Inox Leisure shares tumble nearly 8 pc on Q4 net loss

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Multiplex chain operator Inox Leisure Ltd on Monday reported a consolidated net loss of 82.15 crore for the fourth quarter ended March 2020.
Multiplex chain operator

New Delhi, Jun 9 (PTI) Shares of multiplex chain operator Inox Leisure Ltd on Tuesday plunged nearly 8 per cent after the firm reported a consolidated net loss of Rs 82.15 crore for the fourth quarter ended March 2020.

The scrip tumbled 7.66 per cent to Rs 261.30 on the BSE.

On the NSE, it plunged 7.46 per cent to Rs 262.05.

Inox Leisure Ltd on Monday reported a consolidated net loss of Rs 82.15 crore for the fourth quarter ended March 2020, as the film exhibition business was impacted because of COVID-19 pandemic and subsequent lockdown.

The company had posted a net profit of Rs 48.08 crore in January-March quarter a year ago, Inox Leisure said in a BSE filing.

Revenue from operations declined 22.39 per cent to Rs 371.58 crore during the quarter under review as against Rs 478.84 crore in the corresponding quarter a year ago.

“The COVID-19 pandemic and the resultant lockdown declared by the government in March 2020 has impacted the entire entertainment industry and consequently the business activities of the Group are also adversely affected,” Inox Leisure said in a post-earnings statement.

Commenting on the results, Inox Group Director Siddharth Jain said, “the advent of COVID-19 has left a serious mark on our fourth quarter performance and will remain a cause of concern in the subsequent months as well.”

Source: PTI

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