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ICICI Direct Report
Inox Leisure Ltd. reported a washout Q1 FY21 as expected. Nationwide lockdown following Covid-19 outbreak resulted in complete suspension of business activities for multiplexes.
It registered zero footfalls leading to almost nil revenues. Other operating income of just Rs 30 lakh was reported. Ebitda (ex-Indian accounting standard 116) loss was at Rs 35.9 crore, against Ebitda of Rs 89.1 crore in Q1 FY20.
Losses were lower than expectations on account of cost reduction on power and fuel, repair and maintenance and other overheads fronts. Inox recognised Rs 69.3 crore towards reduction of rental expenses following the invocation of Force majeure clause.
Consequently, the company reported a net loss (ex- Ind-AS 116) at Rs 52 crore. On a reported basis, net loss was at Rs 73.6 crore.
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