INVESTOR PRESENTATION...Steady Performance and Resilience 6 85.6 96.3 103.0 118.0 122.4 155.5 165.7...

INVESTOR PRESENTATIONN o v e m be r 2 0 1 8

Disclaimer

2

This presentation and the following discussion may contain “forward looking statements” by Inox Leisure Limited (“ILL” or “theCompany”) that are not historical in nature. These forward looking statements, which may include statements relating to future stateof affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs,assumptions, expectations, estimates, and projections of the management of ILL about the business, industry and markets in which ILLoperates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and otherfactors, some of which are beyond ILL’s control and difficult to predict, that could cause actual results, performance or achievementsto differ materially from those in the forward looking statements.

Such statements are not, and should not be construed, as a representation as to future performance or achievements of ILL. Inparticular, such statements should not be regarded as a projection of future performance of ILL. It should be noted that the actualperformance or achievements of ILL may vary significantly from such statements.

Due to rounding-off, figures presented throughout this document may not add up precisely to the totals provided and percentagesmay not precisely reflect the rounded-off figures.

All financial figures, upto and including FY15 are as per IGAAP and for FY16 and thereafter are as per IND-AS. Revenues upto to FY15are shown net of entertainment tax, to be consistent with the revenues under IND-AS for FY16 onwards

3

D I S C U S S I O N S U M M A R Y

I N D U S T R Y O V E R V I E W

C O M P A N Y O V E R V I E W

C O M P E T I T I V E A D V A N T A G E & O U T L O O K

A N N E X U R E

Forum Neighbourhood Mall, Bengaluru

4

INDUSTRY OVERVIEW

CR2, Nariman Point, Mumbai

Strong Fundamentals & Huge Growth Potential

5

125

95 80

60 57 40

26 25 16 12 10 8

US France Spain UK Germany South Korea Japan Taiwan China Thailand Brazil India

H o w e v e r , I n d i a ’ s S c r e e n D e n s i t y i s O n e o f t h e L o w e s t

Screens / Million population

Source: CRISIL Report, http://uis.unesco.org/en/news/cinema-data-release (2015)

2,178 1,930

1,364

208 197 176 171 169 156 146

China India US France Mexico UK Japan S. Korea Germany Russia

2 n d H i g h e s t N u m b e r O f T h e a t r e F o o t f a l l s i n t h e W o r l d

Footfalls in Million2,000

791686

581

300 298 269 255 226 185

-4 00

100

600

1,10 0

1,60 0

2,10 0

India US China Japan France UK S. Korea Spain Germany Italy

H i g h e s t N u m b e r o f F i l m P r o d u c e d i n t h e W o r l d

Steady Performance and Resilience

6

85.6 96.3 103.0 118.0

122.4

155.5 165.7191.7

0

50

100

150

200

250

2016 2017 2018E 2020EDomestic Theatrical Overseas Theatrical Broadcast rights Digital/OTT rights In-cinema advertising Home Video

In Rs. Billion

I n d i a n F i l m I n d u s t r y D i s p l a y s S t e a d y P e r f o r m a n c e T r e n d s

D o m e s t i c T h e a t r i c a l s C o n s t i t u t e s 6 2 % O f T o t a l F i l m I n d u s t r y

Source: FICCI-EY 2018 Report

62%16%

12%

5% 4% 0%

Domestic Theatrical

Overseas Theatrical

Broadcast rights

Digital/OTT rights

In-cinema advertising

Home Video

2017

Multiplexes Witnessing Rapid Growth

7

FACTORS DRIVING GROWTH IN

MULTIPLEXES:

Strong demographics, rising disposable

incomes and discretionary spends.

Superior location, destination and

parking facilities.

Multiple screens in one location offer a

wider variety of content to the patrons.

Different screen sizes provide

programming flexibility. This results in

higher occupancy ratios.

State of art equipment (high quality

video and audio), superior interiors,

ambience and service.

Source: FICCI-EY Report 2018

M u l t i p l e x e s c u r r e n t l y a c c o u n t f o r ~ 2 9 % m a r k e t s h a r e o f t h e s c r e e n s ,

h o w e v e r t h e y a c c o u n t f o r ~ 5 0 % o f b o x o f f i c e c o l l e c t i o n s

Number of Screens

9,710 9,121 8,451 7,400 6,780

925 1,225

1,500 2,100 2,750

10,635 10,346 9,951 9,500 9,530

-

2,00 0

4,00 0

6,00 0

8,00 0

10,0 00

12,0 00

14,0 00

16,0 00

2009 2011 2013 2015 2017

Single Screens Multiplexes

Increasing Number Of INR 1bn + Movies

8

1,000 1,598

2,065 2,101 2,638

3,014 3,446 3,359

5,200 4,500

5,300

6,500

4,500 4,000

3 Idiots(2009)

Dabaang(2010)

Bodyguard(2011)

