Multiplex chain operator Inox Leisure on Friday reported widening of consolidated net loss at Rs 87.66 crore for Q2 ended September 2021-22 as its film exhibition business was impacted due to restrictions imposed after the second wave of COVID-19.
Inox said in a BSE filing that the company posted a net loss of Rs 67.83 crore for the July-September period a year ago. Revenue from operations zoomed to Rs 47.44 crore from Rs 36 lakh in the year-ago period.
Total expenses in the period under review were Rs 170.22 crore as against Rs 95.29 crore.
According to the company, which operates 658 screens across 156 multiplexes in 70 cities, it has started opening cinemas in a staggered manner from July 2021 after getting permission from various state governments to operate as per the prescribed Standard Operating Procedures.
“All states with INOX’s presence have allowed cinemas to operate as per Unlock directives,” said Inox Leisure in a post-earnings statement.
The multiplex chain added two new properties with six screens in the quarter under review.
Siddharth Jain, Director at Inox Group, said the company’s performance in this quarter signifies the beginning of the revival journey, which has come after numerous quarters of uncertainty.
In this quarter, Inox received an “encouraging response” for movies including Bell Bottom, F9 The Fast Saga, Mortal Kombat, Shangchi the Legend Of Ten Rings and No Time to Die which proves that patrons are willing to turn up for good quality content.
(With PTI Inputs)