investor presentation€¦ · india's most trusted cinema display brand i multiplex i ; chain...
TRANSCRIPT
Investor Presentation
February 2020
2
DISCLAIMERThis presentation and the following discussion may contain “forward looking statements” by
Inox Leisure Limited (“ILL” or “the Company”) that are not historical in nature. These forward
looking statements, which may include statements relating to future state of affairs, results of
operations, financial condition, business prospects, plans and objectives, are based on the
current beliefs, assumptions, expectations, estimates, and projections of the management of
ILL about the business, industry and markets in which ILL operates.
These statements are not guarantees of future performance, and are subject to known and
unknown risks, uncertainties, and other factors, some of which are beyond ILL’s control and
difficult to predict, that could cause actual results, performance or achievements to differ
materially from those in the forward looking statements.
Such statements are not, and should not be construed, as a representation as to future
performance or achievements of ILL. In particular, such statements should not be regarded as
a projection of future performance of ILL. It should be noted that the actual performance or
achievements of ILL may vary significantly from such statements.
Due to rounding-off, figures presented throughout this document may not add up precisely to
the totals provided and percentages may not precisely reflect the rounded-off figures.
FY15 financial figures are as per IGAAP, and for FY16 and thereafter it is as per INDAS.
Revenues for FY15 are shown net of entertainment tax, to be consistent with the revenues
under INDAS.
S U M M A R Y
• INDUSTRY OVERVIEW
• COMPANY OVERVIEW
• COMPETITIVE ADVANTAGE
& OUTLOOK
• ANNEXURE
3
Exceeding Expectationsi BESTTECHNOLOGY 1 1 ADOPTER 1) 1 OFTHEYEAR \) t AT IMAX BIG )
CINE AWARDS 2019
I NOX LEI SURE
ET BEST BRANDS
MOST ADMIRED MULTIPLEX OFTHE
YEAR AT ET NOW GLOBAL AWARDS
FOR RETAIL EXCELLENCE
2018-19
BEST TECHNOLOGY OFTHEYEAR
IMAX BIG CINE AWARDS
2018
INDIA'STOP MULTIPLEX CHAIN
OFTHEYEAR AT IMAX BIG
CINE AWARDS 2019 , -..1)
,.
POPULAR MULTIPLEX
TIMES RETAIL ICON AWARDS
2018-19
I lj I I
j
I I I; I,; ,,
BEST MARKETED
BRAND KOTLER AWARD OF EXCELLENCE
2018-19
INDIA'S MOST TRUSTED CINEMA DISPLAY BRAND
I
MULTIPLEX I ; CHAIN OFTHEYEAR \; t AT IMAX BIG 1
CINE AWARDS J 2018
HIGHEST LUXURY 11 STANDARDS / 1 AT INTERNATIONAL ( t FILM BUSINESS
AWARDS 2018-19
J
BEST TECHNOLOGY OFTHEYEAR
IMAX BIG CINE ,I
AWARDS 2018
BEST EMPLOYER OFTHEYEAR I
AT EMPLOYER I \)
BRANDING I,; AWARDS 2018-19
1, MAPIC INDIA MOST /; f ADMIRED RETAIL t PERSONALITY
OFTHEYEAR 2019
4
INDUSTRY OVERVIEW
Strong Fundamentals & Huge Growth Potential
5
125
95 80
60 57 40 37
26 25 12 10 8
US France Spain UK Germany South Korea China Japan Taiwan Thailand Brazil India
H o w e v e r , I n d i a ’ s S c r e e n D e n s i t y i s O n e o f t h e L o w e s t
Screens / Million population
Source: CRISIL Report, http://uis.unesco.org/en/news/cinema-data-release (2015), Industry sources and internal calculations
2,178 1,930
1,364
208 197 176 171 169 156 146
China India US France Mexico UK Japan S. Korea Germany Russia
2 n d H i g h e s t N u m b e r O f T h e a t r e F o o t f a l l s i n t h e W o r l d
Footfalls in Million2,000
791686
581
300 298 269 255 226 185
-4 00
100
600
1,10 0
1,60 0
2,10 0
India US China Japan France UK S. Korea Spain Germany Italy
H i g h e s t N u m b e r o f F i l m P r o d u c e d i n t h e W o r l d
.,1 .I .1 I : , ____ .,
,l ,I - r -
• r •
I I I I I I , ____ .,
Steady Performance and Resilience
6
96.3 102.1 110.0130.0
155.5174.5
194.2
236.1
0.0
50.0
100.0
150.0
200.0
250.0
2017 2018 2019E 2021EDomestic Theatrical Overseas Theatrical Broadcast rights Digital/OTT rights In-cinema advertising Home Video
In Rs. Billion
I n d i a n F i l m I n d u s t r y D i s p l a y s S t e a d y P e r f o r m a n c e T r e n d s
D o m e s t i c T h e a t r i c a l s C o n s t i t u t e s 5 9 % O f T o t a l F i l m I n d u s t r y
Source: FICCI-EY 2019 Report
59%
17%
12%
8% 4% 0%
Domestic Theatrical
Overseas Theatrical
Broadcast rights
Digital/OTT rights
In-cinema advertising
Home Video
2018
■
IN
_________________________________ CA.GB~1% -------------------------------+ --■
■
■
■
■
■
X
Multiplexes Witnessing Rapid Growth
7
FACTORS DRIVING GROWTH IN
MULTIPLEXES:
Strong demographics, rising disposable
incomes and discretionary spends.
Superior location, destination and
parking facilities.
Multiple screens in one location offer a
wider variety of content to the patrons.
Different screen sizes provide
programming flexibility. This results in
higher occupancy ratios.