Ek ThaTiger

(2012)

Dabaang 2(2012)

ChennaiExpress(2013)

Dhoom 3(2013)

Kick(2014)

P.K(2014)

BajrangiBhaijaan(2015)

Dangal(2016)

Bahubali 2- The

Conclusion(2017)

TigerZinda Hai

(2017)

Sanju(2018)

1 2

5 9

6 7 5

8 7 10

1

2 1 1

- 1

1

- --

-

-- 1

1

2 2

2

-

2

4

6

8

10

12

14

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Jan to Nov2018

INR 1Bn to 1.99Bn INR 2Bn to 2.99 Bn INR 3Bn and above

Wider Screen Releases

Higher Number Of INR 1 Bn + Movies

INCREASING NUMBER OF

MOVIES ARE GENERATING

MORE THAN RS 1 BN IN NET

BOX OFFICE COLLECTIONS

DRIVEN BY WIDER SCREEN

RELEASES AND FACILITATED BY

DIGITISATION OF CONTENT

DELIVERY

Source: Industry

I n d i a ’ s C o n s u m p t i o n S t o r y

9Source: Mckinsey - Tracking the growth of Indias Middle Class - 2017

6148 39 30

3952 61 70

1995 2005 2015 2025

Necessities Discretionary

%Share of Average Annual Household Consumption

%Share of Population by Income Bracket

9380

54

3522

618

41

43

36

1 25

22

42

0

10

20

30

40

50

60

70

80

90

100

1985 1995 2005 2015 2025

Lower Class Lower Middle Class Middle & Affluent Class

755 928

1,107 1,278

1,429

-

200

400

600

800

1,00 0

1,20 0

1,40 0

1,60 0

1985 1995 2005 2015 2025

Population of India (Million)

Based on Annual Household Income: Lower Class: < Rs.90,000 , Lower Middle Class: Rs.90,000 to Rs.199,999 , Middle & Affluent Class: > Rs.200,000

8

19

55 281 600

45 167 454

550

514

702 742 598

447 314

-

200

400

600

800

1,000

1,200

1985 1995 2005 2015 2025

Lower Class Lower Middle Class Middle & Affluent Class

Share of Population by Income Bracket (Million)

10

Company Overview

INOX Nehru Place, Delhi

Track Record of Aggressive Expansion

11

8 12 25 35 51 76 91119

239 257 279310

372420

468 492542

2 3 6 9 1422 26 32

63 68 72 7996

107118 123

133

-60

-40

-20

0

20

40

60

80

100

120

-50

50

150

250

350

450

550

650FY

03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

No

v-1

8

Screens Properties

Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15

AVERAGE ADDITION OF ~8 SCREENS EVERY QUARTER SINCE INCEPTION

13

Atria, Worli, Mumbai

14

GVK One, Hyderabad

15

CR2, Nariman Point, Mumbai

16

Mantri Square, Bangalore

17

Quest, Kolkata

18

INSIGNIA – LUXURY MOVIE

WATCHING EXPERIENCE

R-City Ghatkopar, Mumbai

19

Atria, Worli, Mumbai

20

R-City, Ghatkopar, Mumbai

21

Mantri Square, Bangalore

22

Palm Beach, Navi Mumbai

23


R e v e n u e f r o m O p e r a t i o n s

24

All figures in INR Crs., unless specified

311.3 365.3

-

50.0

100 .0

150 .0

200 .0

250 .0

300 .0

350 .0

400 .0

Q2FY18 Q2FY19

17%

12%

698.7 780.3

-

100 .0

200 .0

300 .0

400 .0

500 .0

600 .0

700 .0

800 .0

900 .0

H1FY18 H1FY19

762.8 895.4

1,160.6 1,220.7 1,348.1

FY14 FY15 FY16 FY17 FY18

E a r n i n g s B e f o r e I n t e r e s t , Ta x ,D e p r e c i a t i o n a n d A m o r t i z a t i o n [ E B I T D A ]

25


122.0 122.7

189.1

146.1

210.4

16.0%

13.7%

16.3%

12.0%

15.6%

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

10. 0%

12. 0%

14. 0%

16. 0%

18. 0%

20. 0%


EBITDA EBITDA Margin %

44.4 44.8

14.3%12.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Q2FY18 Q2FY19

EBITDA EBITDA Margin

120.3 128.3

17.2% 16.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

-

20.0

40.0

60.0

80.0

100 .0

120 .0

140 .0

H1FY18 H1FY19

EBITDA EBITDA Margin

7%

Note: EBITDA excludes Other Income (non-operating)

1%

P r o f i t a f t e r t a x [ PAT ]

