IN

LIVE~MOVIE

23 rd October, 2019

To,
The Secretary The Manager
BSELimited National Stock Exchange of India Limited
P JTowers, Exchange Plaza, 5th Floor, Plot No C/1,
Dalal Street, G Block, Bandra-Kurla Complex,
Mumbai - 400 001 Bandra (East), Mumbai - 400 051
Scrip Code: 532706 Scrip Code: INOXLEISUR

Dear Sir / Madam,

Sub: Disclosure of Material Event Information m der R o of SEBI Listin

Obligations and Discl.o sure Requirements) Regulations, 2015 - Earnings Presentation.

Pursuant to Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a copy of the Earnings Presentation that we propose to
make during the Conference Call for analyst and investors scheduled to be held on Wednesday, 23 rd
October, 2019 at 5.00 p.m. is enclosed and the said Earnings Presentation has also been uploaded on the
Company's Website at https://www.inoxmovies.com/Corp

We request you to kindly take the same on record.

Thanking you.

Yours faithfully,
For INOX Leisure Limited

Parthasarathyiyengar
Company Secretary

INOX LEISURE LTD.

5th Floor, Viraj Towers, Next to Andheri Flyover, Western Express Highway, Andheri (East), Mumbai 400 093, India.
Tel (91 22) 4062 6900 • Fax : (91 22) 4062 6999 • E: contact@inoxmovies.com • www.inoxmovies.com

Registered Office: ABS Towers, Old Padra Road, Vadodara 390 007 • Tel (91 265) 6198111 • Fax (91 265) 2310312 • CIN: L92199GJ1999PLC044045
1
2
 DISCLAIMER
This 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, SUMMARY
plans and objectives, are based on the current beliefs, assumptions, expectations,
estimates, and projections of the management of ILL about the business, industry and Financial Results
markets in which ILL operates.

These statements are not guarantees of future performance, and are subject to known Property Openings
and unknown risks, uncertainties, and other factors, some of which are beyond ILL’s and Pipeline
control and difficult to predict, that could cause actual results, performance or
achievements to differ materially from those in the forward looking statements.
Content Pipeline
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 Shareholding
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 Structure and
statements. Balance Sheet Items
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- Annexure
off figures.

3
 Highest Footfall
Growth in the Industry
for Q2FY20

Highest Occupancy
Growth in the Industry
for Q2FY20

Highest Total Revenue growth

in the Industry
for Q2FY20
~~
BREAKING BARRIERS
Highest EBITDA growth
in the Industry
BUILDING TRUST
for Q2FY20 *

Highest PAT growth

in the Industry
for Q2FY20 *
4
*Excludes IndAS 116 impact
 Highest “EBITDA to Capital
Invested Ratio” in the Industry*

First National Chain in

the industry to be

Highest Footfall
Growth in the Industry
for H1FY20

Highest Total Revenue growth

in the Industry
for H1FY20
~~
BREAKING BARRIERS
BUILDING TRUST
Highest EBITDA growth
in the Industry
for H1FY20 *

Highest PAT growth

in the Industry
for H1FY20 *
5
*Excludes IndAS 116 impact Excludes Ind AS 116 impact
Q2FY20 - Perfor,nance Snapshot IN

Total Revenue EBITDA PAT

524
Rs. crs Rs.107 crs Rs. 51 crs

42%YoY 121%YoY 327%YoY

Excludes impact of Ind AS 116 Excludes impact of Ind AS 116

Footfalls Occupancy% SPH

1.90 crs 30% Rs. 79
39%YoY - 589BPS - 7%YoY
-~
• 6
H1FY20 - Perfor,nance Snapshot IN

Total Revenue EBITDA PAT

Rs. 1020 crs Rs.199 crs Rs. 92 crs

30%YoY 48%YoY 89%YoY

Excludes impact of Ind AS 116 Excludes impact of Ind AS 116

Footfalls Occupancy% SPH

3.63 crs 30% Rs.80
24%YoY - 319BPS - 6%YoY
-~
• 7
 ~

{ IN ," EXPERIENTIAL MARKETING PROGRAMME .. J

~ BUILDING UNFORGETTABLE MEMORIES AND DELIGHTS
...... ~
~
M(;(;T Tl-I(;
~~

~,U~LL"1

MOTIVATIONAL SPEECH SESSION BY

SUPER 30 ANAND KUMAR AT INOX AKSHAV KUMAR PROMOTES SCHOOL SHOWS AT INOX FLASH MOB SURPRISE FOR INOX GUESTS

(
- INOX FASHION SHOW AT THE
WORKSHOPS FOR SCHOOL CHILDREN AT INOX DRAWING COMPETITION AT INOX KIDDLES INTERNATIONAL FASHION WEEK, GOA
8
 ~
ENTERTAINING AND EDUCATING OUR
X EDUTAINMEN9 NATION'S FUTURE THROUGH OUR INITIATIVES

