Buy Inox Leisure: target of Rs 470: Sharekhan

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Sharekhan's research report on Inox Leisure

Staggered re-opening of cinema halls after July 2021 and absence of big releases resulted in a washout Q2; Inox successfully negotiated rent and CAM for 86% of properties. We expect a gradual recovery in H2FY2022 as Maharashtra allowed re-opening of cinema halls, new content pipeline remains strong and as the festive season lies ahead. Partnership with ITC to introduce a re-defined innovative F&B experience and associations with food-delivery and table reservation platforms would help boost revenue growth.

Outlook

We maintain Buy on Inox Leisure Limited with an unchanged PT of Rs. 470, given strong pent-up consumer demand, a strong line-up of fresh content, and re-opening of cinema halls in Maharashtra.

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