26

36.9

20.0

81.0

30.6

114.6

4.8%

2.2%

7.0%

2.5%

8.5%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-

20.0

40.0

60.0

80.0

100 .0

120 .0

140 .0


PAT PAT Margin %

11.7 12.0

3.8%

3.3%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Q2FY18 Q2FY19

PAT PAT Margin

12%

43.8 49.0

6.3%6.3%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

-

10.0

20.0

30.0

40.0

50.0

60.0

H1FY18 H1FY19

PAT PAT Margin

All figures in INR Crs., unless specified# Includes Tax write back pertaining to earlier years of ~Rs.54crs

2%

#

R e v e n u e s - S e g m e n t B r e a k u p

27


490.5 551.6 712.8 748.1 802.2

162.3

191.0

265.6 284.1

306.0

49.5

81.5

91.0 96.2

138.9

60.4

71.2

91.1 92.3

101.0

762.8

895.4

1,160.6 1,220.7

1,348.1

-

200 .0

400 .0

600 .0

800 .0

1,00 0.0

1,20 0.0

1,40 0.0


NBOC F & B Advertising Others

185.6 206.4

67.1

94.932.1

37.826.4

26.2311.3

365.3

0.0

50.0

100 .0

150 .0

200 .0

250 .0

300 .0

350 .0

400 .0

Q2FY18 Q2FY19

424.8 448.3

155.2206.2

65.5

77.953.1

47.9698.7

780.3

0.0

100 .0

200 .0

300 .0

400 .0

500 .0

600 .0

700 .0

800 .0

900 .0

H1FY18 H1FY19

-0.8%

17.8%

41.4%

11.2%

-9.8%

18.9%

32.8%

5.5%

F o o t f a l l s a n d O c c u p a n c y R a t e

28

All figures in Lakhs, unless specified

127 137

25% 25%

3%

8%

13%

18%

23%

28%

80

90

100

110

120

130

140

150

Q2FY18 Q2FY19

286 293

28%27%

3%

8%

13%

18%

23%

28%

33%

-

50

100

150

200

250

300

350

H1FY18 H1FY19

7.2%

2.5%

386 411

534 537 533

28%

25%

29% 28% 26%

0%

5%

10%

15%

20%

25%

30%

35%

0

100

200

300

400

500

600

700

800


Footfalls Occ%

A v e r a g e T i c k e t P r i c e [ AT P ]

29

156 164 170 178193


All figures in INR, unless specified

186 195

-

20

40

60

80

100

120

140

160

180

200

Q2FY18 Q2FY19

190 197

-

20

40

60

80

100

120

140

160

180

200

H1FY18 H1FY19

5.1%

3.9%

S p e n d P e r H e a d [ S P H ]

30

4955 58 62 66


All figures in INR, unless specified

65 73

-

10

20

30

40

50

60

70

80

Q2FY18 Q2FY19

65 75

-

10

20

30

40

50

60

70

80

H1FY18 H1FY19

13.5%

15.4%

F & B C o n t r i b u t i o n

31

71.3%74.1% 75.0% 76.0% 75.7%

35

41 44

47 50

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

-

10

20

30

40

50

60


SPH Contribution (Rs.)

F & B Contribution (%)

49

54

75.0% 73.3%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

45

46

47

48

49

50

51

52

53

54

55

Q2FY18 Q2FY19

49

56

76.0% 74.5%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

46

48

50

52

54

56

58

H1FY18 H1FY19

10.9%

13.2%

All figures in INR Lakhs, unless specified

A d v e r t i s e m e n t R e v e n u e

32

18.5

25.1 24.6

22.4

29.8

49.5

81.5 91.0 96.2

138.9

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0


Advertising Rev (Rs Crs)

Advertising Rev Per Screen (Rs Lakhs)

32.1 37.8

6.9 7.4

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Q2FY18 Q2FY19

18%

65.5 77.9

14.1 15.6

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

H1FY18 H1FY19

19%

e

O t h e r O p e r a t i n g I n c o m e P e r S c r e e n

33

22.5 21.9 24.6

22.7 23.1



6.0 5.5

-

1.0

2.0

3.0

4.0

5.0

6.0

Q2FY18 Q2FY19

12.2 10.2

-

5.0

10.0

15.0

20.0

25.0

H1FY18 H1FY19

-9%

-16%

F i l m D i s t r i b u t o r S h a r e ( % )

34

44.3% 43.8% 43.9% 44.4% 44.6%

36.4% 35.9%34.6% 35.0% 35.1%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%


Distributor Share on NBOC Distributor Share on GBOC

NBOC (Net Box Office Collections) GBOC (Gross Box Office Collections)

46.5% 44.7%

36.8% 35.0%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

Q2FY18 Q2FY19

44.9% 44.4%

35.5% 34.8%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

H1FY18 H1FY19

O t h e r O v e r h e a d s P e r O p e r a t i n g S c r e e n

35

18.5 20.3 20.1 21.2 22.1

40.2 41.3 44.0 45.6 46.7

39.2 40.8 45.5 42.9 43.1

40.443.4

47.5 52.7 47.5

138.3145.8

157.1 162.4 159.4


Employee BenefitsLease Rental & Hire ChargesCAM, Power & Fuel, R&MOther Overheads