9
GUJARAT
FLUOROCHEMICAlS
11 rwn
 Overview of IND AS-116 “Leases”
 New Accounting Standard-116 on Leases is effective from 1st April 2019
Ind AS 116 Impact
 No Distinction between Finance and Operating Lease now. on Balance Sheet
As on 30th Sep 2019
 All Leases to be recognised in financials as assets and liabilities (No off-Balance
Sheet Rights/Obligations) with exceptions available for immaterial leases and


short term leases (less than 12 month)

Calculation of Assets (Rights) and Liabilities (Obligations)-

 Lease liability- Calculates Net Present Value (NPV) of lease rent
I• Right of Use - Assets
Rs.1,822Crs.

payment over full lease tenure (discounted at incremental borrowing Impact on Deferred Tax Asset
rate ). Rs. 201Crs.
 Right of use (ROU)-Initially measured at the amount of lease liability
adjusted for lease prepayments if any. ROU is depreciated over lease
term on straight line basis. Impact on Retained Earnings
Rs.375Crs.
Lease liability and ROU will be NIL at the end of the Lease term.

 Impact on Profit and Loss Statement - Operating lease expense (fixed part) will Lease Liability
be replaced by depreciation and interest cost, impacting EBITDA, EBIT, PBT and
Rs.2,376Crs.
PAT.

 Transitional Approach- Company has followed Modified Retrospective approach

for transition to IND AS-116. This approach does not require restatement of
Cash Flow Statement
comparative information for earlier period. The cumulative effect of initially Impact Nil.
applying the standard is recognized as an adjustment in retained earnings net
of deferred taxes. 10
 Ind AS 116 Impact on Profit & Loss

INR Crs.
Q2FY20 H1FY20
Q2FY20 Ind AS 116 H1FY20 Ind AS 116
Particulars Without Q2FY19 YoY% Without H1FY19 YoY%
Reported Impact Reported Impact
Ind AS 116 Ind AS 116

Total Revenue 524 524 369 42% 1,020 1,020 787 30%
Total Expens es *
EBITDA
EBITDA Margin(%)
352
172
33%
65
-65
417
107
20%
321
49
13% ------
30%

------
121%
7%
695
325
32%
126
-126
821
199
20%
652
135
17%
26%
48%
2%
[-]Depreciation
EBIT
[-]Interes t
PBT
65
108
54
53
-38
-27
-52
25
27
81
2
78
23
25
7
18
------
14%
220%

------
-63%
325%
125
200
105
95
-73
-54
-100
46
53
147
5
141
46
89
14
75
14%
65%
-63%
88%
[-] Tax
PAT
PAT Margin(%)
Basic EPS (Rs.)

*Ind AS 116 - Rent Impact

18
35
7%
3.57
9
16

1.64
27
51
10%
5.21
6
12
3%
1.30
------
320%
327%

------
7%
301%
33
62
6%
6.32
16
30

3.08
49
92
9%
9.40
26
49
6%
5.33
88%
89%
3%
76%

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.

11
Update on Amendment in Income Tax Act

Income Tax Act - ordinance passed on 20th Sep 2019

[Option to avail lower effective tax rate of 25.17% from the current level of 34.94%]

Circular dated 2nd Oct 2019 further clarified that

MAT credit, specified unabsorbed depreciation,
& specified carried forward business losses will not be allowed

INOX Position
Advantages Disadvantages
- - - - [_ _ _ _ _] as on 31st Mar 2019= -
- ==

Lower Effective Tax Rate

(from 34.94% to 25.17%)
• Carry forward of MAT credit will MAT credit available
not be allowed Rs.21 Crs