State of art equipment (high quality
video and audio), superior interiors,
ambience and service.
Source: FICCI-EY Report 2018 & 2019
M u l t i p l e x e s c u r r e n t l y a c c o u n t f o r ~ 3 1 % m a r k e t s h a r e o f t h e s c r e e n s ,
h o w e v e r t h e y a c c o u n t f o r ~ 5 5 % o f b o x o f f i c e c o l l e c t i o n s
Number of Screens
9,710 9,121 8,451 7,400 7,031 6,780 6,651
925 1,225
1,500 2,100 2,450 2,750 2,950
10,635 10,346 9,951 9,500 9,481 9,530 9,601
-
2,00 0
4,00 0
6,00 0
8,00 0
10,0 00
12,0 00
14,0 00
16,0 00
2009 2011 2013 2015 2016 2017 2018
Single Screens Multiplexes
T T T
■
Increasing Number Of INR 1bn + Movies
8
1,000 1,598
2,065 2,101 2,638
3,014 3,446 3,359
5,200 4,500
5,300
6,500
4,500
6,900 6,000
-
1,00 0
2,00 0
3,00 0
4,00 0
5,00 0
6,00 0
7,00 0
8,00 0
3 Idiots(2009)
Dabaang(2010)
Bodyguard(2011)
Ek ThaTiger
(2012)
Dabaang 2(2012)
ChennaiExpress(2013)
Dhoom 3(2013)
Kick(2014)
P.K(2014)
BajrangiBhaijaan(2015)
Dangal(2016)
Bahubali 2- The
Conclusion(2017)
Tiger ZindaHai (2017)
2.0 (2018) Saaho(2019)
1
2 5
9 6 7 5
8 7 10
12
1
2 1 1
- 1
2
5
1 - - -
-
- - 1 1
2 2
3
2
-
5
10
15
20
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 UptoJan'20
INR 1Bn to 1.99Bn INR 2Bn to 2.99 Bn INR 3Bn and above
Wider Screen Releases
Higher Number Of INR 1 Bn + MoviesINCREASING NUMBER OF
MOVIES ARE GENERATING
MORE THAN RS 1 BN IN NET
BOX OFFICE COLLECTIONS
DRIVEN BY WIDER SCREEN
RELEASES AND FACILITATED BY
DIGITISATION OF CONTENT
DELIVERY
Source: Industry
■ I I I I I I I I r T T T r T
I r r r
-■ ■ ■
I n d i a ’ s C o n s u m p t i o n S t o r y
9Source: Mckinsey - Tracking the growth of Indias Middle Class - 2017
6148 39 30
3952 61 70
1995 2005 2015 2025
Necessities Discretionary
%Share of Average Annual Household Consumption
%Share of Population by Income Bracket
9380
54
3522
618
41
43
36
1 25
22
42
0
10
20
30
40
50
60
70
80
90
100
1985 1995 2005 2015 2025
Lower Class Lower Middle Class Middle & Affluent Class
755 928
1,107 1,278
1,429
-
200
400
600
800
1,00 0
1,20 0
1,40 0
1,60 0
1985 1995 2005 2015 2025
Population of India (Million)
Based on Annual Household Income: Lower Class: < Rs.90,000 , Lower Middle Class: Rs.90,000 to Rs.199,999 , Middle & Affluent Class: > Rs.200,000
702 742 598
447 314
45 167 454
550
514
8
19
55 281 600
-
200
400
600
800
1,000
1,200
1985 1995 2005 2015 2025
Lower Class Lower Middle Class Middle & Affluent Class
Share of Population by Income Bracket (Million)
■ ■ ■
■ ■ ■
■ ■
IN
.------.
-----.
t •= I I
it I --1 -I I I I
X
10
Company Overview
rflGHEST "EBITDA TO CAPITAL
INVESTED RATIO" IN THE INDUSTRY
1NDIA'S <FIRST
3TIER CINEMA LOYALTY
PROGRAMME
LAUNCHED!
<FROMISES DELIVERED!
LEISURE LIM ITED
<FIRST NATIONAL CINEMA CHAIN
IN THE INDUSTRY TO BE
NET DEBT FREE
600 SCREENS MILESTONE CROSSED
Track Record of Aggressive Expansion
11
Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15
8 12 25 35 5
8 76 9
1 11
9
23
9 25
7 27
9 31
0
37
2
42
0
46
8 49
2
57
4 61
4
2 3 6 916
22 2632
6368 72
79
96107
118123
139146
-70
-20
30
80
130
0
100
200
300
400
500
600
700
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Feb-20
Screens Properties
,oo+ screens - -
- - ■ ■ I I I I
PAN India Presence
12
ONE OF THE LARGEST MULTIPLEX CHAIN IN INDIA
* Includes 8 management properties with 29 screens and 7,370 seats
KERALA |1 Property | 6 Screens
JHARKHAND | 1 Property | 4 Screens
WEST BENGAL | 15 Properties | 59 Screens
ODISHA | 4 Property | 14 Screens
CHHATTISGARH | 2 Properties | 8 Screens
TELANGANA | 3 Properties | 19 Screens
ANDHRA PRADESH | 8 Properties | 33 ScreensKARNATAKA |12 Properties | 49 Screens
GOA | 4 Properties | 14 Screens
