Inox posts net profit of Rs 247 million

MUMBAI: Inox Leisure’s net profit has gone up by 41 per cent to Rs 247.9 million (Rs 24.79 crore) for the year ended 31 March, 2007. The company’s revenues stood at Rs 1.62 billion (Rs 162.48 crore), a growth of 49 per cent, during the year ended 31 March 2007.

Attributing the high growth to its aggressive multiplex roll-out, the company also declared a maiden dividend at 10 per cent.

Inox launched five new properties in 2006-07; one each in Chennai, Jaipur, Nagpur, Kota and Darjeeling taking its tally of total screens in operations from 35 to 51. Inox Vijayawada launched in May 2007 has taken the count up to 54 screens.

Its proposed merger with CCPL (89 Cinemas), will give Inox access to an additional nine multiplexes in West Bengal and Assam over the next two years.

Inox also has an alliance with the Pantaloon Group – a partnership that provides Inox preferential access to all real estate developments, which Pantaloon is involved in – either for its own retail growth plans, or through the real estate funds it manages. The properties acquired through this alliance will be in addition to the properties that Inox has already locked in on its own, it says.

Inox currently has a nationwide presence with 15 multiplexes and 54 screens in 13 cities.