Inox Leisure reports Q4 net loss of ₹82 crore on covid-19 hit1 min read . Updated: 08 Jun 2020, 06:04 PM IST
- The company had posted a net profit of ₹48.08 crore in January-March quarter a year ago, Inox Leisure said in a BSE filing
- Inox Leisure's total expenses fell 3.39% to ₹396.98 crore during the fourth quarter as against ₹410.93 crore a year ago
NEW DELHI : Multiplex chain operator Inox Leisure Ltd on Monday reported a consolidated net loss of 82.15 crore for the fourth quarter ended March 2020, as the film exhibition business was impacted because of COVID-19 pandemic and subsequent lockdown.
The company had posted a net profit of ₹48.08 crore in January-March quarter a year ago, Inox Leisure said in a BSE filing.
Revenue from operations declined 22.39 per cent to ₹371.58 crore during the quarter under review as against ₹478.84 crore in the corresponding quarter a year ago.
"The COVID-19 pandemic and the resultant lockdown declared by the government in March 2020 has impacted the entire entertainment industry and consequently the business activities of the Group are also adversely affected," Inox Leisure said in a post-earnings statement.
Commenting on the results, Inox Group Director Siddharth Jain said, "The advent of COVID-19 has left a serious mark on our fourth quarter performance and will remain a cause of concern in the subsequent months as well."
Inox Leisure's total expenses fell 3.39 per cent to ₹396.98 crore during the fourth quarter as against ₹410.93 crore a year ago.
For fiscal year 2019-20, the company's net profit declined 88.75 per cent to ₹15.01 crore. It stood at ₹133.49 crore in 2018-19.
Its revenue from operations in 2019-20 rose 12.12 per cent to ₹1,897.44 crore. It was at ₹1,692.18 crore in 2018-19.
During the entire financial year, Inox added 58 screens, depicting its focus on getting closer to the customers, it added.
The company, which operates 626 screens in 147 multiplexes across 68 cities, said it has assessed the impact of COVID-19 pandemic on its business operations, the carrying amount of its assets and revenue recognition.
"The Group has already initiated effective steps to reduce its operational costs, including invoking the force majeure clause under various lease agreements due to COVID-19 for its multiplex premises, contending that rent and CAM (Common Area Maintenance) charges for the shutdown period are not payable," it said.
Shares of Inox Leisure on Monday closed 1.89 per cent lower at ₹283 per share on the BSE. PTI KRH RVK