Inox Leisure reports Q4 net loss of Rs 74 crore

Multiplex chain Inox Leisure on Thursday reported a loss of Rs 74 crore for the fourth quarter ended March as Covid-19 led lockdowns impacted the film exhibition business.

Revenue from operations stood at Rs 119 crore while earnings before interest, tax, depreciation and amortisation (EBITDA) were in the negative zone by Rs 60 crore.

Siddharth Jain, Director of Inox Group, said the advent of Covid-19 has left a severe impact on the company's FY21 performance.

"Just when the industry had started witnessing the fervour in Q4, the resurgence of Covid-19 cases emerged as a cause of concern. Despite the pandemic, we have continued the addition of new cinemas in FY21," he said.

Jain said constant constructive engagement is going with all stakeholders, including producers and studios, mall developers, government authorities, media and consumers. At the same time, stringent cost control procedures continue to remain implemented.

"With a massive line-up of great quality content in Hindi, English and other Indian languages, the company expects a robust recovery once pandemic subsides and the government's vaccination drive achieves desired targets," he added.

On April 6, the board of directors approved the enabling resolution for fund raising up to Rs 300 crore. The screen addition will continue in FY22 as the company plans to add 10 more properties with 44 screens.

( With inputs from ANI )