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.