• Chapter VI-A part C deductions in

Presently availing 80IA
respect of certain incomes will not
deduction
be allowed

INOX is currently evaluating its options and will take an

appropriate decision by March 2020.
12
Q2 & H1 FY20 Results Highlights

Q2FY20 YoY Comparison

-
Total Revenue EBITDA PAT
600

500

400

42%
120
- EBITDA

121%
EBITDA Margin

20% 25%
60

50
PAT

327%
PAT Margin
10% 12%

10%

t
13%
100

20%
300
8%
524
40
80

15%
3% 6%
107 51
30

369
60
200

10%
40
20
4%
100

49 5% 2%
12
20 10

- -
0% -
0%

Q2FY19 Q2FY20 Q2FY19 Q2FY20 Q2FY19 Q2FY20

H1FY20 YoY Comparison

1,200

1,000

800
Total Revenue

30% 250
- EBITDA

17%
EBITDA

48%
EBITDA Margin

20% 25% 100

90
-
6%
PAT
PAT

89%
PAT Margin
9%
10%
9%

t
200
20% 80
8%
600 70
7%
1,020 150
15% 60
6%
400

787 100

199 10%
50

40 92 5%
4%
3%
135 49
30

200

50
5% 20
2%
10
1%
- -
0% -
0%

H1FY19 H1FY20 H1FY19 H1FY20 H1FY19 H1FY20

All figures in INR Crs., unless otherwise specified, Total Revenue and EBITDA includes Other non-operating Income
Note: EBITDA and PAT excludes Ind AS 116 impact 13
 Q2 & H1 FY20 – Revenue Break Up Analysis

Q2 FY20 YoY Comparison H1FY20 YoY Comparison

1,20 0

550

524 1020
33 1,00 0

62
40
450
87
787
369
350
30
38
t 9% 141
800

54
78 t 14% 273
600

250
95
t 5%
400
206
t 11%

150

206
t 48% 311
200 448
t 32% 598

50

t 51%
-
t 33%

(5 0) Q2FY19 Q2FY20 H1FY19 H1FY20

%Share
■ Net Box Offi ce
■ Net Food & Beverage
■ Adverti s ement
----
Q2FY19
55.9%
25.7%
10.2%
Q2FY20
59.3%
26.8%
7.6%
H1FY19
57.0%
26.2%
9.9%
H1FY20
58.6%
26.8%
8.5%
■ Other Revenues 8.1% 6.2% 6.9% 6.1%

14
All figures in INR Crs., unless otherwise specified
 Q2FY20 Results Analysis – Top 5 Movies in INOX IN X

Q2FY20 Mission Mangal The Lion King Super 30 Chhichhore Saaho Total
Footfalls (Lacs) 19 16 17 16 15 84
GBOC (INR Crs.) 42 36 32 32 30 172

Mission:
Impossible -
Q2FY19 Sanju Stree Gold Fallout Dhadak Total
Footfalls (Lacs) 23 13 10 9 7 62
GBOC (INR Crs.) 51 23 22 17 14 127

Top 5 films accounted for 46% of Q2 FY20 GBOC revenues (47% in Q2 FY19)
15
GBOC – Gross Box Office Collection
 Q2 & H1 FY20 Results Analysis – Key Operational Metrics

Overall Footfalls & Occupancy% Comparable Properties Footfalls & Occupancy%

50 0

45 0

40 0

35 0
25%
- Footfalls (Lacs)
30%
27%
...
Occ%

... 30%
33 %

28 %
50 0

45 0

40 0
- Footfalls (Lacs)

30%
27%
Occ%

. 29%
33 %

28 %

30 0
23 %
35 0

24% 23 %

30 0

25 0

18 %
25 0 18 %

363 22%
20 0

39% 24%
20 0

7%
293
t t
13 % 13 %

t
15 0

282 301
t
15 0

10 0

190 10 0

161
137 132
8%
8%

50 50

- 3%
- 3%

Q2FY19 Q2FY20 H1FY19 H1FY20 Q2FY19 Q2FY20 H1FY19 H1FY20

Footfalls with Management properties: Q2FY20: 199 lacs, Q2FY19: 144 lacs & H1FY20: 381 lacs, H1FY19: 309 lacs

Overall Average Ticket Price (ATP) [INR] Comparable Properties Average Ticket Price (ATP) [INR]
250 25 0

200 20 0

150 15 0

0.4%
100
195
t 196 197 197 197 195 197 195
10 0

50
50

-1% -1%
-

Q2FY19 Q2FY20 H1FY19 H1FY20 Q2FY19 Q2FY20 H1FY19 H1FY20

16
Note: All above charts exclude management properties
 Q2 & H1 FY20 Results Analysis – Key Operational Metrics

Gross Spend Per Head (SPH) [INR] Comparable Gross Spend Per Head (SPH) [INR] Food & Beverages – Contribution (%)

10 0.0%

100
90 .0%

90 100
80 .0%

90
80
80
70 .0%

70
70 60 .0%

60
60

6%
50 .0%

50
7% 50 6% 5%
79 80
73 75
t
40 .0%

40

t 74
t 78 75
t 78
40

73.3%

75.5%

74.5%

75.2%
30
30 .0%

30
20
20 .0%

20

10 10
10 .0%

- - 0.0 %

Q2FY19 Q2FY20 H1FY19 H1FY20 Q2FY19 Q2FY20 H1FY19 H1FY20 Q2FY19 Q2FY20 H1FY19 H1FY20

Advertisement Revenue [INR Crs.] Other Revenue [INR Crs.]