10.6 11.5

23.1 24.9

23.0 22.5

22.7 25.2

79.5 84.1

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

H1FY18 H1FY19

5.3 5.8

11.0 12.3

10.8 10.9

9.6 12.6

36.8

41.7

(5.0)

5.0

15.0

25.0

35.0

45.0

55.0

Q2FY18 Q2FY19

30.9%

0.9%

11.6%

9.4%

10.9%

-2.1%

7.7%

8.6%

36

Compet i t ive Advantage• R e c o g n i s e d A n d T r u s t e d C o r p o r a t e

G r o u p

• W e l l D i v e r s i f i e d P r e s e n c e A c r o s s I n d i a

• S t r o n g N e w S c r e e n s P i p e l i n e

• S t r o n g B r a n d P a r t n e r s h i p s

• S t r o n g B a l a n c e S h e e t

• S t a t e O f T h e A r t T e c h n o l o g y , U n m a t c h e d

S e r v i c e A n d A m b i e n c e


R e c o g n i s e d & Tr u s t e d C o r p o r a t e G r o u p

37

• 90 Year track record of consistent business growth• USD $3 Billion Inox Group diversified across 7 different businesses

• 10,000+ employees at 150+ business units across India• Distribution network spread over 50+ countries

L i s t e d C o m p a n i e s O t h e r K e y C o m p a n i e s

INOX LeisureLimited

Largest producer of (by volume)

Chloromethanes, refrigerants

and Polytetrafluoroethylene in

India.

INOX Air Products Private Limited

50:50 joint venture with Air

Products Inc., USA

Largest producer of industrial

gases in India

40 plants spread throughout

the country

One of the largest multiplex

chains in India

In the business of setting up,

operating and managing a

national chain of multiplexes

under the brand name ‘INOX’

Present in 67 cities with 132

multiplexes and 542 screens

Gujarat FluorochemicalsLimited

Largest producer of cryogenic

liquid storage and transport

tanks in India

Offers comprehensive

solutions in cryogenic storage,

vaporization and distribution

engineering

Has operations in India, USA,

Netherlands and Brazil

INOX India PrivateLimited

Fully integrated player in the

wind energy market

State-of-the-art manufacturing

plants near Ahmedabad

(Gujarat), Una (Himachal

Pradesh) and Barwani (Madhya

Pradesh). Our Madhya Pradesh

facility is one of the largest in

Asia

Ability to provide end-to-end

turnkey solutions for wind farms

INOX Wind Limited

W e l l D i v e r s i f i e d P r e s e n c e A c r o s s I n d i a

38

East; 20; 15%

West, 55, 41%

North, 32, 24%

South, 26, 20%East; 10; 15%

West, 23, 34%

North, 20, 30%

South, 14, 21%

East; 76; 14%

West, 236, 43%

North, 112, 21%

South, 118, 22%

East, 19,537 , 15%

West, 56,489 , 43%North; 27,249 ; 21%

South; 27,226 ; 21%

Well DiversifiedDistribution of

Multiplexesacross India

Access toWide Variety of

Regional Content

Lower Dependencyon Hindi and English

Content

Includes 8 management properties with 29 screens and 7,370 seats

67 Cities

542 Screens 130,501 Seats

133 Properties

S t r o n g N e w S c r e e n s P i p e l i n e

39

STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

**Adjustments:• 449 seats reduced due to renovation in Nashik, Banglore Garuda, Kolkata Southcity, Mumbai Malad, Jodhpur• Discontinued operations of Kota Omplex (3 screens 1117 seats)

Properties Screens SeatsProperties Properties Screens Seats FY18 123 492 121,780

Mumbai Palm Beach (Opened 8th May'18) 1 4 779 Adjustments** (1) (3) (1,632)

Cuttack SGBL Square Mall (Opened 16th Jun'18) 1 4 830 FY19 Openings till date 11 53 10353

Zirakpur Dhillon Mall (Opened 29th Jun'18) 1 4 945 Expected - Nov18 to Mar19 5 27 4,300

Kakinada SRMT (Opened 9th Jul'18) 1 5 915 FY19 Expected 138 569 134,801

Gurgaon Sapphire (Opened 24th Jul'18) 1 3 567 Additions Post FY19 127 841 151,430

Pune Heritage Mall (Existing: 1st Aug'18) - 2 428 Leading to 265 1,410 286,231

Coimbatore Prozone (Opened 20th Aug'18) 1 9 2,057

Surat Reliance Mall (Opened 22nd Sep'18) 1 3 539 Gorakhpur City Mall (Opened 24th Sep'18) 1 3 742 Delhi Epicuria (Opened 29th Sep'18) 1 3 117

Mumbai Metro (Existing, Opened 6th Oct'18) - 2 94 Bangalore RMZ Galleria (Opened 12th Oct'18) 1 5 1,317

Gwalior DB Mall (Opened 5th Nov'18) 1 6 1,023

Jaipur 1 7 723 Kolkata 1 4 841

Gurgaon 1 4 120

Bhubaneshwar 1 4 938

Hyderabad 1 8 1,678 Total 16 80 14,653

FY19 Pipeline

S t r o n g B r a n d P a r t n e r s h i p s

BFSI FMCG CONSUMER DURABLES AUTOMOBILES GEC ECOMMERCE &TELECOMM.

