I - r -

• r •

I I I I I I , ____ .,

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

■

IN

_________________________________ CA.GB~1% -------------------------------+ --■

■

■

■

■

■

X

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

T T T

■

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 6,000

-

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 ThaTiger

(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) Saaho(2019)

1

2 5

9 6 7 5

8 7 10

12

1

2 1 1

- 1

2

5

1 - - -

-

- - 1 1

2 2

3

2

-

5

10

15

20

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 UptoJan'20

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 I I I I I I I r T T T r T

I r r r

-■ ■ ■

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)

■ ■ ■

■ ■ ■

■ ■

IN

.------.

-----.

t •= I I

it I --1 -I I I I

X

10

Company Overview

rflGHEST "EBITDA TO CAPITAL

INVESTED RATIO" IN THE INDUSTRY

1NDIA'S <FIRST

3TIER CINEMA LOYALTY

PROGRAMME

LAUNCHED!

<FROMISES DELIVERED!

LEISURE LIM ITED

<FIRST NATIONAL CINEMA CHAIN

IN THE INDUSTRY TO BE

NET DEBT FREE

600 SCREENS MILESTONE CROSSED

Track Record of Aggressive Expansion

11

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

8 12 25 35 5

8 76 9

1 11

9

23

9 25

7 27

9 31

0

37

2

42

0

46

8 49

2

57

4 61

4

2 3 6 916

22 2632

6368 72

79

96107

118123

139146

-70

-20

30

80

130

0

100

200

300

400

500

600

700

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Feb-20

Screens Properties

,oo+ screens - -

- - ■ ■ I I I I

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

13

East; 23; 16%

West, 56, 38%North, 38, 26%

South, 29, 20%East; 10; 15%

West, 23, 34%

North, 21, 31%

South, 14, 20%

East; 87; 14%

West, 250, 41%North, 139, 23%

South, 138, 22%

East, 21,702 , 15%

West, 57,253 , 40%North; 32,236 ; 23%

South; 31,493 ; 22%

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

146 Properties

614 Screens 142,684 Seat

68 Cities

New Screen Pipeline

14

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

Lucknow Garden Galleria 12-Apr-19 1 4 803 FY20 Openings till date 9 46 9,196

Taksh Galaxy Vadodara 3-May-19 1 5 976 Expected Feb'20 to Mar'20 6 24 3,823

Bengaluru Yelahnaka 28-Jun-19 1 4 756 *Adjustments (2) (6) (2,098)

Hyderabad GSM 29-Jun-19 1 8 1,691 FY20 Expected 152 638 146,507

Lucknow Umrao Mall 18-Aug-19 1 3 653

Jalandhar Reliance 6-Sep-19 1 3 862 Additions Post FY20 148 1,018 188,881

Gorakhpur Orion 12-Dec-19 1 4 748 Leading to 300 1,656 335,388

Indore Century 21(Existing) 27-Dec-19 - 4 378

Lucknow Crown Mall 30-Dec-19 1 6 1,190

Pune Elpro 16-Jan-20 1 5 1,139 Openings Till Date 9 46 9,196

To Be Opened

Jaipur 1 3 550

Bhilwara 1 3 670

Indore (Existing) - 2 80

Bengaluru 1 5 629

Gurugram 1 4 850

Mumbai 1 4 241

Salem 1 3 803 Total 15 70 13,019

FY20 Pipeline

*Adjustments – Discontinued operations of Nagpur Poonam Mall (3 screens & 1068 seats) & Pune FNS (3 screens & 1015 seats),and 15 seats of Siliguri Orbit has been reduced due to renovation.

IN X

---------

15

INOX Atria, Worli, Mumbai

16

INOX Metro, Mumbai

17

INOX Malad, Mumbai

18

INOX Marina Mall, Chennai

19

INOX South City , Kolkata

20

Rs.518crs

19% YoY

Rs.108crs

25% YoY

Excludes impact of Ind AS 116

1.69crs

11% YoY

Rs.51crs

40% YoY

TOTAL REVENUE

EBITDA

HIGHE 1

~ THE INDUSTRY

FOR

Q3FY20 FOOTFALLS PAT

LEISURE LIMITED

21Excludes impact of Ind AS 116

Rs.1538crs

26% YoY

Rs.308crs

39% YoY

5.32crs

19% YoY

Rs.144crs

68% YoY

TOTAL REVENUE

HIGHE 1

~ THE INDUSTRY

FOR

9MFY20 FOOTFALLS PAT

LEISURE LIMITED

Ind AS 116 Impact on Profit & Loss

22

Due to rounding-off, figures presented in the above table may not add up precisely to the totals provided and percentages may not precisely reflect the rounded-off figures.

