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Prabhudas Lilladher Report
Inox Leisure Ltd.’s operational performance was subdued with Indian-Accounting Standard adjusted Ebitda loss of Rs 1 billion due to paucity of content and intermittent closures.
However, with declining Covid-19 cases, staggered re-opening is on the cards (31% of the screen portfolio is already operational) and footfalls are likely to stabilise by H2 FY22.
Though emergence of second wave has delayed the recovery process warranting a substantial cut in our FY22 Ebitda estimates we remain constructive on Inox Leisure over the long term as content pipeline is strong (~25 bollywood and equal number of hollywood movies are ready for release) which is expected to result in bunching up of releases post re-opening.
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