OTHERS

S t r o n g B a l a n c e S h e e t

41

Potential To Grow Aggressively Without Any

Stress On Balance Sheet

• ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed (Capital Employed = Equity + Total Debt)#Includes Tax write back pertaining to earlier years of ~Rs.54 crs.

Particulars (INR Crs.) Sep-18 Mar-18

Share Capital 96.2 96.2

Other Equity 655.9 606.1

Interest in Inox Benefit Trust, at cost (32.7) (32.7)

Total Shareholder funds 719.4 669.6

Non-Controlling Interest 0.01 0.01

Total Equity 719.4 669.6

Total Debt 289.6 291.9

Other Non-Current Liabilities 86.4 88.9

Total Sources of Funds 1,095.4 1,050.4

Fixed Assets 892.9 825.7

Other Non-Current Assets 338.5 315.8

Current Assets 132.1 116.5

Cash & Cash Equivalents 13.9 26.9

Less: Current Liabilities 281.9 234.6 Net Current Assets (135.9) (91.1)

Total Assets 1,095.4 1,050.4

Key Balance sheet Ratios Sep-18 Mar-18

Net Debt : Equity 0.38 0.40

Return on Equity (ROE) #18.2% #18.8%

Return on Capital Employed (ROCE) 13.3% 13.2%

Low Leverage Net D/E:

Treasury Stock in Inox Benefit Trust

Promoters Stake

Strong Balance Sheet

Real Estate on Balance Sheet

INR 350 Crs.

48.7%

97 INR Crs.As on 14-Nov-18

0.38x

S t a t e o f t h e A r t Te c h n o l o g y, U n m a t c h e d S e r v i c e & A m b i e n c e

42

ILL is the first multiplex chain to implement SAP HANA with all integrated functions

Focus on ensuring transparency with regulatory agencies and distributors through daily performance analysis reports

The Network Operations Centre (NOC) in Mumbai enables continuous monitoring, control and reporting of information on all digital

systems across the country. Advertisers can track their advertisement screening at various multiplexes on real-time basis leading to

improved transparency and higher advertising revenues for ILL

ILL stands for the best in LUXURY, SERVICE and TECHNOLOGY and keeping this core in mind; INOX has tied up with IMAX for the best in

cinema viewing experience for 10 screens.

ILL has pioneered Laser projection across the country including India’s first Laserplex.

ILL has tied up with Samsung for its ONYX Cinema LED screen technology.

ILL operates high quality DCI Compliant 2K & 4K Digital Projection Systems across all the screens in India

High-definition picture quality, strong 3D capabilities and high frame rate (HFR) (can go up to 60 fps)

ILL has been one of the early adopters of Dolby ATMOS sound technology. Excellent acoustic systems and distortion free sound

Focus on providing world class ambience.

ILL with its in-app F&B ordering and Qbuster service, is able to considerably reduce its queue size and transaction time

Emphasis on safety, comfort and convenience

Focus On Strong Technology, Unmatched Service And Ambience

Focus On Technology

Focus on high quality video and audio:

Focus on service and ambience:

43

Content Pipeline – November 2018

Sarkar (Tamil)

Release Date: 7th November 2018Cast: Vijay, Keerthy SureshDirector: A.R. MurugadossBanner: Sun Pictures

Bohemain Rhapsody

Release Date:16nd November 2018Cast: Rami Malek, Joseph Mazzello, Lucy Boynton Director: Bryan Singer Banner: GK Films, New Regency Pictures, Queen Films Ltd.

Creed II

Release Date: 30th November 2018Cast: Tessa Thompson, Sylvester Stallone, Michael B. JordanDirector: Steven Caple Jr.Banner: Metro-Goldwyn-Mayer Studios, New Line Cinema, Warner Bros.

Fantastic Beasts: The Crimes of Grindelwald(3D IMAX)

Release Date:16th November 2018Cast: Eddie Redmayne, Katherine Waterston, Dan FoglerDirector: David Yates Banner: Heyday Films, Warner Bros.

