Multiplex chain operator Inox Leisure Ltd on Wednesday reported a consolidated net loss of Rs 73.64 crore for the June quarter as the film exhibition business came to a halt due to the COVID-19 pandemic.
The company had posted a net profit of Rs 27.01 crore in the April-June period a year ago, Inox Leisure said in a BSE filing.
Revenue from operations slumped 99.94 per cent to Rs 0.25 crore during the quarter under review, from Rs 493.01 crore in the corresponding period of the preceding fiscal.
According to the company, the unprecedented circumstances resulted in "not even a single day of operations in Q1'FY21." Total income stood at Rs 2.97 crore, down 99.40 per cent as compared to Rs 496.13 crore in Q1 FY20. Total expenses were at Rs 100.89 crore as against Rs 454.59 crore, down 77.80 per cent.
"With an objective to keep the costs under a check, the Company has implemented active cost control measures and brought down major expenses including employee costs, power & fuel costs...," it said.
Inox Group Director Siddharth Jain said, "This phase has posed a tough challenge to our aspirations, but we are confident of not only seeing through it, but also script an extraordinary comeback tale." "We have pinned out hopes on our strong fundamentals of Luxury, Service and Technology, and on the unshakeable passion and fondness for movies prevalent among the Indian masses," he said.
Jain added the company is "earnestly looking forward to the directives from the Government of India to resume operations".
In a separate filing, Inox Leisure said its board has approved raising up to Rs 250 crore.
"The Board Of Directors have approved the Company's enabling resolution for fund raising up to Rs 250 Cr through the issuance of Equity Shares/other securities, subject to approval of Shareholders in the ensuing Annual General Meeting," it said.
It has also approved shifting the registered office of the company from Gujarat to Maharashtra.
Inox Leisure is among India's largest multiplex chains, with 147 multiplexes and 626 screens in 68 cities.
Shares of Inox Leisure Ltd on Wednesday settled at Rs 234.35 apiece on BSE, down 0.95 per cent.