100

90 70

80
60

70
50
60

40
50

5% 11% 87 9% 14% 62
40
78 30

54
30

20

10
38 t 40 t 20

10
30 t 33 t
- -

Q2FY19 Q2FY20 H1FY19 H1FY20 Q2FY19 Q2FY20 H1FY19 H1FY20

17
 Q2 & H1 FY20 Results Analysis – Key Operational Metrics

Film Distributor Share on NBOC [%]

44.7% 43.5% 44.4% 43.7%

Q2FY19 Q2FY20 H1FY19 H1FY20

Other Overheads Per Operating Screen (INR Lacs)

50.0

•+ •+
41.7 43.1 87.1
45.0
90.0 84.1
40.0
-6.3% -1.4%
80.0

11.8 24.8
12.6 25.2
35.0

• Other Overheads 70.0

30.0

6.6% 60.0
4.6%
25.0

10.9
11.6
• CAM, Power & Fuel, R&M
50.0

22.5 23.6

+ +
20.0
40.0

15.0

12.3
5.9%
13.1 • Property Rent &
Conducting Fees
30.0

24.9
3.3%
25.7
10.0
20.0

5.0

5.8 14.0% 6.6

• Employee Benefits 10.0

11.5 12.8% 13.0

- - -

Q2FY19 Q2FY20 H1FY19 H1FY20 18

Note: Property rent & conducting fees excludes Ind AS 116 impact
New Properties Opened in Q2FY20

Lucknow Umrao Mall (18th Aug 2019) Jalandhar Reliance (6th Sep 2019)
3 Screens 653 Seats 3 Screens 862 Seats

Property Openings - FY19

Lucknow Garden Galleria Mall
Vadodara Taksh NH8
Bangalore Garuda Yelahanka
Opened
12-Apr-19
3-May-19
28-Jun-19
Property
1
1
1
--
Screens
4
5
4
Seats
803
976
756
Hyderabad GSM Mall 29-Jun-19 1 8 1,691
Q1FY20 Openings 4 21 4,226
Lucknow Umrao Mall 18-Aug-19 1 3 653
Jalandhar Reliance 6-Sep-19 1 3 862
Q2FY20 Openings 2 6 1,515
H1FY20 Openings 6 27 5,741
19
Track Record of Aggressive Expansion

700
- Screens
- Properties

123
139
144

598
118 130

574
600 107
96

492
468
500
79
68 72 80

420
63

372
400

32

310
22 26

279
16 30

257
300
9

239
2 3 6

200

119
91 -20
76

I
58

100

I
35
25

I
12

- - • • I
8

0 -70

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Oct-19
Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15

20
 PAN India Presence IN X
ONE OF THE LARGEST MULTIPLEX CHAIN IN INDIA

PUNJAB | 3 Properties | 13 Screens

UTTAR PRADESH | 9 Properties | 34 Screens 19
States
DELHI | 5 Properties | 16 Screens JHARKHAND | 1 Property | 4 Screens

HARYANA | 6 Properties | 19 Screens 68

Cities
RAJASTHAN | 13 Properties | 47 Screens

MADHYA PRADESH | 5 Properties | 22 Screens Assam | 1 Property | 2 Screens 144

WEST BENGAL | 15 Properties | 59 Screens Properties
GUJARAT | 20 Properties | 81 Screens

ODISHA | 4 Property | 14 Screens

MAHARASHTRA | 27 Properties | 127 Screens 598
CHHATTISGARH | 2 Properties | 8 Screens
GOA | 4 Properties | 14 Screens
Screens
TELANGANA | 3 Properties | 19 Screens
KARNATAKA |12 Properties | 49 Screens
ANDHRA PRADESH | 8 Properties | 33 Screens 140,244
Seats
KERALA |1 Property | 6 Screens TAMIL NADU | 5 Properties | 31 Screens

* Includes 8 management properties with 29 screens and 7,370 seats 21

New Screen Pipeline

Properties
Lucknow Garden
FY20 Pipeline
Open Date Properties
12-Apr-19 1
Screens
4
Seats
803
FY19
FY20 Openings till date
---Properties Screens
139
6
574
27
Seats
135,586
5,741