Thugs Of Hindostan

Release Date: 8th November 2018Cast: Amitabh Bachchan, Aamir Khan, Katrina KaifDirector: Vijay Krishna Acharya Banner: Yash Raj Films

2.0

Release Date:29th November 2018Cast: Rajnikant, AkshayKumar Director: S Shankar Banner: LycaProductions

44

Content Pipeline – December 2018

Zero

Release Date: 21st December 2018Cast: Shahrukh Kkhan, Katrina Kaif, AnushkaSharma Director: Anand L Rai Banner: Red ChilliesEntertainment, Eros International, ColourYellow Productions

Kedarnath

Release Date:7th December 2018Cast: Sushant Singh Rajput, Sara Ali KhanDirector: Abhishek KapoorBanner: KRIARJ Entertainment

Simmba

Release Date: 28th December 2018Cast: Ranveer Singh Director: Rohit Shetty Banner: Dharma Productions, Reliance Entertainment, Rohit Shetty Picturez

Spiderman : Into The Spider Verse (3D)

Release Date:14th December 2018Cast: Live Schreiber, Mahershala AliDirector: Peter RamseyBanner: Marvel Entertainment, Columbia Pictures, Sony Pictures Animation

Mortal Engines (3D)

Release Date: 14th December 2018Cast: Hugo Weaving, Hera Hilmar, Robert SheehanDirector: Christian Rivers Banner: Media Rights Capital (MRC), Scholastic Productions, Silvertongue Films

Aquaman (3D IMAX)

Release Date:28th December 2018Cast: Jason Momoa, Amber Heard, Nicole Kidman Director: James Wan Banner: DC Comics, DC Entertainment, Panoramic Pictures

45

Content Pipeline – January 2019

Thackeray

Release Date:23rd January 2019Cast: NawazuddinSiddhiquiDirector: AbhayPhanseBanner: RautersEntertainment

Petta (Tamil)

Release Date:11th January 2019Cast: RajinikanthDirector: KarthikSubbarajBanner: Sun Pictures

GLASS

Release Date: 18th January 2019Cast: James Mcavoy, Anya Taylor Joy, Bruce Willis, Samuel L JacksonDirector: Manoj Night ShyamalanBanner: BlumhouseProductions, Walt Disney Studios Motion Pictures, Blinding Edge Pictures

Uri

Release Date: 11th January 2019Cast: Vicky Kaushal, Yami Gautam, PareshRawalDirector: Aditya DharBanner: RSVP

Manikarnika - The Queen Of Jhansi

Release Date:25th January 2019Cast: Kangana RanautDirector: KrishBanner: Zee Studios,Kairos Kontent Studios

Viswasam (Tamil)

Release Date: 14th January 2019Cast: Ajith Kumar, Nayanthara, Director: SivaBanner: Sathya Jyothi Films

Brief of Proposed Equity Share Issue on Preferential basis

46

• On 1st November, 2018, the Board of Directors of Inox approved a preferential issue of equity shares,to its promoter Gujarat Fluorochemicals Limited, subject to the approval of shareholders at an extra-ordinary general meeting

• Number of equity shares to be issued: a maximum of 64 lakhs equity shares

• Price of proposed issue: not less than Rs 241.71 per equity share (floor price determined as per SEBI ICDR Regulations) ~ >10%+ premium over current market price

• Date of EOGM: 29th November 2018

• Objects of the Issue:The objects of the proposed Preferential Issue is to strengthen the Balance Sheet of the Company, by reducing debt, improving leverage, enhancing borrowing power for future growth opportunities and increasing profitability.

Pre & Post Shareholding Pattern

47

RIGHTS ISSUE - PREFERENTIAL ISSUE CALCULATIONS Preferential Issue % change

Gujarat Fluorochemicals Limited 46,386,467 48.09% 6,400,000 52,786,467 51.32% 3.23%

Inox Leasing and Finance Limited 587,461 0.61% - 587,461 0.57% -0.04%

Promoter & Promoter Group 46,973,928 48.70% 6,400,000 53,373,928 51.89% 3.19%

Inox Benefit Trust 4,350,092 4.51% 4,350,092 4.23% -0.28%

FII 13,964,415 14.48% 13,964,415 13.58% -0.90%

DII 19,851,515 20.58% 19,851,515 19.30% -1.28%

Public/Others 11,317,804 11.73% 11,317,804 11.00% -0.73%

Non-promoters 49,483,826 51.30% - 49,483,826 48.11% -3.19%

Total 96,457,754 100.00% 6,400,000 102,857,754 100.00%

Present Post Issue

• The above calculations are at an assumed issue size of 64,00,000 equity shares, and an assumed price of Rs 250 per share • Effective dilution is 3.19%, which will bring cash to the company of Rs.160 crs. • Cash will be utilized to repay the debt • Debt repayment will lead to reduction of Interest burden, thereby increase in PAT• INOX will be in a better position to leverage its Balance Sheet for future expansions• Promoter Group stake in Company increases from 48.7% to 51.9%, demonstrating their confidence in long term value of the business

Balance Sheet Strengthening Post Issue of Equity Shares

48

Pre Post

Particulars (INR Crs.) Sep-18 Sep-18

Share Capital 96.2 102.6



Total Shareholder funds 719.4 879.4



Total Debt 289.6 129.6

Other Non-Current Liabilities 86.4 86.4

Total Sources of Funds 1,095.4 1,095.4

Fixed Assets 892.9 892.9

Other Non-Current Assets 338.5 338.5

Current Assets 132.1 132.1

Cash & Cash Equivalents 13.9 13.9

Less: Current Liabilities 281.9 281.9 Net Current Assets (135.9) (135.9)

Total Assets 1,095.4 1,095.4

Pre Post

Ratio Sep-18 Sep-18

Net Debt : Equity 0.38 0.13

Shareholder Funds Increases fromRs.719.4 crs to Rs.879.4 crs.

