INOX Leisure Ltd

INOX Leisure Ltd
Speciality Retail
FV – Rs 10; 52wks H/L –269.6/145 ; TTQ – 13 K; CMP – Rs 224.05 (As On September 21st 2015; 14:30) ;                          

  Market Cap – Rs 2161 Crs

Consolidated Financials and Valuations for FY15 (Amt in Rs Crs unless specified)


Equity Capital
Net worth		 Long Term Debt
Total
Sales		 PAT
BV
(Rs)
EPS (Rs)
P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
96 709 200 1025 20 74 2.1 108 44.6 3 48.7 1.28

 

Consolidated Financials and Valuations for Q1 FY16


Equity Capital
Net worth
Total
Sales		 PAT
BV
(Rs)
TTM EPS (Rs)
TTM P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
96 734 35 25 77 4.6 49 44.6 3 48.7 1.28

 

Overwiew:

INOX leisure Ltd is a part of the INOX group of companies which has diversified interests and a significant market leadership position across various verticals, including industrial gases, chemicals, refrigerants, engineering plastics renewable energy and entertainment. INOX Leisure is the second largest operator in the country today, 1st being PVR. Over the last decade the company has aggressively scaled up through organic and inorganic expansion from two properties and 8 screens in FY03 to a whopping 383 screens and 99 multiplexes till today. The company accounts for about 19% of the multiplex screens in India and about 7% share of aggregate domestic box office collections in the country. The company has built a very strong brand reputation with its premium multiplex properties, state of the art technology, unmatched service and ambience.

 

       Key Updates:

 

  • The company has strong partnerships with over 50 leading Indian and global brands offering a huge potential for advertising and other ancillary revenue growth.
  • The company expects robust results in the second quarter with movies like Baahubali, Bajrangi Bhaijaan, Dhrishyam, Brothers, Mission Impossible 5, Phantom etc. hitting the box office collections.
  • The company in future wants to focus on the growth of high margin segments of cinema advertising and Food & Beverages.
  • The Indian film industry expects growth touching Rs. 204 Billion in revenues by 2019 with a CAGR growth of 10.6%.
  • Cinema advertising is a 490 crore market, projected to reach 1,382 crore by 2019.
  • The advertisement revenue/screen has improved from ` 0.8m/screen in FY2011 to ` 2.3m/screen in FY2015.
  • Food & Beverage spend per head has increased to Rs.55 from Rs.41.
  • The company has issued paperless tickets in few cities.

 

       

Block Deals:

 

Deal Date Client Name Deal Type Quantity Price (Rs.)
29-Sep-14 MACQ Asia New Star FD P 508975 175
29-Sep-14 Inox Benefit Trust S 2475000 175
29-Sep-14 MACQ Asia New Star FD P 1966025 175

      

 Bulk Deals:

Deal Date Client Name Deal Type Quantity Price (Rs.)
01-Apr-15 Reliance Mutual fund long term equity fund P 496374 170
13-Mar-15 Inox Benefit Trust S 1000000 175.02
13-Mar-15 Macquaire Fund Solutions P 592392 175
12-Mar-15 Norges Bank P 1100000 175
12-Mar-15 Inox Benefit Trust S 4500000 175
12-Mar-15 Goldman Sachs India Fund Ltd P 1254658 175
18-Dec-14 Reliance Capital Partners S 810000 172.74
18-Dec-14 Payone Enterprises Pvt.Ltd P 800000 172.75
05-Dec-14 Reliance Capital Partners S 1010000 180.05
29-Sep-14 Inox Benefit Trust S 2475000 175

 

Management:

  • Deepak Asher – Director
  • Alok Tandon – CEO
  • Upen Shah – CFO

The Equity Capital is @ Rs 96  Crs consisting of 96457754 equity Shares of FV Rs 10 currently held as under

None Of the Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Sr.No Name of the Shareholder No. of Shares held % Of shares held
1 Pravin Kumar Jain 4350092 4.51
2 Goldman Sachs India Fund Ltd 4345680 4.51
3 Kuwait Investment Authority Fund No. 208 3951517 4.1
4 Macquarie Fund Solutions 2768417 2.87
5 Government Pension Fund Global 2400000 2.49
6 Tata Balanced Fund 1500000 1.56
7 Aadi Financial Advisors LLP 1436395 1.49
8 Reliance Capital Trustee Co Ltd 1379254 1.43
9 Macquarie Unit Trust Series 1348975 1.4
10 HSBC Bank (Mauritius) Ltd 1305720 1.35
11 ICICI Prudential Growth Fund – Series 1 1045682 1.08
12 Morgan Stanley Sicav (Mauritius) Ltd 1009983 1.05
13 Kamal Shyamsunder Kabra 1000200 1.04
  Total 27841915 28.86

 

Standalone Financial Trends (In Rs.Crs) :

Particulars FY15 FY14 FY13 FY12 FY11
Equity Paid Up 96 96 96 61.5 61.5
Networth 681 540 508 328 318
Total Debt 215 224 447 208 189
Net Sales 965 878 769 425 342
Other Income 11 9 4 6 5
PAT 25 37 18 10 7
Book Value (Rs) 70 56 53 53 52
EPS (Rs) 2.6 3.9 1.9 1.6 1.1

 

Peer Comparison:

Particulars PVR Ltd INOX Leisure Ltd
Market Cap ( In Rs. Crs) 3846 2161
CMP (In Rs.) 826 224.05
Face Value ( In Rs.) 10 10
Equity Cap (In Rs.Crs) 42 96
Networth (In Rs.Crs) 409 709
Total Revenue (In Rs.Crs) 1486 1025
PAT (In Rs.Crs) 13 20
EPS (In Rs.) 3.1 2.1
Book Value (In Rs.) 97 74
P/E 267 108
No. Of Multiplexes 106 99
No. Of screens 474 383

 

        Risks:

  • Ticket pricing and show timings regulated by some States.
  • High taxation restrains sector’s growth. ( High Entertainment tax)
  • Timely execution of expansion plan.
  • Cable and satellite rights.
  • Direct competition from peers.