MAHARASHTRA | 27 Properties | 129 Screens
GUJARAT | 20 Properties | 81 Screens
MADHYA PRADESH | 5 Properties | 26 Screens
RAJASTHAN | 13 Properties | 47 Screens
HARYANA | 6 Properties | 19 Screens
TAMIL NADU | 5 Properties | 31 Screens
UTTAR PRADESH | 11 Properties | 44 Screens
DELHI | 5 Properties | 16 Screens
PUNJAB | 3 Properties | 13 Screens
Assam | 1 Property | 2 Screens
East, 87
West; 250
North, 139
South, 138
Screens Zone wise
19 States
68 Cities
146 Properties
614 Screens
142,684 Seats
IN X
W e l l D i v e r s i f i e d P r e s e n c e A c r o s s I n d i a
13
East; 23; 16%
West, 56, 38%North, 38, 26%
South, 29, 20%East; 10; 15%
West, 23, 34%
North, 21, 31%
South, 14, 20%
East; 87; 14%
West, 250, 41%North, 139, 23%
South, 138, 22%
East, 21,702 , 15%
West, 57,253 , 40%North; 32,236 ; 23%
South; 31,493 ; 22%
Well DiversifiedDistribution of
Multiplexesacross India
Access toWide Variety of
Regional Content
Lower Dependencyon Hindi and English
Content
Includes 8 management properties with 29 screens and 7,370 seats
146 Properties
614 Screens 142,684 Seat
68 Cities
New Screen Pipeline
14
Properties Screens SeatsProperties Open Date Properties Screens Seats FY19 139 574 135,586
Lucknow Garden Galleria 12-Apr-19 1 4 803 FY20 Openings till date 9 46 9,196
Taksh Galaxy Vadodara 3-May-19 1 5 976 Expected Feb'20 to Mar'20 6 24 3,823
Bengaluru Yelahnaka 28-Jun-19 1 4 756 *Adjustments (2) (6) (2,098)
Hyderabad GSM 29-Jun-19 1 8 1,691 FY20 Expected 152 638 146,507
Lucknow Umrao Mall 18-Aug-19 1 3 653
Jalandhar Reliance 6-Sep-19 1 3 862 Additions Post FY20 148 1,018 188,881
Gorakhpur Orion 12-Dec-19 1 4 748 Leading to 300 1,656 335,388
Indore Century 21(Existing) 27-Dec-19 - 4 378
Lucknow Crown Mall 30-Dec-19 1 6 1,190
Pune Elpro 16-Jan-20 1 5 1,139 Openings Till Date 9 46 9,196
To Be Opened
Jaipur 1 3 550
Bhilwara 1 3 670
Indore (Existing) - 2 80
Bengaluru 1 5 629
Gurugram 1 4 850
Mumbai 1 4 241
Salem 1 3 803 Total 15 70 13,019
FY20 Pipeline
*Adjustments – Discontinued operations of Nagpur Poonam Mall (3 screens & 1068 seats) & Pune FNS (3 screens & 1015 seats),and 15 seats of Siliguri Orbit has been reduced due to renovation.
IN X
---------
15
INOX Atria, Worli, Mumbai
16
INOX Metro, Mumbai
17
INOX Malad, Mumbai
18
INOX Marina Mall, Chennai
19
INOX South City , Kolkata
20
Rs.518crs
19% YoY
Rs.108crs
25% YoY
Excludes impact of Ind AS 116
1.69crs
11% YoY
Rs.51crs
40% YoY
TOTAL REVENUE
EBITDA
HIGHE 1
~ THE INDUSTRY
FOR
Q3FY20 FOOTFALLS PAT
LEISURE LIMITED
21Excludes impact of Ind AS 116
Rs.1538crs
26% YoY
Rs.308crs
39% YoY
5.32crs
19% YoY
Rs.144crs
68% YoY
TOTAL REVENUE
HIGHE 1
~ THE INDUSTRY
FOR
9MFY20 FOOTFALLS PAT
LEISURE LIMITED
Ind AS 116 Impact on Profit & Loss
22
Due to rounding-off, figures presented in the above table may not add up precisely to the totals provided and percentages may not precisely reflect the rounded-off figures.
All figures in INR Crs., unless otherwise specified.
*Ind AS 116 - Rent Impact
ParticularsQ3FY20
Reported
Ind AS 116
Impact
Q3FY20
Without
Ind AS 116
Q3FY19 YoY%9MFY20
Reported
Ind AS
116
Impact
9MFY20
Without
Ind AS 116
9MFY19 YoY%
Total Revenues 518 518 436 19% 1,538 1,538 1,223 26%
Total Expenses * 344 65 409 350 17% 1,039 192 1,231 1,002 23%
EBITDA 174 -65 108 87 25% 499 -192 308 221 39%
EBITDA Margin(%) 34% 21% 20% 1% 32% 20% 18% 2%
[-]Depreciation 65 -38 27 25 11% 190 -110 80 71 13%
EBIT 109 -28 81 62 31% 309 -81 228 151 51%
[-]Interest 55 -53 2 6 -66% 160 -153 7 20 -64%
PBT 54 25 79 56 41% 149 71 220 131 68%
[-] Tax expense 19 9 28 19 43% 52 25 77 46 69%
PAT 35 16 51 36 40% 97 46 144 85 68%
PAT Margin(%) 7% 10% 8% 2% 6% 9% 7% 2%