- - -1
Taksh Galaxy 3-May-19 1 5 976 Expected Nov'19 to Mar'20 9 44 7,300
Bengaluru Yelahnaka 28-Jun-19 1 4 756 *Adjustments (1) (3) (1,083)
Hyderabad GSM 29-Jun-19 1 8 1,691 FY20 Expected 153 642 147,544

- - -1
Lucknow Umrao Mall 18-Aug-19 1 3 653
Jalandhar Reliance 6-Sep-19 1 3 862 Additions Post FY20 136 914 168,017
Openings Till Date 6 27 5,741 Leading to 289 1,556 315,561
Gurugram 2 8 970
Kolkata 1 2 342
Bengaluru 1 5 629
Gorakhpur 1 4 761
Lucknow 1 6 1,171
Indore (existing) - 6 403
Pune 1 5 1,160 STRONG VISIBILITY FROM NEW SCREENS PIPELINE
Tumkur 1 5 1,061 BACKED BY SIGNED AGREEMENTS
Salem 1 3 803
Total 15 71 13,041

*Adjustments – Discontinued operations of Nagpur Poonam Mall with 3 screens and 1068 seats and 15 seats of Siliguri Orbit has been reduced due to renovation.

22
Content Pipeline – Oct & Nov 2019 IN X

Bala
Housefull 4 Terminator: Dark Fate
Release Date:
Release Date: Release Date: 7th November 2019
25th October 2019 1st November 2019 Cast: Ayushmann
Cast: Akshay Kumar, Cast: Mackenzie Davis, Khurrana, Bhumi
Riteish Deshmukh, Bobby Arnold Schwarzenegger, Pednekar
Deol Linda Hamilton Director: Amar Kaushik
Director: Farhad Samji Director: Tim Miller Banner: Jio Studios,
Banner: Nadiadwala Banner: Paramount Maddock Films
Grandson Entertainment Pictures, Twentieth
Fox Star Studios Century Fox, Skydance
Media

Marjaavaan Pagalpanti Frozen 2

Release Date: Release Date: Release Date:

15th November 2019 22nd November 2019 22nd November 2019
Cast: Sidharth Malhotra, Cast: John Abraham, Cast: Kristen Bell,
Riteish Deshmukh Ileana D'Cruz Evan Rachel Wood,
Director: Milap Zaveri Director: Anees Bazmee Jonathan Groff
Banner: T-Series Super Banner: Panorama Director: Chris Buck,
Cassettes Industries Studios, T-Series Super Jennifer Lee
Ltd., Emmay Cassettes Industries Ltd Banner: Walt Disney
Entertainment Pvt. Ltd . - ., f"Y7' ,:- N Animation Studios,
........... ,...... ,........ , """
NOVl: M otR 101')
Walt Disney Pictures
I

23
Content Pipeline – Dec 2019 IN X

Panipat Jumanji – The Next Level

Pati Patni Aur Woh

Release Date: Release Date:

Release Date:
6th December 2019 13th December 2019
6th December 2019
Cast: Arjun Kapoor, Sanjay Cast: Dwayne Johnson,
Cast: Kartik Aaryan, Bhumi
Dutt, Kriti Sanon Karen Gillan, Madison
Pednekar, Ananya Panday
Director: Ashutosh Iseman
Director: Mudassar Aziz
Gowariker Director: Hartbeat
Banner: T-Series Super
Banner: Ashutosh Gowariker Productions, Matt Tolmach
Cassettes Industries Ltd.
Productions, Productions, Seven Bucks
Vision World Productions

Mardaani 2 Dabangg 3 Good Newwz

Release Date: Release Date: Release Date:

13th December 2019
Cast: Rani Mukerji
Director: Gopi Puthran
Banner: Yash Raj Films
20th December 2019
Cast: Salman Khan,
Sonakshi Sinha
Director: Prabhu Deva
Banner: Arbaaz Khan
Productions,
Salman Khan Films,
Saffron Broadcast
27th December 2019
Cast: Akshay Kumar,
Kareena Kapoor Khan
Director: Raj Mehta
Banner: Dharma
Productions, Zee Studios

24
Content Pipeline – Jan 2020

Tanhaji – The Unsung Chhapaak Darbar

Warrior
Release Date: Release Date:
Release Date: 10th January 2020 10th January 2020
10th January 2020 Cast: Deepika Padukone, Cast: Rajinikanth,
Cast: Ajay Devgn Vikrant Massey Nayanthara
Director: Om Raut Director: Meghna Gulzar Director: A. R. Murugadoss
Banner: Ajay Devgn FFilms Banner: Fox Star Studios Banner: Lyca Productions

Street Dancer 3D Panga Turram Khan

Release Date: Release Date: Release Date:

