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Prabhudas Lilladher Report
Inox Leisure Ltd. reported decent performance with pre Indian Accounting Standard Ebitda margin of 4.5% (our estimate of 7.0%) due to strong recovery in the month of March.
Average ticket price and spending per head have witnessed significant jump led by blockbuster content while management highlighted that ad-revenue (key margin lever) is expected to reach pre-Covid-19 base within two quarters.
After being marred by Covid for last two years, normalcy has finally set in and we expect the momentum to continue given-
strong content pipeline (20 titles to be released this Friday including Dr. Strange, a Marvel Studio production),
easing occupancy restrictions and
pick up in vaccination drive.
Given improved operating environment, we expect Inox Leisure's revenue/Ebitda compound annual growth rate of 8.7%/10.5% over four years on a pre-Covid base of FY20.
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