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Prabhudas Lilladher Report
In-line with our expectations, Inox Leisure Ltd. reported weak performance and managed pre Indian-Accounting Standard Ebitda break-even with losses of Rs 214 million (our estimate: Rs 242 million) at bottom-line level due to weak content.
Except for Thor and Brahmastra, no movie was able to breach the Rs 1 billion net box-office collection barrier in Q2 FY23.
Despite subdued performance, as content slate for near term is healthy with releases like Ram Setu, Thank God, Drishyam-2, Avatar and Black Panther in pipeline we anticipate strong back-ended recovery and expect footfalls in FY23E to be at par over pre-pandemic base.
We increase our FY24E/FY25E Ebitda estimates of Inox Leisure by ~4% odd as we re-align our cost assumptions given strong fixed cost control post Covid.
Except for rental obligations which were up 3% on per screen basis as escalations kicked in, employee cost, power and fuel and other overheads have declined by 27%/3%/21% respectively over pre-pandemic base in Q2 FY23.
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