Inox Leisure Ltd. share price target

Revenues came in at | 288.5 crore, up 14.8% YoY, with better than usual content in the seasonally weak quarter. The footfall increased 13.0% YoY to 13.0 million (vs. 12.5 million estimated) owing to better than usual movie releases in the otherwise seasonally weak quarter. Some of the movies such as Dangal, Badrinath Ki Dulhania, Raees, etc performed well. Net box office collections came in at | 178.8 crore, up 7.7% YoY, aided by 4.2% YoY average ticket price (ATP) growth to | 174. F&B; revenues came in at | 65.6 crore, aided by 1.7% YoY...

ICICI Securities Ltd | Retail Equity Research Revenues came in at | 298.0 crore, down 0.2% YoY, lower than our expectation of | 320.9 crore. Footfalls declined 3.0% YoY to 12.5 million (vs. 13.4 million estimated) owing to the severe impact of demonetisation in November. Net box office collections came in at | 176.4 crore, down 5.3% YoY, owing to lower footfalls with muted ATP growth of 1.7% YoY to | 182. Net box office collections were cushioned due to strong outperformance by Dangal in December. F&B;...

ICICI Securities Ltd | Retail Equity Research Inox reported a weak set of numbers. Revenues came in at | 297.4 crore, down 3.4% YoY, lower than our expectation of | 322.8 crore. The footfall declined 12.4% YoY to 12.2 million (vs. 14.2 million estimated) owing to the high base last year. Net box office collections came in at | 179.4 crore, down 8.6% YoY as 8.3% YoY ATP growth (| 183 vs. | 169 in Q2FY16) was more than offset by the decline in footfalls. F&B; revenues came in at | 70.2 crore, aided by 16.1% YoY...

Revenue growth of 11.4% YoY was aided by 7.2% growth in footfalls to 15.5 million (vs. 14.7 million estimated) owing to the strong performance of some movies such as Jungle Book, Housefull 3, Fan, Captain America, Sairat, etc, at the box office. Net box office collections came in at | 213.5 crore, up 10.5% YoY aided by an increase in footfalls and 5.5% YoY growth in average ticket prices to | 174. F&B revenues came in at | 80.7 crore, aided by 3.4% YoY growth in spends per head to | 61. Advertising revenues, however, remained tepid for the company at | 21.3 crore (up 2.8% YoY).ICICI Securities Limited maintain BUY recommendation and value it 11x FY18E EV/EBITDA (at ~20% discount to PVR) to arrive at a target price of | 290/share.

Revenues in line with expectations: Inox Leisure (INOL) reported overall revenues of INR3,369m in 1QFY17 (est. of INR3,766m), up 11.4% YoY. Net box office revenues grew 13% YoY, F&B; revenues posted strong 9% YoY growth, while advertisement revenues grew at a subdued pace of 3% YoY. Footfalls grew 7% YoY to 15.5m (L2L decline of 1% YoY to 14.3m). ATP grew 6% YoY to INR174, while SPH grew 3% YoY to INR61. Occupancy came in at 31% v/s 33% in 1QFY16. EBITDA margin declined 290bp to 18.4% (est. of 17.4%). Adjusted PAT remained flattish at INR250m v/s INR253m in 1QFY16. INOL opened five...

ICICI Securities Ltd | Retail Equity Research Revenue growth of 28.9% YoY was aided by a growth in footfalls to 11.5 million (vs. 10.4 million estimated) owing to the strong...

Inox Leisure (INOX) is part of the Inox Group and operates as a subsidiary of Gujarat Fluorochemicals Ltd. Starting its journey with a 4-screen multiplex in Pune, it has become the second largest player in the multiplex space with a presence at 96 loactions and 372 screens at the end of FY15. It has acquired 89 Cinemas, Fame Cinemas and Satyam Cineplexes over the period. After a subdued FY15 we expect revenues/PAT of the company to grow at CAGR of 17%/115% respectively over FY15-FY17 driven by higher footfalls, increased F&B; spend and greater focus on in-cinema ad revenues. Given the potential growth in terms of screen additions, ad revenues, ATP and SPH, we assign a BUY rating for...

Inox Expanding its Presence and Strengthening its Foothold in MovieExhibition Industry: Inox has 372 screens in its kitty and is second largest player in Indian multiplex industry with market share of 22%. The company is planning to add 55-60 screens per annum for the next couple of years and has target of 557 screens by 2018.