INOX Leisure’s Q1FY22 print has little relevance on limited opening of theaters; it incurred cash EBITDA loss of Rs1.07mn. Though H1FY22 was expected to be a washout due to lockdown, restricted occupancy and fewer releases, gradual permits for reopening of theaters by states has been encouraging. Only 5 states are pending to reopen with Maharashtra and Tamil Nadu being key. Once these states also reopen, the brokerage expects a strong movie release pipeline that should help the company report first quarterly profit in Q3FY22 or Q4FY22 after a gap of 7-8 quarters. INOX has healthy balance sheet with net cash of Rs1.2bn; strong screens pipeline increases visibility of growth on normalisation.
INOX Leisure announces Q1 FY22 Financial Results
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