24th January 2020 26th January 2020 31st January 2020
Cast: Varun Dhawan, Cast: Kangana Ranaut, Richa Cast: Rajkummar Rao,
Shraddha Kapoor Chadda Nushrat Bharucha
Director: Remo Dsouza Director: Ashwiny Iyer Director: Hansal Mehta
Banner: T-Series Super Tiwari Banner: Ajay Devgn Ffilms,
Cassettes Industries Ltd., Banner: Fox Star Studios Luv Films
Remo DSouza Entertainment

25
Content Pipeline – Feb 2020
Malang
Release Date:
14th February 2020
Cast: Aditya Roy Kapur,
Disha Patani
Director: Mohit Suri
Banner: Luv Films,
Northern Lights
Entertainment, TSeries
Chehre
Release Date:
21st February 2020
Cast: Amitabh Bachchan,
Emraan Hashmi
Director: Rumi Jaffrey
Banner: Anand Pandit Motion
Pictures, Saraswati
Entertainment Private Limited
Love Aaj Kal 2 The King's Man
Release Date: Release Date:
14th February 2020 14th February 2020
Cast: Kartik Aaryan, Sara Cast: Gemma Arterton,
Ali Khan Matthew Goode, Aaron
Director: Imtiaz Ali Taylor-Johnson
Banner: Maddock Films, Director: Matthew Vaughn
Reliance Entertainment Banner: 20th Century Fox
Film Corporation, Marv Films
BHOOT: Part One – The Anurag Basu’s Next
Haunted Ship
Release Date:
Release Date: 21st February 2020
21st February 2020 Cast: Fatima Sana Shaikh,
Cast: Vicky Kaushal, Bhumi Rajkummar Rao
Pednekar Director: Anurag Basu
Director: Bhanu Pratap Banner: T-Series Super
Singh Cassettes Industries Ltd.
Banner: Dharma
Productions, Zee Studios
26
 Shareholding Structure
Share Price Performance As on 18-Oct-19
Market Data
430
No. of Shares Outstanding (Crs.) 10.3
380 Face Value (INR) 10.0
330 Price (INR) 354.1

280 52 week High/Low (INR) 382.60/200.10

Market Capitalisation (INR Crs.) 3,642
230

-
Source: BSE
180 r r T r T T T

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Key Institutional Investors – 18th Oct 2019 % Holding

Source: BSE HDFC FUND 7.9%

Sundaram MF 4.2%
DSP Small Cap Fund 2.0%
% Shareholding as of 18th Oct 2019
Public/Others,
Aditya Birla Sunlife 2.0%
10.78% BNP Paribas MF 1.5%
INOX Benefit
Trust, 4.23% Reliance MF 1.4%
Taiyo Greater India Fund Ltd 1.0%
RAMS Equities Fund 1.0%
Promoter &
Promoter DII, 21.02% Kuwait Investment Authority 1.0%
Group, 51.89% Cohesion Fund 0.9%
Morgan Stanley 0.7%
FII, 12.08% Reliance Nippon Life Insurance 0.3%

Source: Company Source: Company 27

Annexure
28
Consolidated Balance Sheet

Particulars (INR Crs.)

Share Capital
Other Equity
-- ( *Sep-19
102.6
611.0
Mar-19
102.6
893.9
Strong
Balance Sheet
Low Leverage
Net D/E: 0.05x ]
Interest in Inox Benefit Trust, at cost (32.7) (32.7)
Total Shareholder funds
Non-Controlling Interest
Total Equity
681.0
0.01
681.0
963.8
0.01
963.8
( Treasury Stock in Inox
Benefit Trust
154 INR Crs.
As on 18-Oct-19 ]
...
Gross Debt 87.5 110.0

]
Lease Liability 2,376.3 -
Other Non-Current Liabilities
Total Sources of Funds
93.8
3,238.6
90.7
1,164.5 ( Real Estate on
Balance Sheet
INR 350 Crs.