Basic EPS (Rs.) 3.56 1.64 5.20 3.90 33% 9.89 4.72 14.61 9.23 58%
LIVE l'/4 MOVIE
-------------------------------------------------------- ------------
To t a l R e v e n u e s
23
436 518
-
100
200
300
400
500
600
Q3FY19 Q3FY20
1,223 1,538
-
200
400
600
800
1,00 0
1,20 0
1,40 0
1,60 0
1,80 0
9MFY19 9MFY20
904
1,168 1,230 1,363
1,707
FY15 FY16 FY17 FY18 FY19
19%
26%
All figures in INR Crs., unless otherwise specifiedNote: 1) Total Revenues include other non-operating income
t
t
E a r n i n g s B e f o r e I n t e r e s t , Ta x ,D e p r e c i a t i o n a n d A m o r t i z a t i o n [ E B I T D A ]
24
131
197
155
225
324
14%
17%
13%
17%
19%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
FY15 FY16 FY17 FY18 FY19
EBITDA EBITDA Margin %
87 108
20%
21%
0%
5%
10%
15%
20%
25%
-
20
40
60
80
100
120
Q3FY19 Q3FY20
EBITDA EBITDA Margin
221
308
18%20%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
-
20
40
60
80
100
120
140
160
180
200
9MFY19 9MFY20
EBITDA EBITDA Margin
25%
39%
All figures in INR Crs., unless otherwise specifiedNote: 1) EBITDA includes other non-operating income2) Q3FY20 and 9MFY20 excludes Ind AS 116 impact
__ .. Go ""so/o --------
c~ I''"----------------
t
-t
- -
P r o f i t a f t e r t a x [ PAT ]
25
20
81
31
115
133
2%
7%
2%
8%8%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-
20
40
60
80
100
120
140
FY15 FY16 FY17 FY18 FY19
PAT PAT Margin %
36 51
8%
10%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
-
5
10
15
20
25
30
35
40
45
50
Q3FY19 Q3FY20
PAT PAT Margin
85
144
7%
9%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
-
20
40
60
80
100
120
9MFY19 9MFY20
PAT PAT Margin
40%
68%
All figures in INR Crs., unless otherwise specifiedNote: 1) Q3FY20 and 9MFY20 excludes Ind AS 116 impact
.,,.. .,,. .,,,. .,,.. --- -
-
,:_'I ol - - ... c~GR u.1.70 - - - - - - - - - -- ---.,,...,.,..,,.--
-
IN
-t =
-t
R e v e n u e s - S e g m e n t B r e a k u p
26
552 713 748 802
975 191
266 284
306
436
81
91 96
139
176
79
99 101 115
119
904
1,168 1,230
1,363
1,707
-
200
400
600
800
1,00 0
1,20 0
1,40 0
1,60 0
1,80 0
2,00 0
FY15 FY16 FY17 FY18 FY19
NBOC F & B
Advertising Other Revenues
243288
106
13056
5831
42436
518
0
100
200
300
400
500
600
Q3FY19 Q3FY20
691887
312
403134
144
86
1041223
1538
0
200
400
600
800
100 0
120 0
140 0
160 0
180 0
200 0
9MFY19 9MFY20
22%
8%
29%
28%
35%
3%
22%
19%
All figures in INR Crs., unless otherwise specifiedNote: 1) Other Revenues include non-operating income
• •
■ ■ • ■ ■ •
F o o t f a l l s a n d O c c u p a n c y R a t e
27
All figures in Lakhs, unless specified
153 169
27% 27%
3%
8%
13%
18%
23%
28%
80
100
120
140
160
180
Q3FY19 Q3FY20
446 532
27%
29%
3%
8%
13%
18%
23%
28%
33%
-
100
200
300
400
500
600
9MFY19 9MFY20
11%
19%
411
534 537 533625
25%
29%28%
26%
28%
0%
5%
10%
15%
20%
25%
30%
0
100
200
300
400
500
600
700
800
FY15 FY16 FY17 FY18 FY19
Footfalls Occ%
__ .,. ol -----
Go" 'l,:10 _ - - - -c~ "~-----
~ --- ----- I ----------t
- t
A v e r a g e T i c k e t P r i c e [ AT P ]
28
164 170 178193 197
FY15 FY16 FY17 FY18 FY19
All figures in INR, unless specified
206 204
-
50
100
150
200
250
Q3FY19 Q3FY20
200 199
-
20
40
60
80
100
120
140
160
180
200
9MFY19 9MFY20
-1.0%
-0.5%
_,.
S p e n d P e r H e a d [ S P H ]
29
55 58 62 6674
FY15 FY16 FY17 FY18 FY19
All figures in INR, unless specified
74 81
-
10
20
30
40
50
60
70
80
90
100
Q3FY19 Q3FY20
74 80
-
10
20
30
40
50
60
70
80
90
100
9MFY19 9MFY20
10%
8%
t
t
F & B C o n t r i b u t i o n
30
41 44
47 50
55 74.1% 75.0% 76.0% 75.7%74.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
-
10
20
30
40
50
60
FY15 FY16 FY17 FY18 FY19
SPH Contribution (Rs.)