All figures in INR Crs., unless otherwise specified.

*Ind AS 116 - Rent Impact

ParticularsQ3FY20

Reported

Ind AS 116

Impact

Q3FY20

Without

Ind AS 116

Q3FY19 YoY%9MFY20

Reported

Ind AS

116

Impact

9MFY20

Without

Ind AS 116

9MFY19 YoY%

Total Revenues 518 518 436 19% 1,538 1,538 1,223 26%

Total Expenses * 344 65 409 350 17% 1,039 192 1,231 1,002 23%

EBITDA 174 -65 108 87 25% 499 -192 308 221 39%

EBITDA Margin(%) 34% 21% 20% 1% 32% 20% 18% 2%

[-]Depreciation 65 -38 27 25 11% 190 -110 80 71 13%

EBIT 109 -28 81 62 31% 309 -81 228 151 51%

[-]Interest 55 -53 2 6 -66% 160 -153 7 20 -64%

PBT 54 25 79 56 41% 149 71 220 131 68%

[-] Tax expense 19 9 28 19 43% 52 25 77 46 69%

PAT 35 16 51 36 40% 97 46 144 85 68%

PAT Margin(%) 7% 10% 8% 2% 6% 9% 7% 2%

Basic EPS (Rs.) 3.56 1.64 5.20 3.90 33% 9.89 4.72 14.61 9.23 58%

LIVE l'/4 MOVIE

-------------------------------------------------------- ------------

To t a l R e v e n u e s

23

436 518

-

100

200

300

400

500

600

Q3FY19 Q3FY20

1,223 1,538

-

200

400

600

800

1,00 0

1,20 0

1,40 0

1,60 0

1,80 0

9MFY19 9MFY20

904

1,168 1,230 1,363

1,707

FY15 FY16 FY17 FY18 FY19

19%

26%

All figures in INR Crs., unless otherwise specifiedNote: 1) Total Revenues include other non-operating income

t

t

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 ]

24

131

197

155

225

324

14%

17%

13%

17%

19%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%


EBITDA EBITDA Margin %

87 108

20%

21%

0%

5%

10%

15%

20%

25%

-

20

40

60

80

100

120

Q3FY19 Q3FY20

EBITDA EBITDA Margin

221

308

18%20%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

-

20

40

60

80

100

120

140

160

180

200

9MFY19 9MFY20

EBITDA EBITDA Margin

25%

39%

All figures in INR Crs., unless otherwise specifiedNote: 1) EBITDA includes other non-operating income2) Q3FY20 and 9MFY20 excludes Ind AS 116 impact

__ .. Go ""so/o --------

c~ I''"----------------

t

-t

- -

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

25

20

81

31

115

133

2%

7%

2%

8%8%

-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 %

36 51

8%

10%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

-

5

10

15

20

25

30

35

40

45

50

Q3FY19 Q3FY20

PAT PAT Margin

85

144

7%

9%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

-

20

40

60

80

100

120

9MFY19 9MFY20

PAT PAT Margin

40%

68%

All figures in INR Crs., unless otherwise specifiedNote: 1) Q3FY20 and 9MFY20 excludes Ind AS 116 impact

.,,.. .,,. .,,,. .,,.. --- -

-

,:_'I ol - - ... c~GR u.1.70 - - - - - - - - - -- ---.,,...,.,..,,.--

-

IN

-t =

-t

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

26

552 713 748 802

975 191

266 284

306

436

81

91 96

139

176

79

99 101 115

119

904

1,168 1,230

1,363

1,707

-

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 Other Revenues

243288

106

13056

5831

42436

518

0

100

200

300

400

500

600

Q3FY19 Q3FY20

691887

312

403134

144

86

1041223

1538

0

200

400

600

800

100 0

120 0

140 0

160 0

180 0

200 0

9MFY19 9MFY20

22%

8%

29%

28%

35%

3%

22%

19%

All figures in INR Crs., unless otherwise specifiedNote: 1) Other Revenues include non-operating income

