Comments
Multiplex operator Inox Leisure is confident in pursuing an expansion strategy and has a pipeline of 834 additional screens after FY23, according to its e latest annual report.
It currently operates operates 692 screens across 73 cities as of June 30, 2022, and estimates the screen count to go up to 752 by the end of this fiscal year.
"We are confident about pursuing our expansion strategy and with diligent efforts, we continuously work to expand the number of screens around the nation and strengthen our balance sheet," said Inox Leisure.
Read also: Cinema vs OTT: The big fightback
In FY22, when the exhibition industry was impacted due to Covid-induced restrictions, "the company witnessed the highest screen addition, accounting to 32 in the industry (8 multiplex cinema theatres)."
"We are prepared to welcome the movie-viewing audience back to our theatres and provide great services since we have a strong pipeline of future films," it said.
As of June 30, 2022, Inox has 163 properties with 692 screens and a total seating capacity of 1.55 lakh.
In FY22, its revenue from operations was at ₹677.87 crore compared to ₹98.74 crore a year ago when impacted due to the pandemic.
Alternate contents
On the revenue front, Inox is also working on using alternate content for cinema audiences.
"Whether it is live screening of sporting events or screening of sponsored films or hosting live comedy events, INOX has innovated hugely in the space of alternate content to offer unique experiences," it said, adding the introduction of Esports into cinemas is an opportunity to offer alternate content experience.
Inox Leisure also has tied up with ICC to screen the live matches at selected INOX cinemas.
It has launched the sale of official merchandise of the superheroes and sportspersons as an alternate revenue source.
"By working together, we will bring characters from Disney, Marvel, Lucas Films, Warner Bros, DC Comics and Universal closer to the audience," it said.
In March, the company announced a merger with rival PVR, and its board approved a draft scheme of amalgamation, which is subject to the receipt of regulatory approvals, including from NCLT, SEBI and others.
According to the company, it has received an observation letter with “no adverse observations” from the BSE and “no objection" from the NSE on the scheme of amalgamation.
"The company has filed necessary application with NCLT, Mumbai," it said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.