Inox Leisure’s net profit up 7%; revenues up 12.38%

MUMBAI: Multiplex chain Inox Leisure has reported net profit of Rs 260.60 million (Rs 26.06 crore) for the financial year ended 31 March 2010, which is up seven per cent as compared to Rs 243.40 million (Rs 24.34 crore) in FY09.

As compared to FY09, the company’s net sales were up 12.38 per cent to stand at at Rs 2.56 billion (Rs 256 crore). Multiplex income generated during the fiscal was Rs 2.54 billion, which is 12.53 per cent higher than the year before.

Inox launched six new properties in the financial year 2009-10 in cities like Hyderabad, Indore, Kolkata, Siliguri, Visakhapatnam and Thane – taking its tally of total screens in operation from 91 to 119. The company also launched its second multiplex in Visakhapatnam and its third multiplex in Bangalore in April 2010, taking its total tally of multiplexes to 34 with 129 screens in 23 cities across India. During the year, the company acquired the promoters’ shareholding in multiplex chain Fame (India) amounting to 43.28 per cent stake and further acquired another 7.21% stake. Inox Leisure currently owns 50.48 per cent stake in the company.

Inox’s revenues from film distribution income were down to Rs 1.9 million (Rs 19 lakhs) as compared to Rs 15.2 million (Rs 1.52 crore) in FY09. On the other hand, the film production segment contributed revenues of Rs 2.9 million (RS 29 lakhs). Operating profit was down 6.4 per cent to Rs 209.5 million (Rs 20.95 crore).

Inox Leisure director Deepak Asher said, "The significant growth shown by Inox in the past fiscal, inspite of the difficult beginning to the year as a result of the film industry strike, is only reflective of our commitment to execute our growth plans and deliver enhanced value to our stakeholders."

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