• •

■ ■ • ■ ■ •

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

27

All figures in Lakhs, unless specified

153 169

27% 27%

3%

8%

13%

18%

23%

28%

80

100

120

140

160

180

Q3FY19 Q3FY20

446 532

27%

29%

3%

8%

13%

18%

23%

28%

33%

-

100

200

300

400

500

600

9MFY19 9MFY20

11%

19%

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%

__ .,. ol -----

Go" 'l,:10 _ - - - -c~ "~-----

~ --- ----- I ----------t

- t

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

28

164 170 178193 197


All figures in INR, unless specified

206 204

-

50

100

150

200

250

Q3FY19 Q3FY20

200 199

-

20

40

60

80

100

120

140

160

180

200

9MFY19 9MFY20

-1.0%

-0.5%

_,.

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

29

55 58 62 6674



74 81

-

10

20

30

40

50

60

70

80

90

100

Q3FY19 Q3FY20

74 80

-

10

20

30

40

50

60

70

80

90

100

9MFY19 9MFY20

10%

8%

t

t

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

30

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 (%)

54 61

73.4% 75.3%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

-

10

20

30

40

50

60

70

Q3FY19 Q3FY20

55 60

74.1% 75.2%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

-

10

20

30

40

50

60

70

9MFY19 9MFY20

13%

9%


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

•

t

- t -+-

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

31

81 91 96

139

176

25 2522

30

34

-

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)

56 58

10.59.6

-

2.0

4.0

6.0

8.0

10.0

12.0

-

10

20

30

40

50

60

70

Q3FY19 Q3FY20

3%

134 144

26.224.5

-

5.0

10.0

15.0

20.0

25.0

30.0

-

20

40

60

80

100

120

140

160

180

200

9MFY19 9MFY20

8%

IN X

t

t

e

O t h e r R e v e n u e s p e r s c r e e n

32

24.5 26.7

24.9 26.4

24.3


6.2 7.4

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Q3FY19 Q3FY20

17.9 18.6

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

9MFY19 9MFY20

18%

4%

All figures in INR Crs., unless otherwise specifiedNote: 1) Includes other non-operating income

t

t

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

33

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)

44.6% 45.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

Q3FY19 Q3FY20

44.5% 44.2%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

9MFY19 9MFY20

■

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

34

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 specifiedLease Rental & Hire Charge excludes impact of Ind AS 116

17.6 19.5

37.7 38.7

33.0 34.3

37.5 37.3

125.8 129.8

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

110.0

120.0

130.0

140.0

150.0

9MFY19 9MFY20

6.0 6.5

12.8 13.0

10.5 10.8

12.4 12.5

41.7 42.7

(5.0)

5.0

15.0

25.0

35.0

45.0

55.0

Q3FY19 Q3FY20

0.9%

2.8%

1.8%

7.8%

-0.7%

4.0%

2.7%

10.9%

2.6%

3.2%

-- - ----- ----

■

■

■

■

CAGR4% -------------► -------------

1------------------------ I : '

t t t t

------------------------------------~

' ' : '

• t t t

IN X

35

EBITDA excludes Ind AS 116 impact and includes Other non-operating incomeAll figures in INR Crs., unless otherwise specified

81 91

96

139

177 187

80

100

120

140

160

180

FY15 FY16 FY17 FY18 FY19 FY20

Ad Revenue

131

197 155

225

324

410

125

175

225

275

325

375

425


EBITDA

191

266 284 306

436

526

180

230

280

330

380

430

480

530


Net F&B Revenue

(TTM) (TTM)

(TTM)

STRATEGIC LEISURE LIMITED INITIATIVES IN ADVERTISEMENT AND F&B

YIELDING RESULTS!