F & B Contribution (%)
54 61
73.4% 75.3%
0.0 %
10. 0%
20. 0%
30. 0%
40. 0%
50. 0%
60. 0%
70. 0%
80. 0%
-
10
20
30
40
50
60
70
Q3FY19 Q3FY20
55 60
74.1% 75.2%
0.0 %
10. 0%
20. 0%
30. 0%
40. 0%
50. 0%
60. 0%
70. 0%
80. 0%
-
10
20
30
40
50
60
70
9MFY19 9MFY20
13%
9%
All figures in INR, unless specified
SPH Contribution (Rs.) = SPH (Rs.) x F&B Contribution (%)
•
t
- t -+-
A d v e r t i s e m e n t R e v e n u e
31
81 91 96
139
176
25 2522
30
34
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
FY15 FY16 FY17 FY18 FY19
Advertising Rev (Rs Crs)
Advertising Rev Per Screen (Rs Lakhs)
56 58
10.59.6
-
2.0
4.0
6.0
8.0
10.0
12.0
-
10
20
30
40
50
60
70
Q3FY19 Q3FY20
3%
134 144
26.224.5
-
5.0
10.0
15.0
20.0
25.0
30.0
-
20
40
60
80
100
120
140
160
180
200
9MFY19 9MFY20
8%
IN X
t
t
e
O t h e r R e v e n u e s p e r s c r e e n
32
24.5 26.7
24.9 26.4
24.3
FY15 FY16 FY17 FY18 FY19
6.2 7.4
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Q3FY19 Q3FY20
17.9 18.6
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
9MFY19 9MFY20
18%
4%
All figures in INR Crs., unless otherwise specifiedNote: 1) Includes other non-operating income
t
t
F i l m D i s t r i b u t o r S h a r e ( % )
33
43.8% 43.9% 44.4% 44.6% 44.2%
0.0 %
5.0 %
10. 0%
15. 0%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
50. 0%
FY15 FY16 FY17 FY18 FY19
Distributor Share on NBOC
NBOC (Net Box Office Collections)
44.6% 45.3%
0.0 %
5.0 %
10. 0%
15. 0%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
50. 0%
Q3FY19 Q3FY20
44.5% 44.2%
0.0 %
5.0 %
10. 0%
15. 0%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
50. 0%
9MFY19 9MFY20
■
O t h e r O v e r h e a d s P e r O p e r a t i n g S c r e e n
34
20.3 20.1 21.2 22.1 23.5
41.3 44.0 45.6 46.7 50.8
40.8 45.5 42.9 43.1 43.2
43.447.5 52.7 47.5
50.9
145.8157.1 162.4 159.4
168.3
FY15 FY16 FY17 FY18 FY19
Employee BenefitsLease Rental & Hire ChargesCAM, Power & Fuel, R&MOther Overheads
All figures in INR Lakhs, unless specifiedLease Rental & Hire Charge excludes impact of Ind AS 116
17.6 19.5
37.7 38.7
33.0 34.3
37.5 37.3
125.8 129.8
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
9MFY19 9MFY20
6.0 6.5
12.8 13.0
10.5 10.8
12.4 12.5
41.7 42.7
(5.0)
5.0
15.0
25.0
35.0
45.0
55.0
Q3FY19 Q3FY20
0.9%
2.8%
1.8%
7.8%
-0.7%
4.0%
2.7%
10.9%
2.6%
3.2%
-- - ----- ----
■
■
■
■
CAGR4% -------------► -------------
1------------------------ I : '
t t t t
------------------------------------~
' ' : '
• t t t
IN X
35
EBITDA excludes Ind AS 116 impact and includes Other non-operating incomeAll figures in INR Crs., unless otherwise specified
81 91
96
139
177 187
80
100
120
140
160
180
FY15 FY16 FY17 FY18 FY19 FY20
Ad Revenue
131
197 155
225
324
410
125
175
225
275
325
375
425
FY15 FY16 FY17 FY18 FY19 FY20
EBITDA
191
266 284 306
436
526
180
230
280
330
380
430
480
530
FY15 FY16 FY17 FY18 FY19 FY20
Net F&B Revenue
(TTM) (TTM)
(TTM)
STRATEGIC LEISURE LIMITED INITIATIVES IN ADVERTISEMENT AND F&B
YIELDING RESULTS!
36
IN t=:X KEY INITIATIVES
AJAY DEVGN WITH INDX REWARDS BLACK TIER CARD
INOX'J •- . fa,slWf'
LOYALTY PROGRAM
DEEPIKA PADUKONE BECOMES AN INOX REWARDS BLACK TIER MEMBER
,1/"frdret/ 4 MILLION
VARUN DHAWAN SHOOTS AN INOX REWARDS VIDEO
(
[,.,/iDl's ➔ 3 TIER
CINEMA LOYALTY PROGRAM
BADMINTON STAR P.V. SINDHU APPLAUDS EFFORTS TO PROMOTE INOX REWARDS
S t r o n g B a l a n c e S h e e t
37
Potential To Grow Aggressively Without Any Stress On Balance Sheet
Low Leverage Net D/E:
Treasury Stock in Inox Benefit Trust
Promoters Stake
Strong Balance Sheet
Real Estate on Balance Sheet
INR 350 Crs.
192 INR Crs.As on 10-Feb-20
51.9%
Particulars (INR Crs.) *Sep-19 Mar-19
Share Capital 102.6 102.6
Other Equity 611.0 893.9
Interest in Inox Benefit Trust, at cost (32.7) (32.7)
Total Shareholder funds 681.0 963.8
Non-Controlling Interest 0.01 0.01
Total Equity 681.0 963.8
Gross Debt 87.5 110.0
Lease Liability 2,376.3 -
Other Non-Current Liabilities 93.8 90.7
Total Sources of Funds 3,238.6 1,164.5
Fixed Assets (Excl Right of Use) 1,004.1 986.1
Right of Use 1,821.5 -
Other Non-Current Assets 523.8 341.3
Current Assets 125.3 137.6 Cash & Cash Equivalents 31.2 13.7
Less: Current Liabilities 267.3 314.3 Net Current Assets (110.9) (163.0)
Total Assets 3,238.6 1,164.5
Key Balance sheet Ratios #Sep-19 Mar-19
Net Debt : Equity 0.05 0.10
Return on Equity (ROE) 19.9% 16.3%
Return on Capital Employed (ROCE) 26.5% 22.4%
ROE (TTM): PAT/Avg. Equity, ROCE (TTM): EBIT (incl. non-operating income) /Avg. Capital Employed (Capital Employed = Equity + Gross Debt), Net Debt = Gross Debt – Cash –Bank – Liquid MF Investments
#Note: Net Debt to Equity is calculated by excluding impact of Ind AS116 from Equity , also lease liability has been excluded from Net Debt ROE is calculated by excluding impact of Ind AS116 from PAT and Equity ROCE is calculated by excluding impact of Ind AS116 on EBIT & Equity, also lease liability is excluded from Gross Debt
*Includes Ind AS 116 Impact
0.05x--
--
...
