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, said Inox Group Director Siddharth Jain.
Inox Leisure share price shed over 5 percent in the morning trade on June 9 after the company reported a consolidated net loss of 82.15 crore for the fourth quarter ended March 2020.
The loss was on account of the film exhibition business which 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 percent to Rs 371.58 crore during the quarter under review as against Rs 478.84 crore in the corresponding quarter a year ago.
The stock price has registered over 21 percent gain in the last 5 days and was quoting at Rs 270.55, down Rs 12.45, or 4.40 percent at 09:18 hours. It has touched an intraday high of Rs 279.85 and an intraday low of Rs 261.30.
"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," the company said in a statement.
"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," said Inox Group Director Siddharth Jain.
According to Moneycontrol SWOT Analysis powered by Trendlyne, Inox Leisure has reported decline in quarterly net profit with falling profit margin (YoY) with declining revenue every quarter for the past two quarters. However, Moneycontrol technical rating is bullish with technical indicators being bullish.
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