Sharekhan's research report on Inox Leisure
We rework our estimates for FY2020E to factor in the expectation of soft Q4 performance coupled with adoption of lower tax regime from Q4FY2020E; hence numbers for FY2021E and FY2022E are adjusted for taxation accordingly. Though seasonal factor is no more applicable, however Q4FY2020E performance is expected to remain muted owing to weak content in most part of the quarter coupled with one-time non cash hit on the taxation front. Screen additions set to accelerate in 2021E (80 screens as compared to expectation of 70 screen addition during FY2020E).
We maintain our Buy rating on INOX Leisure Limited (ILL) with revised PT of Rs. 575 as we expects the company to post a revenue and earnings CAGR of 18.5% and 16.5% over FY2019-2022E.
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