36

IN t=:X KEY INITIATIVES

AJAY DEVGN WITH INDX REWARDS BLACK TIER CARD

INOX'J •- . fa,slWf'

LOYALTY PROGRAM

DEEPIKA PADUKONE BECOMES AN INOX REWARDS BLACK TIER MEMBER

,1/"frdret/ 4 MILLION

VARUN DHAWAN SHOOTS AN INOX REWARDS VIDEO

(

[,.,/iDl's ➔ 3 TIER

CINEMA LOYALTY PROGRAM

BADMINTON STAR P.V. SINDHU APPLAUDS EFFORTS TO PROMOTE INOX REWARDS

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

37

Potential To Grow Aggressively Without Any Stress On Balance Sheet

Low Leverage Net D/E:

Treasury Stock in Inox Benefit Trust

Promoters Stake

Strong Balance Sheet

Real Estate on Balance Sheet

INR 350 Crs.

192 INR Crs.As on 10-Feb-20

51.9%

Particulars (INR Crs.) *Sep-19 Mar-19

Share Capital 102.6 102.6

Other Equity 611.0 893.9

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

Total Shareholder funds 681.0 963.8

Non-Controlling Interest 0.01 0.01

Total Equity 681.0 963.8

Gross Debt 87.5 110.0

Lease Liability 2,376.3 -

Other Non-Current Liabilities 93.8 90.7

Total Sources of Funds 3,238.6 1,164.5

Fixed Assets (Excl Right of Use) 1,004.1 986.1

Right of Use 1,821.5 -

Other Non-Current Assets 523.8 341.3

Current Assets 125.3 137.6 Cash & Cash Equivalents 31.2 13.7

Less: Current Liabilities 267.3 314.3 Net Current Assets (110.9) (163.0)

Total Assets 3,238.6 1,164.5

Key Balance sheet Ratios #Sep-19 Mar-19

Net Debt : Equity 0.05 0.10

Return on Equity (ROE) 19.9% 16.3%

Return on Capital Employed (ROCE) 26.5% 22.4%

ROE (TTM): PAT/Avg. Equity, ROCE (TTM): EBIT (incl. non-operating income) /Avg. Capital Employed (Capital Employed = Equity + Gross Debt), Net Debt = Gross Debt – Cash –Bank – Liquid MF Investments

#Note: Net Debt to Equity is calculated by excluding impact of Ind AS116 from Equity , also lease liability has been excluded from Net Debt ROE is calculated by excluding impact of Ind AS116 from PAT and Equity ROCE is calculated by excluding impact of Ind AS116 on EBIT & Equity, also lease liability is excluded from Gross Debt

*Includes Ind AS 116 Impact

0.05x--

--

...

...

...

IN

Annexure: Consolidated Balance Sheet Statement

38

Equity & Liabilities (INR Crs.) *Sep-19 Mar-19

Equity:

Equity Share Capital 102.6 102.6

Other Equity 611.0 893.9

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

Equity attributable to owners of the company 681.0 963.8

Non-Controlling Interest 0.0 0.0

Total Equity 681.0 963.8

Non-current liabilities:

Borrowings 37.5 55.0

Other Financial Liabilities 7.0 9.0

Lease Liability 2,310.0 -

Provisions 16.2 12.7

Other Non-current Liabilities 70.6 69.0

Total of Non-Current Liabilities 2,441.3 145.7

Current Liabilities:

Borrowings 15.0 20.0

Trade Payables 119.1 159.6

Other Financial Liabilities 98.2 120.4

Lease Liability 66.3 -

Other Current Liabilities 68.3 47.5

Provisions 16.7 14.4

Income Tax Liabilities (Net) - 7.4

Total of Current Liabilities 383.6 369.3

Total Equity & Liabilities 3,505.9 1,478.8

Assets (INR Crs.) *Sep-19 Mar-19

Non-Current Assets:

Property, Plant & Equipment 906.7 893.9

Capital work-in-progress 70.3 63.7

Goodwill 17.5 17.5

Other Intangible Assets 9.5 11.1

Right of Use 1,821.5 -

Other Investments 0.2 0.6

Loans 92.8 89.2

Other Financial Assets 89.3 86.0

Deferred Tax Assets (Net) 232.0 52.9

Tax Assets (Net) 10.6 8.8

Other Non Current Assets 99.0 103.9

Total Non Current Assets 3,349 1,327

Current Assets:

Inventories 13.5 12.2

Other Investments 16.1 0.6

Trade receivables 74.4 88.2

Cash and Bank Balances 11.7 11.8

Bank Balances Other than above 4.1 1.9

Loans 5.2 5.2

Other Financial Assets 0.2 0.2

Income Tax Assets (net) - 4.6

Other Current Assets 31.3 26.7

Total Current Assets 156.5 151.3

Total Assets 3,505.9 1,478.8 *Includes Ind AS 116

-- ----

----

Consolidated Profit & Loss Statement

39

Particulars (INR Crs.)