...
Fixed Assets (Excl Right of Use) 1,004.1 986.1

]
Right of Use 1,821.5 -
Other Non-Current Assets
Current Assets
Cash & Cash Equivalents
523.8
125.3
31.2
341.3
137.6
13.7
( Promoters Stake 51.9%
Less: Current Liabilities 267.3 314.3
Net Current Assets
Total Assets
(110.9)
3,238.6
(163.0)
1,164.5 ( Interim Dividend of Rs.1 per share ]
*Includes Ind AS 116 Impact
Key Balance sheet Ratios
Net Debt : Equity
Return on Equity (ROE)
Return on Capital Employed (ROCE)
-- #Sep-19
0.05
19.9%
26.5%
Mar-19
0.10
16.3%
22.4%
Potential To Grow Aggressively
Without Any Stress On Balance Sheet
#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

ROE (TTM): PAT/Avg. Equity, ROCE (TTM): EBIT/Avg. Capital Employed (Capital Employed = Equity + Gross Debt), Net Debt = Gross Debt – Cash –Bank – Liquid MF Investments 29
 Annexure: Consolidated P&L Statement

Q2FY20 with Q1FY20 with

Particulars (INR Crs.) Ind AS116 Q2FY19 YoY % Ind AS116 QoQ % H1FY20 H1FY19 YoY % FY19
Total Revenue 524.3 369.1 42.1% 496.1 5.7% 1,020.5 786.8 29.7% 1,707.1
Exhibition Cos t 139.1 95.1 46.3% 129.9 7.1% 269.0 204.8 31.3% 444.2
Food & Beverages Cos t 34.5 25.3 36.4% 33.3 3.8% 67.8 52.5 29.2% 112.5
Employee Benefits Expens e 37.3 27.9 33.9% 35.1 6.4% 72.4 54.1 33.7% 115.2
Leas e Rental & Hire Charges 8.8 59.2 -85.2% 8.1 7.9% 16.9 116.8 -85.5% 249.3
CAM, Power & Fuel, R&M 65.7 52.4 25.3% 65.3 0.6% 131.0 105.7 24.0% 211.9

---------
Other Expens es 66.7 60.6 10.1% 71.2 -6.3% 137.9 118.0 16.9% 249.9
EBITDA 172.2 48.5 254.7% 153.2 12.4% 325.4 134.9 141.3% 324.1
EBITDA Margin % 32.8% 13.2% 1968 bps 30.9% 195 bps 31.9% 17.1% 1474 bps 19.0%
Depreciation & Amortis ation 64.5 23.4 175.6% 60.8 6.1% 125.3 46.1 171.8% 95.5
Impairment Los s on PP&E - - - - - 0.8
Finance Cos t 54.2 6.8 701.6% 50.9 6.6% 105.1 13.7 667.8% 23.7

---------
Exceptional Items - - - - - 5.0
PBT 53.4 18.4 190.8% 41.5 28.6% 95.0 75.1 26.5% 199.1
Current Tax 26.2 3.5 643.6% 21.9 19.6% 48.1 22.1 117.6% 60.1
Deferred Tax (7.5) 2.9 -359.4% (7.4) 1.4% (14.8) 4.0 -471.4% 10.1

---------
Tax pertaining to earlier years (0.4) - - (0.4) - (4.6)
PAT 35.1 12.0 194% 27.0 30% 62.1 49.0 27% 133.5
PAT Margin % 6.7% 3.2% 346 bps 5.4% 126 bps 6.1% 6.2% -13 bps 7.8%
Basic Earnings Per Share (EPS) 3.57 1.30 175% 2.75 30% 6.32 5.33 19% 14.20

All figures in INR Crs., unless otherwise specified 30

Annexure: Consolidated Balance Sheet Statement

Equity & Liabilities (INR Crs.)

Equity:
Equity Share Capital
Other Equity
--
*Sep-19 Mar-19

102.6
611.0
102.6
893.9
Assets (INR Crs.)
Non-Current Assets:
Property, Plant & Equipment
Capital work-in-progress
--
*Sep-19

906.7
70.3
Mar-19

893.9
63.7
Interest in Inox Benefit Trust, at cost (32.7) (32.7) Goodwill 17.5 17.5
Equity attributable to owners of the company 681.0 963.8 Other Intangible Assets 9.5 11.1
Non-Controlling Interest
Total Equity
Non-current liabilities:
Borrowings
Other Financial Liabilities
-- 0.0
681.0

37.5
7.0
0.0
963.8

55.0
9.0
Right of Use
Other Investments
Loans
Other Financial Assets
Deferred Tax Assets (Net)
1,821.5
0.2
92.8
89.3
232.0
-
0.6
89.2
86.0
52.9
Lease Liability 2,310.0 - Tax Assets (Net) 10.6 8.8
Provisions
Other Non-current Liabilities
Total of Non-Current Liabilities
Current Liabilities:
Borrowings
--
16.2
70.6
2,441.3