...
...
IN
Annexure: Consolidated Balance Sheet Statement
38
Equity & Liabilities (INR Crs.) *Sep-19 Mar-19
Equity:
Equity Share Capital 102.6 102.6
Other Equity 611.0 893.9
Interest in Inox Benefit Trust, at cost (32.7) (32.7)
Equity attributable to owners of the company 681.0 963.8
Non-Controlling Interest 0.0 0.0
Total Equity 681.0 963.8
Non-current liabilities:
Borrowings 37.5 55.0
Other Financial Liabilities 7.0 9.0
Lease Liability 2,310.0 -
Provisions 16.2 12.7
Other Non-current Liabilities 70.6 69.0
Total of Non-Current Liabilities 2,441.3 145.7
Current Liabilities:
Borrowings 15.0 20.0
Trade Payables 119.1 159.6
Other Financial Liabilities 98.2 120.4
Lease Liability 66.3 -
Other Current Liabilities 68.3 47.5
Provisions 16.7 14.4
Income Tax Liabilities (Net) - 7.4
Total of Current Liabilities 383.6 369.3
Total Equity & Liabilities 3,505.9 1,478.8
Assets (INR Crs.) *Sep-19 Mar-19
Non-Current Assets:
Property, Plant & Equipment 906.7 893.9
Capital work-in-progress 70.3 63.7
Goodwill 17.5 17.5
Other Intangible Assets 9.5 11.1
Right of Use 1,821.5 -
Other Investments 0.2 0.6
Loans 92.8 89.2
Other Financial Assets 89.3 86.0
Deferred Tax Assets (Net) 232.0 52.9
Tax Assets (Net) 10.6 8.8
Other Non Current Assets 99.0 103.9
Total Non Current Assets 3,349 1,327
Current Assets:
Inventories 13.5 12.2
Other Investments 16.1 0.6
Trade receivables 74.4 88.2
Cash and Bank Balances 11.7 11.8
Bank Balances Other than above 4.1 1.9
Loans 5.2 5.2
Other Financial Assets 0.2 0.2
Income Tax Assets (net) - 4.6
Other Current Assets 31.3 26.7
Total Current Assets 156.5 151.3
Total Assets 3,505.9 1,478.8 *Includes Ind AS 116
-- ----
----
Consolidated Profit & Loss Statement
39
Particulars (INR Crs.)
Q3FY20 with
Ind AS116 Q3FY19 YoY %
Q2FY20 with
Ind AS116 QoQ %
9MFY20 with
Ind AS116 9MFY19 YoY % FY19
Total Revenue 517.8 436.2 18.7% 524.3 -1.3% 1,538.2 1,223.0 25.8% 1,707.1
Exhibi tion Cost 133.7 112.2 19.2% 139.1 -3.9% 402.7 317.0 27.0% 444.2
Food & Beverages Cost 32.0 28.3 13.0% 34.5 -7.3% 99.8 80.8 23.5% 112.5
Employee Benefi ts Expense 36.9 30.2 22.4% 37.3 -1.1% 109.3 84.3 29.7% 115.2
Lease Rental & Hire Charges 8.8 64.2 -86.3% 8.8 -0.1% 25.7 181.0 -85.8% 249.3
CAM, Power & Fuel , R&M 61.5 52.7 16.7% 65.7 -6.4% 192.5 158.4 21.6% 211.9
Other Expenses 71.1 62.1 14.5% 66.7 6.6% 209.0 180.1 16.1% 249.9
EBITDA 173.8 86.6 100.7% 172.2 0.9% 499.2 221.5 125.4% 324.1
EBITDA Margin % 33.6% 19.9% 1371 bps 32.8% 73 bps 32.5% 18.1% 1434 bps 19.0%
Depreciation & Amortisation 64.8 24.5 164.3% 64.5 0.5% 190.2 70.6 169.2% 95.5
Impairment Loss on PP&E - - - - - 0.8
Finance Cost 54.7 6.2 782.9% 54.2 1.0% 159.8 19.9 703.7% 23.7
Exceptional Items - - - - - 5.0
PBT 54.2 55.9 -3.0% 53.4 1.5% 149.2 130.9 13.9% 199.1
Current tax 24.7 16.5 49.7% 26.2 -5.7% 72.8 38.6 88.6% 60.1
Deferred tax (5.5) 2.9 -288.2% (7.5) -26.5% (20.3) 6.9 -394.0% 10.1
Taxation perta ining to earl ier years - - (0.4) -100.0% (0.4) - (4.6)
Impact of re-measurement of deferred
tax asset** - - - - - -
PAT 35.0 36.4 -3.9% 35.1 -0.4% 97.2 85.4 13.7% 133.5
PAT Margin % 6.8% 8.4% -159 bps 6.7% 6 bps 6.3% 7.0% -67 bps 7.8%
Basic Earnings Per Share (EPS) 3.56 3.90 -9% 3.57 -0.3% 9.89 9.23 7% 14.20
All figures in INR Crs., unless otherwise specified
---------------------------
Financial Summary
40
904
1,168 1,230 1,363
1,707
FY15 FY16 FY17 FY18 FY19
131
197 155
225
324 14.5% 16.9% 12.6% 16.5% 19.0%
FY15 FY16 FY17 FY18 FY19
EBITDA EBITDA Margin %
20
81
31
115 133
2.2%6.9%
2.5%
8.4% 7.8%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0 %
5.0 %
10. 0%
-
20
40
60
80
100
120
140
FY15 FY16 FY17 FY18 FY19
PAT PAT Margin %
241 267 317 292 110
676 522 553 670 964
0.3 0.4 0.5 0.4 0.1
FY15 FY16 FY17 FY18 FY19