Total Debt Reduces fromRs.289.6 crs. to Rs.129.6 crs

Net Debt to Equity Ratio improves from 0.38x to 0.13x

• ‘Post’ scenario calculation is at an assumed issue size of 64,00,000 equity shares, and an assumed price of Rs 250 per share

IMPACT of Issue of Shares

Annual Interest Savings of Rs. 15-16 crs.

49

Annexure

INOX Metro, Mumbai

Per Screen Economics

50Per Screen Economics is as per IND-AS and post GST impact

Per Screen Economics: (INR Lakhs)

Revenue from Operations: 323.0

Net Box Office Revenue (NBOC) 192.3

Food & Beverages (Net) 77.8

Advertising Income 29.8

Other Revenues 23.1

Total Operating Cost: 258.1

Distributors Share 87.2

Food & Beverages Cost 20.4

Lease Rental & Hire Charges 46.7

CAM, Power & Fuel, R&M 43.1

Employee Benefits Expense (excluding corporate overheads) 12.4

Other Overheads 48.3

EBITDA 64.9

Depreciation 19.2

EBIT 45.7

Gross Capex 250.0

Working Capital 0.0

Capital Employed 250.0

Assumptions

Seats per screen 248

Shows per day 5.15

Occupancy (%) 28%

Footfalls 127,530

ATP (Rs) 193

SPH (Rs) 66

GST on Ticket Sales (On Net) 28%

GST on F&B (On Net) 5%

Distributors Share 45%

Food & Beverage Cost 26%

EBITDA Margin % 20.1%

ROCE % 18.3%

Shareholding Structure

51

Source: BSE

Public/Others, 11.73%

INOX Benefit Trust, 4.51%

DII, 20.58%

FII, 14.48%

Promoter & Promoter

Group, 48.70%

% Shareholding as of Nov’18

Source: Company Source: Company

Source: BSE

Market Data As on 14-Nov-18

No. of Shares Outstanding (Crs.) 9.6

Face Value (INR) 10.0

Price (INR) 222.1

52 week High/Low (INR) 326/189.65

Market Capitalisation (INR Crs.) 2,142

Key Institutional Investors –10th Nov 2018 % Holding

HDFC MF 6.60%

RelianceMF 4.93%

Aditya Birla Sunlife 3.56%

Kuwait Investment Authority Fund 2.53%

DSP Blackrock MF 2.16%

Morgan Stanley 2.08%

Taiyo Greater India Fund Ltd 1.93%

Sundaram MF 1.87%

AADI Financial Adivsors LLP 1.34%

RAMS Equities Portfolio Fund 1.28%

Cohesion India Best Ideas (Master) Fund Ltd 1.09%

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INR

Share Price Performance

Consolidated Profit & Loss Statement

52

Particulars (INR Crs.) Q2FY19 Q2FY18 YoY % Q1FY19 QoQ % H1FY19 H1FY18 YoY % FY18

Revenue from Operations 365.3 311.3 17.4% 414.9 -12.0% 780.3 698.7 11.7% 1,348.1

Exhibi tion Cost 95.1 88.5 7.6% 109.7 -13.3% 204.8 195.5 4.8% 367.3

Food & Beverages Cost 25.3 16.8 51.1% 27.2 -6.9% 52.5 37.2 41.1% 74.4

Employee Benefi ts Expense 27.9 23.3 19.6% 26.3 6.1% 54.1 46.3 17.1% 96.4

Lease Rental & Hire Charges 59.2 48.5 22.0% 57.7 2.6% 116.8 100.6 16.1% 203.8

CAM, Power & Fuel , R&M 52.4 47.5 10.4% 53.2 -1.5% 105.7 100.1 5.6% 188.2

Other Expenses 60.6 42.3 43.1% 57.4 5.6% 118.0 98.6 19.6% 207.7

EBITDA 44.8 44.4 0.8% 83.5 -46.3% 128.3 120.3 6.7% 210.4

EBITDA Margin % 12.3% 14.3% -201 bps 20.1% -786 bps 16.4% 17% -77 bps 16%

Depreciation & Amortisation 23.4 21.5 8.9% 22.7 3.1% 46.1 43.0 7.2% 86.7

Impairment Loss on PP&E - 0.7 -100.0% - - 1.3 -100.0% 3.1

Other Income 3.7 2.9 29.6% 2.8 32.5% 6.6 5.2 26.0% 14.5

Finance Cost 6.8 7.3 -7.6% 6.9 -2.3% 13.7 14.5 -5.7% 28.9

Exceptional Items - - - - - 8.5

Share of Profi t from Joint Ventures - (0.01) -100.0% - - (0.0) -100.0% (0.0)