15.0
12.7
69.0
145.7

20.0
Other Non Current Assets
Total Non Current Assets
Current Assets:
Inventories
Other Investments
-- 99.0
3,349

13.5
16.1
103.9
1,327

12.2
0.6
Trade Payables 119.1 159.6 Trade receivables 74.4 88.2
Other Financial Liabilities 98.2 120.4 Cash and Bank Balances 11.7 11.8
Lease Liability 66.3 - Bank Balances Other than above 4.1 1.9
Other Current Liabilities 68.3 47.5 Loans 5.2 5.2
Provisions 16.7 14.4 Other Financial Assets 0.2 0.2
Income Tax Liabilities (Net) - 7.4 Income Tax Assets (net) - 4.6
Total of Current Liabilities 383.6 369.3 Other Current Assets 31.3 26.7
Total Equity & Liabilities 3,505.9 1,478.8 Total Current Assets 156.5 151.3
Total Assets 3,505.9 1,478.8 31
*Includes Ind AS 116
Annexure: Brief Profile

Business Overview
• Inox Leisure Limited (ILL), incorporated in 1999, is one of the largest multiplex operator in India
• ILL is a part of Inox Group which is diversified across industrial gases, engineering plastics, refrigerants, chemicals, cryogenic engineering,
renewable energy and entertainment sectors
• ILL currently operates 144 properties (598 screens and 140,244 seats) located in 68 cities across India, being the only multiplex operator
having such a diverse presence across PAN India
• The company accounts for ~20% share of the multiplex screens in India and ~11% share of domestic box office collections
• The company has aggressively scaled up through organic and inorganic expansion over last decade growing from 2 properties – 8 screens in
FY03 to 144 properties – 598 screens at present.

Key Strengths
• One of the largest multiplex chains in India
• Most diversified distribution of multiplexes in India
• Premium multiplex properties, state of the art technology and unmatched service and ambience
• Strong partnerships with more than 50 leading Indian and Global brands, offering high growth potential for advertising and
other ancillary revenues
• Strong management team and recognized and trusted corporate group

Strong Financials
• Consolidated Revenues, EBITDA and PAT were Rs 1,707crs, Rs 324crs and Rs 134crs in FY19
• Strong balance sheet with Gross Debt of Rs 110 crs, Net Debt of Rs 96 crs and Equity of Rs 964 crs in FY19 with net D/E ratio of 0.10x

32
 LISTED COMPANIES OTHER KEY COMPANIES

GFLLimited IN X @p//1,gfi~ ~ INOX:CVA

LIVE Uw MOVIE INOX Air Products INOX India
Gujarat Fluorochemicals INOX Leisure Limited INOX Wind Limited Private Limited
Private Limited
Limited

 Erstwhile Gujarat  Erstwhile INOX  One of the largest  Fully integrated player in  50:50 joint venture with  Largest producer of
Fluorochemicals Fluorochemicals multiplex chains in the wind energy market Air Products Inc., USA cryogenic liquid storage
Limited Limited India and transport tanks in
 State-of-the-art  Largest producer of India
 Holding company of  Largest producer of  In the business of manufacturing plants near industrial gases in
INOX Wind and INOX Chloromethanes, setting up, operating Ahmedabad (Gujarat), India  Offers comprehensive
Leisure Ltd. refrigerants and and managing a Una (Himachal Pradesh) solutions in cryogenic
 40 plants spread storage, vaporization and
Polytetrafluoroethyl national chain of and Barwani (Madhya
throughout the distribution engineering
ene in India. multiplexes under the Pradesh). Our Madhya
country
brand name ‘INOX’ Pradesh facility is one of  Has operations in India,
the largest in Asia USA, Netherlands and
 Present in 68 cities
with 144 multiplexes  Ability to provide end-to- Brazil
and 598 screens end turnkey solutions for
wind farms

• 90 Year track record of consistent business growth • 10,000+ employees at 150+ business units across India
• USO $3 Billion lnox Group diversified across 7 different businesses • Distribution network spread over 50+ countries
33
Annexure: PAN India Presence

144 Properties 68 Cities

East, 23, 16% East; 10; 15%

Well Diversified South, 29, 20%
South; 14; 20%
Distribution of
Multiplexes
across India

North, 36, 25% West; 23; 34%

West; 56; 39% North; 21; 31%

Access to
Wide Variety of
Regional Content 598 Screens 140,244 Seats

East, 87, 14% East; 21,702 ; 16%

South, 138, 23%
South; 31,493 ; 22%

Lower Dependency
on Hindi and English
Content
West; 244; 41%
North; 129; 22% West; 56,751 ; 40%
North; 30,298 ; 22%

Includes 8 management properties with 29 screens and 7,370 seats 34

 Annexure: Strong Brand Partnerships IN X
BFSI, GEC & Consumable Ecommerce & Fashion &
Automobile FMCG Telecomm. Lifestyle Others
Durables

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