Gross Debt Equity Net Debt to Equity
61.0% 61.0% 60.8% 58.9% 57.1%
21.1% 22.7% 23.1% 22.5% 25.5%
9.0% 7.8% 7.8% 10.2% 10.3%
8.8% 8.5% 8.2% 8.5% 7.0%
FY15 FY16 FY17 FY18 FY19
NBOC F & B Advertising Others
TOTAL REVENUES EBITDA PAT
REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS
Note: 1) FY15 financial figures are as per IGAAP, and for FY16 and thereafter it is as per INDAS. Revenues for FY15 are shown net of entertainment tax, to be consistent with the revenues under INDAS.2) Total Revenues & EBITDA includes non operating income.3) Net Debt = Total Debt – Cash –Bank – Liquid MF Investments4) ROE: PAT/Avg. Equity,5) ROCE: EBIT(incl. non-operating income) /Avg. Capital Employed (Capital Employed = Equity + Total Debt)
7.1
%
16
.0%
8.4
%
14
.8%
22
.4%
3.8
%
16
.8%
5.7
%
18
.8%
16
.3%
0.0 %
5.0 %
10. 0%
15. 0%
20. 0%
25. 0%
FY15 FY16 FY17 FY18 FY19
ROCE % ROE %
All figures in INR Crs., unless otherwise specified
IN X
- - - -
■ ■ ■ ■ - - ■ ■
Shareholding Structure
41
Source: BSE
Source: Company Source: Company
Source: BSE
0
50
100
150
200
250
300
350
400
450
Share Price Performance
*TTMEPS : Rs. 20
PE : 23xEV/EBITDA: 11x
*EPS and EV is calculated based on closing share price, as on 10th Feb 2020 EBITDA is considered on TTM basis
Market Data As on 10-Feb-20
No. of Shares Outstanding (Crs.) 10.3
Face Value (INR) 10.0
Price (INR) 442.0
52 week High/Low (INR) 452.70/249.25
Market Capitalisation (INR Crs.) 4,546
Public/Others11.23%
INOX Benefit Trust4.23%
DII22.12%
FII10.53%
Promoter & Promoter
Group51.89%
Shareholding – 7th Nov 2020
Key Institutional Investors - 7th Feb 2020 % Holding
HDFC 7.5%
Sundaram MF 4.1%
DSP Fund 2.0%
Aditya Birla Sunlife 1.7%
Franklin India MF 1.5%
BNP Paribas 1.3%
Reliance MF 1.2%
DFA Investments Group 1.1%
Icici Prudential 1.1%
Taiyo Greater India Fund Ltd 0.9%
AXA 0.9%
RAMS Equities 0.7%
Cohesion 0.7%
Caisse De (ENAM) 0.6%
Morgan Stanley 0.5%
IN
-
Annexure: Strong Brand Partnerships
BFSI, GEC & Automobile FMCG
Consumable Durables
Ecommerce &Telecomm.
Fashion & Lifestyle
Others
~ IDFCFIRST ~Bank
-iiSt,Mii·iirffiffl
• ~
Mankind/II• JO'fli/g,, $tfi
-
vijr,ymllli
" HAVELLS
•~a~•• Mineral RO iwti&SUhiii
PaY'tm
0 11 I I
ill 1•1§18@■11.i I I I I I I
@l xiaomi I I I I I I
• I I I I I I I I
• I
realme I I
Dcretol..ap. I I I I
Justdi I I I I
I I I I I I I I I I I I I _..,_ I
I
Khadlm's 1 I I I I I I I I I I
1.11x:· : INNER W EAR :
I I
HIEEMIM : I I I
(I) i I I I
D& J THE AVENUE ( ( l \I I l I I I \\~Is II 11\ l ~ I , \II l I I\ l .._,
MA YBELL INE 1 II r t• ,
I I I I I I I I I I I
Supersojl ! I
iiCTISSOT / I
Siyaram's· - ! I I
.l!!!!iiF~~~~,,,,,_,J§iii£' I
IN X
G~ • ..... , .. , , .... ,.
<> FC>REVERMARK
A D I A M O N D 15 F OR.EVE"-
111J 11WICKETS
8 Lufthansa
Preg~eatfo~~f --"1Wt.c-.r1 (.(
lr-K-rt."Cl1blc !r•laa
.... V
,ANOFI
!' unacademy
CARvAAN
43
~~MARKETING INITIATIVES
AJAY DEVGN MEETS SCHOOL CHILDREN AT INOX MEGAPLEX, MALAD, MUMBAI
INNOVATIVE LAUNCH: TAPSEE PANNU AND BHUMI PEDNEKAR ARRIVE AT INOX MEGAPLEX
VARUN DHAWAN DANCES WITH FANS AT INOX IN DORE AND PROMOTES INOX REWARDS
INOX REWARD MEMBERS ENJOY HOLLYWOOD FILM "BOMBSHELL" AT INOX INSIGNIA
AJAY DEVGN UNVEILS A SPECIAL GOURMET MENU AT INOX INSIGNIA
44
ALTERNATE CONTENT SCREENING OF METALLICA CONCERT HELD IN 8 CITIES ACROSS INDIA
WINNER OF THE INOX GETAWAY COMBO, SREE HARSHA THOTA WINS AN ALL EXPENSES PAID TRIP TO DUBAI & FERRARI WORLD
PREMIERE BADMINTON LEAGUE SPORTS PLAYERS MEET STUDENTS AT INDX CHENNAI
MONKS EXPERIENCE A MOVIE AT INOX IN NEHRU PLACE, NEW DELHI
BRAND INOX GOING PLACES WITH PREMIERE BADMINTON LEAGUE
45
•
•
•
•
Erstwhile INOX
Fluorochemicals
Limited
Largest producer of
Chloromethanes,
refrigerants and
Polytetrafluoroethyl
ene in India.
