Communication Details
• Date of communication: February 1, 2023
• Transcript shared with BSE Limited and NSE of India
• Conference call held on January 30, 2023
• Participants included:
• CEO Alok Tandon
• Director Siddharth Jain
• CFO Kailash Gupta
• Moderator: Ankur Periwal (Axis Capital Limited)
Key Highlights from the Earnings Call
• Performance Overview
• Strong Q3 and nine-month performance in FY '23
• Record-high average ticket prices and spend per head
• Successful film releases: "Avatar: The Way of Water," "Kantara"
• Technological Innovations
• Launch of AmpliX sound technology
• New culinary offerings introduced
• Merger with PVR
• Approval received from National Company Law Tribunal
• Plans for significant expansion in screen count
• Financial Performance
• Q3 revenue: INR 522 crores
• Maintained net debt-free status and strong liquidity
Management Reflections
• Siddharth Jain's Remarks
• Last Board meeting and earnings call before merging with PVR
• Reflection on INOX's 24-year journey and the Hindi film industry's current phase
• Alok Tandon's Insights
• Strong upcoming movie pipeline
• Emphasis on content quality over pricing for occupancy rates
Discussion Points
• Ad Revenue Recovery
• Noted decline from 65% to 60% compared to pre-COVID levels
• Assurance of gradual recovery in ad revenues
• Employee Expenses
• Fixed costs managed effectively during COVID
• No significant increase in headcount expected
• Screen Expansion Post-Merger
• Confirmation of 819 screens with inked contracts
• Potential for cost synergies through operational efficiencies
• Box Office Transparency
• Concerns raised about authenticity of box office numbers
• Tandon emphasized accuracy of reported figures
Closing Remarks
• Gratitude to Investors
• Alok Tandon thanked investors for their support
• Acknowledgment of suggestions from participants
• Conclusion of Call
• Moderator concluded the conference, inviting attendees to disconnect.