Inox Leisure to add 834 screens after FY23

New Delhi: Multiplex operator Inox Leisure is confident of pursuing an expansion strategy and has a pipeline of 834 additional screens after FY23, according to the latest annual report of the company.

The company, which was operating 692 screens in 73 cities across India as on June 30, 2022, estimates the total screen count to go up to 752 by the end of ongoing 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.

Even 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 Rs 677.87 crore as compared to Rs 98.74 crore a year ago when the operation was heavily impacted due to the pandemic.

On the revenue front, Inox is also working on the use of alternate content to 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 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 observation letter with “no adverse observations” from BSE and observation letter with “no objection" from NSE in relation to the scheme of amalgamation.

"The company has filed necessary application with NCLT, Mumbai," it said.