Fully integrated player in
the wind energy market
State-of-the-art
manufacturing plants near
Ahmedabad (Gujarat),
Una (Himachal Pradesh)
and Barwani (Madhya
Pradesh). Our Madhya
Pradesh facility is one of
the largest in Asia
Ability to provide end-to-
end turnkey solutions for
wind farms
One of the largest
multiplex chains in
India
In the business of
setting up, operating
and managing a
national chain of
multiplexes under the
brand name ‘INOX’
Present in 68 cities
with 146 multiplexes
and 614 screens
Largest producer of
cryogenic liquid storage
and transport tanks in
India
Offers comprehensive
solutions in cryogenic
storage, vaporization and
distribution engineering
Has operations in India,
USA, Netherlands and
Brazil
50:50 joint venture with
Air Products Inc., USA
Largest producer of
industrial gases in
India
40 plants spread
throughout the
country
Erstwhile Gujarat
Fluorochemicals
Limited
Holding company of
INOX Wind and INOX
Leisure Ltd.
INOX Wind LimitedINOX Leisure LimitedGujarat Fluorochemicals
Limited
INOX Air Products
Private Limited
INOX India
Private Limited
LISTED COMPANIES
GFLLimited IN X LIVE b'w MOVI E
90 Year track record of consistent business growth USO $3 Billion lnox Group diversified across 7 different businesses
OTHER KEY COMPANIES
10,000+ employees at 150+ business units across India Distribution network spread over 50+ countries
Content Pipeline – Feb 2020
Love Aaj Kal 2
Release Date:14th February 2020Cast: Kartik Aaryan, Sara Ali KhanDirector: Imtiaz AliBanner: Maddock Films, Reliance Entertainment, JioStudios, Window Seat Films
Shikara
Release Date:7th February 2020Cast: Aadil Khan, Sadia DharDirector: Vidhu Vinod Chopra Banner: Fox Star Studios
Malang
Release Date: 7th February 2020Cast: Aditya Roy Kapur, Disha PataniDirector: Mohit SuriBanner: Luv Films, Northern Lights Entertainment, T-Series Super Cassettes Industries Ltd.
Shubh Mangal ZyadaSaavdhan
Release Date:21st February 2020Cast: AyushmannKhurrana,Director: Hitesh KewaliaBanner: Colour Yellow Productions, T-SeriesSuper Cassettes Industries Ltd.
BHOOT: Part One –The Haunted Ship
Release Date:21st February 2020Cast: Vicky Kaushal, Bhumi PednekarDirector: BhanuPratap SinghBanner: Dharma Productions, Zee Studios
Thappad
Release Date:28th February 2020Cast: Tapsee PannuDirector: AnubhavSinhaBanner: T-Series Super Cassettes Industries Ltd.
46
Content Pipeline – Mar 2020
Gunjan Saxena – The Kargil Girl
Release Date: 13th March 2020Cast: Janhvi KapoorDirector: Sharan SharmaBanner: Dharma Productions, Zee Studios
Chhalaang
Release Date: 13th March 2020Cast: Rajkummar Rao, Nushrat BharuchaDirector: Hansal MehtaBanner: Ajay DevgnFfilms, Luv Films, TSeries Super Cassettes Industries Ltd.
Mulan
Release Date:27th March 2020Cast: Liu Yifei, Donnie YenDirector: Niki CaroBanner: Walt Disney Pictures
Angrezi Medium
Release Date:20th March 2020Cast: Irrfan Khan, Kareena Kapoor KhanDirector: Homi AdajaniaBanner: T-Series Super Cassettes Industries Ltd.,Maddock Films
Sooryavanshi
Release Date:27th March 2020Cast: Akshay Kumar, Katrina KaifDirector: Rohit ShettyBanner: Rohit Shetty Picturez, Dharma Productions, Cape of Good Films, Reliance Entertainment
Baaghi 3
Release Date: 6th March 2020Cast: Tiger Shroff, Shraddha Kapoor Director: Ahmed KhanBanner: NadiadwalaGrandson Entertainment
47
IN X
Content Pipeline – Apr 2020
Roohi Afzana
Release Date:17th April 2020Cast: Rajkummar Rao, Janhvi KapoorDirector: Hardik MehtaBanner: Maddock Films
‘83
Release Date: 10th April 2020Cast: Ranveer Singh, Deepika PadukoneDirector: Kabir KhanBanner: Phantom Films, Reliance Entertainment, Phantom Productions
No Time to Die
Release Date: 8th April 2020Cast: Daniel Crai, Rami MalekDirector: Cary Joji FukunagaBanner: Metro-Goldwyn-Mayer (MGM), Universal Pictures, Eon Productions
Ludo
Release Date:24th April 2020Cast: Abhishek Bachchan, Fatima Sana Shaikh, Rajkummar RaoDirector: Anurag BasuBanner: T-Series Super Cassettes Industries Ltd.
Gulabo Sitabo
Release Date:17th April 2020Cast: Amitabh Bachchan, Ayushmann KhurranaDirector: Shoojit SircarBanner: Rising Sun Films Production, Kino Works
48
The New Mutants
Release Date:3rd April 2020Cast: Maisie Williams, Anya Taylor-Joy, Charlie Heaton Director: Josh BooneBanner: 20th Century Studios, Marvel Entertainment Genre Films
IN X
49