Inox Leisure Q4 Review - Liquidity Back In Focus Amid Second Wave: Prabhudas Lilladher
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Prabhudas Lilladher Report
Inox Leisure Ltd.’s Q4 FY21 performance was broadly in-line with our estimates.
Emergence of second wave has delayed the recovery process (only 17% screens are currently operational) and footfall stabilisation is expected in H2 FY22 given rising instances of localized lockdowns prompting us to cut our FY22E Ebitda estimates by ~40% odd.
Nonetheless, we keep our FY23E estimates broadly intact and remain constructive over the long term as content pipeline is strong which is expected to result in bunching up of releases post reopening.
Further, the company is well placed to manage liquidity crisis in the interim amid imminent fund raise of ~Rs 3 billion in near term.
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