Inox Leisure posts Q1 net loss of Rs 101 crore

Multiplex chain Inox Leisure on Tuesday reported a loss of Rs 101 crore for the first quarter ended June as Covid-19 led lockdowns impacted the film exhibition business.

Revenue from operations stood at Rs 26 crore while earnings before interest, tax, depreciation and amortisation (EBITDA) were in the negative zone by Rs 104 crore.

The company said Q1 FY22 witnessed severe impact of second wave of Covid-19 resulting into prolonged closure of cinemas through majority of the quarter, adversely impacting revenues, EBITDA, PAT and footfall.

"With cinemas allowed to operate in 13 states and one union territory, 113 Inox multiplexes with 459 screens will be resuming operations in the coming days in a staggered manner as per operational readiness and government guidelines in the near future," it said in a statement.

Inox Leisure managed to successfully raise Rs 300 crore through qualified institutional placement (QIP) with issuance of 96.77 lakh equity shares at Rs 310 per equity share (including premium) in June.

The QIP received an overwhelming response, showing the huge amount of faith it commands among the investors.

"With a massive lineup of great quality content in Hindi, English and other Indian languages, the company expects a robust recovery in the coming quarters," it said adding stringent cost control procedures continue to remain implemented.

( With inputs from ANI )

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