Hem Securities report on Inox Leisure
4QFY22 performance was impacted by the third covid wave, with Jan’22 and first half of Feb’22 indicated as washout periods but March'22 boxoffice led footfall gowth QoQ. EBITDA beat estimates; Average ticket prices and spend per head (SPH) grew by 27% and 10% on y-o-y. The company reported a strong revenue growth of 251% YoY to ₹317.7 crore. 'Valimai', 'Bheemla Nayak', 'Gangubai Kathiawadi', 'The Kashmir Files', 'Radhe Shyam' and 'RRR', owing to which company reported its highest-ever monthly gross box office and F&B collection in March’22.
Outlook
Given a healthy movie pipeline, robust consumer demand for good content and success of dubbed Southern movies across the country, we believe that the revenue recovery of Inox Leisure would be strong in FY2023 so we have maintained BUY rating on Inox Leisure with the TARGET PRICE of ₹600.
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