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IDBI Capital Report
Inox Leisure Ltd. has witnessed healthy revenues in Q1 FY23 and reported strong profitability led by release of blockbuster movies. Going forward, we expect the company to witness robust growth in FY23E (up 3.5 times) mainly led by healthy content pipeline and opening of economy.
In addition, improvement in ticket price and spend per head (on food), we expect Inox Leisure to witness strong revenue and profit growth in FY23E (loss to profit and FY24 up 24% YoY).
Further, the synergy benefits due to merger with PVR Ltd. will lead to premium valuation given its economies of scale, healthy balance sheet and expansion plans (plans to add 2000 screens in the next few years).
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