Q3FY20 with

Ind AS116 Q3FY19 YoY %

Q2FY20 with

Ind AS116 QoQ %

9MFY20 with

Ind AS116 9MFY19 YoY % FY19

Total Revenue 517.8 436.2 18.7% 524.3 -1.3% 1,538.2 1,223.0 25.8% 1,707.1

Exhibi tion Cost 133.7 112.2 19.2% 139.1 -3.9% 402.7 317.0 27.0% 444.2

Food & Beverages Cost 32.0 28.3 13.0% 34.5 -7.3% 99.8 80.8 23.5% 112.5

Employee Benefi ts Expense 36.9 30.2 22.4% 37.3 -1.1% 109.3 84.3 29.7% 115.2

Lease Rental & Hire Charges 8.8 64.2 -86.3% 8.8 -0.1% 25.7 181.0 -85.8% 249.3

CAM, Power & Fuel , R&M 61.5 52.7 16.7% 65.7 -6.4% 192.5 158.4 21.6% 211.9

Other Expenses 71.1 62.1 14.5% 66.7 6.6% 209.0 180.1 16.1% 249.9

EBITDA 173.8 86.6 100.7% 172.2 0.9% 499.2 221.5 125.4% 324.1

EBITDA Margin % 33.6% 19.9% 1371 bps 32.8% 73 bps 32.5% 18.1% 1434 bps 19.0%

Depreciation & Amortisation 64.8 24.5 164.3% 64.5 0.5% 190.2 70.6 169.2% 95.5

Impairment Loss on PP&E - - - - - 0.8

Finance Cost 54.7 6.2 782.9% 54.2 1.0% 159.8 19.9 703.7% 23.7

Exceptional Items - - - - - 5.0

PBT 54.2 55.9 -3.0% 53.4 1.5% 149.2 130.9 13.9% 199.1

Current tax 24.7 16.5 49.7% 26.2 -5.7% 72.8 38.6 88.6% 60.1

Deferred tax (5.5) 2.9 -288.2% (7.5) -26.5% (20.3) 6.9 -394.0% 10.1

Taxation perta ining to earl ier years - - (0.4) -100.0% (0.4) - (4.6)

Impact of re-measurement of deferred

tax asset** - - - - - -

PAT 35.0 36.4 -3.9% 35.1 -0.4% 97.2 85.4 13.7% 133.5

PAT Margin % 6.8% 8.4% -159 bps 6.7% 6 bps 6.3% 7.0% -67 bps 7.8%

Basic Earnings Per Share (EPS) 3.56 3.90 -9% 3.57 -0.3% 9.89 9.23 7% 14.20

All figures in INR Crs., unless otherwise specified

---------------------------

Financial Summary

40

904

1,168 1,230 1,363

1,707


131

197 155

225

324 14.5% 16.9% 12.6% 16.5% 19.0%


EBITDA EBITDA Margin %

20

81

31

115 133

2.2%6.9%

2.5%

8.4% 7.8%

-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


Gross Debt Equity Net Debt to Equity

61.0% 61.0% 60.8% 58.9% 57.1%

21.1% 22.7% 23.1% 22.5% 25.5%

9.0% 7.8% 7.8% 10.2% 10.3%

8.8% 8.5% 8.2% 8.5% 7.0%


NBOC F & B Advertising Others

TOTAL REVENUES EBITDA PAT

REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS

Note: 1) FY15 financial figures are as per IGAAP, and for FY16 and thereafter it is as per INDAS. Revenues for FY15 are shown net of entertainment tax, to be consistent with the revenues under INDAS.2) Total Revenues & EBITDA includes non operating income.3) Net Debt = Total Debt – Cash –Bank – Liquid MF Investments4) ROE: PAT/Avg. Equity,5) ROCE: EBIT(incl. non-operating income) /Avg. Capital Employed (Capital Employed = Equity + Total Debt)

