INOX Leisure announces Financial Results for Q4 and FY2019-20
INOX is focussing on a clear priority of the safety and well-being of guests as well as their employees.
INOX Leisure Ltd reported financials for the fourth quarter and the financial year ending 31st March 2020. The results were taken on record by the Board Of Directors today at a meeting held in Mumbai.
Siddharth Jain, Director – INOX Group said, “I feel extremely proud to put forth yet another year of historic performance emerging out of our relentless endeavors of doing nothing but the best. Despite the advent of COVID-19, we managed to continue our uninterrupted streak of Revenue growth. The financial results of FY20 strongly underline our sharp focus on all the critical aspects of business, and above all, our customers, who would always remain at the core of all our decisions. The year saw us taking our experience focus to newer levels with the launch of two Megaplex cinema properties and introduction of new cinema technologies like MX4D and ScreenX for the first time in our country. As the Company reports its highest ever Revenues, EBITDA and Footfalls, I humbly take the opportunity to thank all our stakeholders for reposing their faith on us.”
Jain further added, “The advent of COVID-19 has left a serious mark on our 4th Quarter performance will remain a cause of concern in the subsequent months as well. With a clear priority on safety and well-being of our guests as well as our employees, we are preparing ourselves with the wherewithal which would help us see through this phase. Our SOPs have been tailored to offer a safe, reliable and a seamless movie watching experience once we resume operations. We are confident that the signature INOX experience, which has become synonymous to movie watching in our country, will remain intact, and will continue to delight our patrons on the other side of COVID-19. We are banking on our inherent passion and our robust Balance Sheet, which would help us emerge stronger and faster from this pandemic situation and deliver a remarkable turnaround, delighting all our stakeholders.”
SPH or Spends Per Head showed a growth of 8% on an annual basis owing to INOX’s efforts to transform cinema into a complete family destination offering a wholesome dining experience. Innovative and themed F&B offerings, promotions, addition of LIVE kitchens, and introduction of new concepts and menu items proved to be the drivers of a healthy F&B and SPH growth.
Footfalls at INOX properties rose by 6% with content playing a significant role. Besides big ticket movies like War, Kabir Singh, Tanhaji and Mission Mangal, the movies from the other Indian languages played their part too. Hollywood’s contribution with movies like Avengers Endgame and Lion King was significant as well. Advertising Revenues bore the brunt of the recessionary slowdown and the building COVID- induced fear psychosis towards the end of the FY20, and therefore maintained a flat trajectory with a growth of 1%.
The company added 58 screens in the entire financial year, depicting its focus on getting closer to the customers. INOX extended its strategy of developing massive experience-driven entertainment destinations with the opening of its 2nd Megaplex in the city of Lucknow after launching its 1st Megaplex in Mumbai earlier this year. INOX continued its focus on technology and formats with the pioneering of MX4D Theatre Effects and the 270 degree multi-projection technology ScreenX into the country.
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