According to the most recent annual report of the company, multiplex operator Inox Leisure is confident in following an expansion strategy and has a pipeline of 834 additional screens after FY23. By the conclusion of the current fiscal year, the company, which had 692 screens running across 73 cities in India as of June 30, 2022, expects that number to rise to 752.
“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.
The company’s operating revenue in FY22 was Rs 677.87 crore as opposed to Rs 98.74 crore in FY21, when the pandemic had a significant impact on operations.
Inox is attempting to use alternative material for moviegoers in order to increase revenue.
“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.
Additionally, Inox Leisure and the ICC have partnered to show live matches at a few INOX theatres. The merger with rival PVR, which was announced by the firm in March, was accepted by its board and is pending regulatory approvals from the NCLT, SEBI, and other parties. The company claims that it has received observation letters from both the BSE and the NSE about the merging plan, both of which contained no negative observations.