7.1

%

16

.0%

8.4

%

14

.8%

22

.4%

3.8

%

16

.8%

5.7

%

18

.8%

16

.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%


ROCE % ROE %

All figures in INR Crs., unless otherwise specified

IN X

- - - -

■ ■ ■ ■ - - ■ ■

Shareholding Structure

41

Source: BSE

Source: Company Source: Company

Source: BSE

0

50

100

150

200

250

300

350

400

450

Share Price Performance

*TTMEPS : Rs. 20

PE : 23xEV/EBITDA: 11x

*EPS and EV is calculated based on closing share price, as on 10th Feb 2020 EBITDA is considered on TTM basis

Market Data As on 10-Feb-20

No. of Shares Outstanding (Crs.) 10.3

Face Value (INR) 10.0

Price (INR) 442.0

52 week High/Low (INR) 452.70/249.25

Market Capitalisation (INR Crs.) 4,546

Public/Others11.23%

INOX Benefit Trust4.23%

DII22.12%

FII10.53%

Promoter & Promoter

Group51.89%

Shareholding – 7th Nov 2020

Key Institutional Investors - 7th Feb 2020 % Holding

HDFC 7.5%

Sundaram MF 4.1%

DSP Fund 2.0%

Aditya Birla Sunlife 1.7%

Franklin India MF 1.5%

BNP Paribas 1.3%

Reliance MF 1.2%

DFA Investments Group 1.1%

Icici Prudential 1.1%

Taiyo Greater India Fund Ltd 0.9%

AXA 0.9%

RAMS Equities 0.7%

Cohesion 0.7%

Caisse De (ENAM) 0.6%

Morgan Stanley 0.5%

IN

-

Annexure: Strong Brand Partnerships

BFSI, GEC & Automobile FMCG

Consumable Durables

Ecommerce &Telecomm.

Fashion & Lifestyle

Others

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43

~~MARKETING INITIATIVES

AJAY DEVGN MEETS SCHOOL CHILDREN AT INOX MEGAPLEX, MALAD, MUMBAI

INNOVATIVE LAUNCH: TAPSEE PANNU AND BHUMI PEDNEKAR ARRIVE AT INOX MEGAPLEX

VARUN DHAWAN DANCES WITH FANS AT INOX IN DORE AND PROMOTES INOX REWARDS

INOX REWARD MEMBERS ENJOY HOLLYWOOD FILM "BOMBSHELL" AT INOX INSIGNIA

AJAY DEVGN UNVEILS A SPECIAL GOURMET MENU AT INOX INSIGNIA

44

ALTERNATE CONTENT SCREENING OF METALLICA CONCERT HELD IN 8 CITIES ACROSS INDIA

WINNER OF THE INOX GETAWAY COMBO, SREE HARSHA THOTA WINS AN ALL EXPENSES PAID TRIP TO DUBAI & FERRARI WORLD

PREMIERE BADMINTON LEAGUE SPORTS PLAYERS MEET STUDENTS AT INDX CHENNAI

MONKS EXPERIENCE A MOVIE AT INOX IN NEHRU PLACE, NEW DELHI

BRAND INOX GOING PLACES WITH PREMIERE BADMINTON LEAGUE

45

•

•

•

•

Erstwhile INOX

Fluorochemicals

Limited

Largest producer of

Chloromethanes,

refrigerants and

Polytetrafluoroethyl

ene 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 68 cities

with 146 multiplexes

and 614 screens

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

50:50 joint venture with

Air Products Inc., USA

Largest producer of

industrial gases in

India

40 plants spread

throughout the

country

Erstwhile Gujarat

Fluorochemicals

Limited

Holding company of

INOX Wind and INOX

Leisure Ltd.