PBT 18.4 17.8 3.0% 56.7 -67.6% 75.1 66.7 12.5% 97.6

Current Tax 3.5 6.7 -47.5% 18.6 -81.0% 22.1 24.5 -9.9% 32.5

Deferred Tax 2.9 (0.6) -621.8% 1.1 158.2% 4.0 (1.6) -348.8% 4.2

Tax perta ining to earl ier years - - - - - (53.7)

PAT 12.0 11.7 2% 37.0 -68% 49.0 43.8 12% 114.6

PAT Margin % 3.3% 3.8% -48 bps 8.9% -564 bps 6.3% 6.3% 1 bps 8.5%

Earnings Per Share (EPS) 1.30 1.28 2% 4.03 -68% 5.33 4.77 12% 12.49

Consolidated Balance Sheet Statement

53

Assets (INR Crs.) Sep-18 Mar-18

Non-Current Assets:

Property, Plant & Equipment 788.1 742.7

Capital work-in-progress 76.9 53.9

Goodwill 17.5 17.5

Other Intangible Assets 10.3 11.5

Investments in Joint Ventures - -

Other Investments 0.7 1.2

Loans 90.2 74.2

Other Financial Assets 77.1 67.5

Deferred Tax Assets (Net) 68.8 81.1

Tax Assets (Net) 8.8 9.1

Other Non Current Assets 92.9 82.7

Total Non Current Assets 1,231 1,142

Current Assets:

Inventories 11.4 9.4

Other Investments 0.5 12.4

Trade Receivables 84.8 76.1

Cash and Bank Balances 11.5 13.3

Bank Balances Other than above 2.3 1.7

Loans 5.4 5.9

Other Financial Assets 0.1 0.2

Other Current Assets 30.0 24.4

Total Current Assets 146.0 143.4

Total Assets 1,377.3 1,285.0

Equity & Liabilities (INR Crs.) Sep-18 Mar-18

Equity:

Equity Share Capital 96.2 96.2



Equity attributable to owners of the company 719.4 669.6



Non-current liabilities:

Borrowings 234.7 252.4

Other Financial Liabilities 2.3 3.1

Provisions 11.4 10.1

Other Non-current Liabilities 72.7 75.7

Total of Non-Current Liabilities 321.1 341.3

Current Liabilities:

Borrowings 19.6 -

Trade Payables 132.8 113.2

Other Financial Liabilities 115.5 105.7

Other Current Liabilities 54.0 38.2

Provisions 13.3 14.8

Income Tax Liabilities (Net) 1.7 2.1

Total of Current Liabilities 336.8 274.1

Total Equity & Liabilities 1,377.3 1,285.0

Financial Summary

54

762.8 895.4

1,160.6 1,220.7 1,348.1


122.0 122.7

189.1 146.1

210.4

16.0% 13.7% 16.3% 12.0% 15.6%


EBITDA EBITDA Margin %

36.9 20.0

81.0

30.6

114.6 4.8%

2.2%7.0%

2.5%

8.5%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0 %

5.0 %

10. 0%

-

20.0

40.0

60.0

80.0

100 .0

120 .0

140 .0


PAT PAT Margin %

242.2 241.2 267.0 317.0 291.9

390.9 676.2 522.3 552.5 669.6

0.6 0.3 0.4 0.5 0.4


Equity Debt Net Debt to Equity

64.3% 61.6% 61.4% 61.3% 59.5%

21.3% 21.3% 22.9% 23.3% 22.7%

6.5% 9.1% 7.8% 7.9% 10.3%

7.9% 8.0% 7.8% 7.6% 7.5%


NBOC F & B Advertising Others

ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)Net Debt = Total Debt – Cash –Bank – Liquid MF Investments

REVENUES EBITDA PAT

REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS


11.5%

6.1%

14.9%

7.3%

13.2%

10.3%

3.8%

16.8%

5.7%

18.8%

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

10. 0%

12. 0%

14. 0%

16. 0%

18. 0%

20. 0%


ROCE % ROE %

# Includes Tax write back pertaining to earlier years of ~Rs.54crs

#

Thank YouBalesh Talapady GM – Business AnalysisINOX Leisure Ltd.Contact+91-22-4062 6927Email: [email protected] 55

R-City, Ghatkopar, Mumbai

INVESTOR PRESENTATION...Steady Performance and Resilience 6 85.6 96.3 103.0 118.0 122.4 155.5 165.7...

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