Multiplex operator INOX Leisure is betting big on Shah Rukh Khan-starrer Pathaan for better business in the coming months as the film is seeing a strong run at the box office.
Pathaan is making records and the company expects a greater turnaround in the business going forward, said Alok Tandon, CEO, of INOX Leisure Limited during the earnings call.
After Pathaan, there is a strong content lineup in the upcoming quarter which includes releases like Kartik Aryan's Shehzada, Antman and the Wasp; Quantumania, Akshay Kumar's Selfiee, Ajay Devgn's Bholaa, among others, noted Tandon.
Siddharth Jain, Director, INOX Leisure said that the Hindi film industry is going through some historic moments and this is coming at a time when INOX is going to start a new journey along with PVR.
PVR and INOX merger has received a nod from National Company Law Tribunal's (NCLT) Mumbai bench. The merger is expected to complete by mid-February.
After slow business in the September quarter, INOX Leisure posted a sharp sequential recovery due to good content, said Jinesh Joshi, Research Analyst, Prabhudas Lilladher, in a note.
The company reported revenues of Rs 522 crore, with EBITDA standing at Rs 87 crore and adjusted profit after tax (PAT) at Rs 40 crore for Q3 FY23. However, PAT was down 22 percent as against Rs 51 crore in Q3 FY20 (pre-Covid).
While footfalls at 153 lakh and occupancy at 23 percent were down as compared to pre-Covid levels (Q3 FY20), the cinema chain reported its highest-ever quarterly average ticket price (ATP) of Rs 230 and spend per head (SPH) at Rs 106.
The CEO pointed out that the contribution from the food and beverage (F&B) business has grown significantly. F&B revenues grew 16 percent at Rs 151 crore in the December quarter of FY23 as against Rs 130 crore during the same period in FY20.
The company's management pointed out that it added 45 screens in the first nine months of FY23, which is the highest screen addition in the industry. Tandon said that there are 32 screens across seven properties in the pipeline.
It added four new properties with 15 screens in Q3 FY23 including three screen-multiplex in Gajuwaka, four-screen property in Mysuru, a three-screen multiplex in Vijayawada, and a 5-screen multiplex in New Delhi.
INOX currently operates 722 screens across 170 multiplexes in 74 cities.
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