INOX Wind LimitedINOX Leisure LimitedGujarat Fluorochemicals

Limited

INOX Air Products

Private Limited

INOX India

Private Limited

LISTED COMPANIES

GFLLimited IN X LIVE b'w MOVI E

90 Year track record of consistent business growth USO $3 Billion lnox Group diversified across 7 different businesses

OTHER KEY COMPANIES

10,000+ employees at 150+ business units across India Distribution network spread over 50+ countries

Content Pipeline – Feb 2020

Love Aaj Kal 2

Release Date:14th February 2020Cast: Kartik Aaryan, Sara Ali KhanDirector: Imtiaz AliBanner: Maddock Films, Reliance Entertainment, JioStudios, Window Seat Films

Shikara

Release Date:7th February 2020Cast: Aadil Khan, Sadia DharDirector: Vidhu Vinod Chopra Banner: Fox Star Studios

Malang

Release Date: 7th February 2020Cast: Aditya Roy Kapur, Disha PataniDirector: Mohit SuriBanner: Luv Films, Northern Lights Entertainment, T-Series Super Cassettes Industries Ltd.

Shubh Mangal ZyadaSaavdhan

Release Date:21st February 2020Cast: AyushmannKhurrana,Director: Hitesh KewaliaBanner: Colour Yellow Productions, T-SeriesSuper Cassettes Industries Ltd.

BHOOT: Part One –The Haunted Ship

Release Date:21st February 2020Cast: Vicky Kaushal, Bhumi PednekarDirector: BhanuPratap SinghBanner: Dharma Productions, Zee Studios

Thappad

Release Date:28th February 2020Cast: Tapsee PannuDirector: AnubhavSinhaBanner: T-Series Super Cassettes Industries Ltd.

46

Content Pipeline – Mar 2020

Gunjan Saxena – The Kargil Girl

Release Date: 13th March 2020Cast: Janhvi KapoorDirector: Sharan SharmaBanner: Dharma Productions, Zee Studios

Chhalaang

Release Date: 13th March 2020Cast: Rajkummar Rao, Nushrat BharuchaDirector: Hansal MehtaBanner: Ajay DevgnFfilms, Luv Films, TSeries Super Cassettes Industries Ltd.

Mulan

Release Date:27th March 2020Cast: Liu Yifei, Donnie YenDirector: Niki CaroBanner: Walt Disney Pictures

Angrezi Medium

Release Date:20th March 2020Cast: Irrfan Khan, Kareena Kapoor KhanDirector: Homi AdajaniaBanner: T-Series Super Cassettes Industries Ltd.,Maddock Films

Sooryavanshi

Release Date:27th March 2020Cast: Akshay Kumar, Katrina KaifDirector: Rohit ShettyBanner: Rohit Shetty Picturez, Dharma Productions, Cape of Good Films, Reliance Entertainment

Baaghi 3

Release Date: 6th March 2020Cast: Tiger Shroff, Shraddha Kapoor Director: Ahmed KhanBanner: NadiadwalaGrandson Entertainment

47

IN X

Content Pipeline – Apr 2020

Roohi Afzana

Release Date:17th April 2020Cast: Rajkummar Rao, Janhvi KapoorDirector: Hardik MehtaBanner: Maddock Films

‘83

Release Date: 10th April 2020Cast: Ranveer Singh, Deepika PadukoneDirector: Kabir KhanBanner: Phantom Films, Reliance Entertainment, Phantom Productions

No Time to Die

Release Date: 8th April 2020Cast: Daniel Crai, Rami MalekDirector: Cary Joji FukunagaBanner: Metro-Goldwyn-Mayer (MGM), Universal Pictures, Eon Productions

Ludo

Release Date:24th April 2020Cast: Abhishek Bachchan, Fatima Sana Shaikh, Rajkummar RaoDirector: Anurag BasuBanner: T-Series Super Cassettes Industries Ltd.

Gulabo Sitabo

Release Date:17th April 2020Cast: Amitabh Bachchan, Ayushmann KhurranaDirector: Shoojit SircarBanner: Rising Sun Films Production, Kino Works

48

The New Mutants

Release Date:3rd April 2020Cast: Maisie Williams, Anya Taylor-Joy, Charlie Heaton Director: Josh BooneBanner: 20th Century Studios, Marvel Entertainment Genre Films

IN X

49

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