Opening Remarks by Management

Consolidated revenues for the quarter were 924 Crores, which were up by 8% as compared to last year Q3. These numbers are all Ind-AS adjusted, which I am kind of mentioning. Consolidated EBITDA for the quarter with Ind-AS was 315 Crores, but excluding the impact of Ind-AS was 188 Crores, which was up by almost 5% over last year and EBITDA margin for the quarter was 20.4%. The key highlights for the quarter were while the box office revenue was up by 6%, 425 Crores to 453 Crores, F&B revenues were up 13%, which was driven by a very strong growth in average spending per person of almost 12% and despite the tough business environment our advertising revenues still grew by 8% and we were able to sustain that piece of revenue.

We have added a total of 67 screens during the first 10 months of this financial year. We have almost a pipeline of 30 to 40 screens, which is almost ready for opening, expected to open in the next 2 months, so we seem to be on track to deliver anything between 90 to 100 screens this year. These are the broad I think numbers.

One thing I want to talk about more on the box office performance side in this quarter while the Hollywood and Bollywood industry have done exceedingly well and the circuit has done really well. The southern film industry both Tamil and Telugu films this year have been lower as compared to what was last year and because we have a large concentration or a decent concentration of cinemas in Southern India, that negative growth in that circuit has really impacted the overall footfall growth, otherwise it would have been much higher.

I think it is a great strategy, which we think for our business because diversification of our geographical mix across multiple geographies has helped us to sustain and reduce the volatility in the business. We are no longer dependent on one language industry alone, which impacts our overall box office revenues.

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