Financials
Q3-2015: Inox reports marked jump in F&B, Ad revenue
BENGALURU: Inox Leisure Limited (Inox) reported 2.21 times PAT in Q3-2015 at Rs 14.30 crores (4.7 per cent of Total Revenues or TR) as compared to the PAT of Rs 6.47 crore (3 per cent of TR) in the corresponding year ago quarter and 2.73 times the Rs 5.23 crore (2 per cent of TR) in Q2-2015, but PAT for 9M-2015 at Rs 24.10 crore (3 per cent of TR) was a steep 31.9 per cent lower than the Rs 35.40 crore (5.2 percent of TR) in 9M-2014.
Note: (1) 100,00,000 = 100 lakh = 10 million = 1 crore
(2) Inox acquired Satyam Cineplexes Limited (SCL) with 38 screens as a wholly owned subsidiary on 8 August 2014 and Q2-2015 and Q3-2015 figures in this report include the figures of SCL.
Revenue streams
Inox TR in Q3-2015 at Rs 304.85 crore was 41.2 per cent more than the Rs 215.83 crore in Q3-2014 and 14.3 per cent more than the Rs 266.66 crore in Q2-2015. TR for 9M-2015 at Rs 807.42 crore was 18.1 per cent more than the Rs 683.40 crore in 9M-2014.
Though Food and Beverages (F&B) and advertisement revenues (ad revenue) constitute just around 25 to 30 per cent of Inox TR, these two account heads have shown healthy 45.1 per cent and 98.4 per cent y-o-y growth respectively in Q3-2015. Both these revenue heads have slowly and steadily started growing their contribution to Inox’s total revenue.
F&B revenue grew to Rs 55.63 crore (18.2 percent of TR) from Rs 38.34 crore (17.8 percent of TIO) in Q3-2015 and grew 9.6 per cent from Rs 50.77 crore (19 per cent of TR) in the immediate trailing quarter. During 9M-2015, F&B revenue grew 22 per cent to Rs 156.30 crore (19.4 per cent of TR) from Rs 128.13 crore (18.7 percent of TR).
Ad revenue in Q3-2015 grew to Rs 28.92 crore (9.5 per cent of TR) from Rs 14.58 crore (6.8 per cent of TR) in Q3-2014 and grew 62.4 per cent from Rs 17.81 crore (6.7 per cent of TR). During 9M-2015, ad revenue grew 84.6 per cent to Rs 61.7 crore (7.6 per cent of TR) from Rs 33.42 crore (4.9 per cent of TR) in the corresponding period of the previous year.
‘Other’ revenue in Q3-2015 at Rs 18.55 crore (6.1 per cent of TR) was 9.5 per cent lower than the Rs 20.50 crore (9.5 per cent of TR) in Q3-2014 and 2.4 per cent more than the Rs 18.12 crore (6.8 per cent of TR) in Q2-2015. For 9M-2015, ‘Other’ revenue at Rs 51.15 crore (6.3 per cent of TR) was 2.8 per cent more than the Rs 49.78 crore (7.3 per cent of TR) during 9M-2014.
Average Ticket Pricing
Inox’s says that its average ticket price (ATP) in Q3-2015 was 175, in Q3-2014 it was Rs 163 and in Q2-2015 it was Rs 162. During 9M-2015, ATP was Rs 166 versus the Rs 157 in 9M-2014. The company claims that its ATP is higher than the exhibition industry’s comparable properties ATP of Rs 171 in Q3-2015, Rs 163 in Q3-2014, Rs 163 in 9M-2015 and Rs 157 in 9M-2014.
Expenditure
Inox total expenditure (TE) in Q3-2015 at Rs 254.44 crore (83.5 per cent of TR) was 35.8 per cent more than the Rs 187.36 crore (86.8 per cent of TR) in Q3-2014 and 10.9 per cent more than the Rs 229.35 crore (86 per cent of TR) in Q2-2015. TE during 9M-2015 increased 19.5 per cent to Rs 686.80 crore (85.1 per cent of TR) from Rs 574.86 crore (84.1 per cent of TR) in 9M-2014.
Entertainment tax paid by the company increased 50.6 per cent to Rs 38.12 crore (12.5 per cent of TR) in Q3-2015 from Rs 25.31 crore (11.7 per cent of TR) in Q3-2014 and was 19.1 per cent more than the Rs 32 crore (12 per cent of TR) in Q2-2015. During 9M-2015, Entertainment Tax paid by the company was 98.69 crores (12.2 per cent of TR), up 17.6 per cent from Rs 83.95 crore (12.3 per cent of TR) in 9M-2014.
Inox Payroll cost in Q3-2015 at Rs 18.99 crore (6.2 per cent of TR) was 36.6 per cent more than the Rs 13.90 crore (6.4 per cent of TR) and 17.7 per cent more than the Rs 16.14 crore (6.1 per cent of TR) in Q2-2015. 9M-2015 payroll cost at Rs 48.83 crore (6.0 per cent of TR) was 31.1 per cent more than the Rs 37.24 crore (5.4 per cent of TR) in 9M-2014.
Distributors share in Q3-2015 increased 38.3 per cent to Rs 75.37 crore (24.7 per cent of TR) from Rs 54.48 crore (25.2 per cent of TR) and was 11.1 per cent more than the Rs 67.81 crore (25.4 per cent of TR) in Q2-2015. This expense head during 9M-2015 at Rs 201.58 crore (25 percent of TR) was 13.8 per cent more than the Rs 177.13 crore (25.9 per cent of TR) during 9M-2014.
F&B cost in Q3-2015 at Rs 13.58 crore (4.5 per cent of TR) was 28 per cent more than the Rs 10.61 crore (4.9 per cent of TR) in Q3-2014 and 1.6 per cent more than the Rs 13.58 crore (5 per cent of TR) in Q2-2015. F&B cost in 9M-2015 at Rs 39.20 crore (4.9 per cent of TR) was 4.8 per cent more than the Rs 37.41 crore (5.5 per cent of TR) in 9M-2014.
Other expenses in Q3-2015 at Rs 108.39 crore (35.6 per cent of TR) was 30.5 per cent more than the Rs 83.07 crore (38.5 percent of TR) in Q3-2014 and 8.4 percent more than the Rs 100.02 crore (35.6 per cent of TR) in Q2-2015. In 9M-2015, other expense at Rs 298.51 crore (37 per cent of TR) was 24.8 per cent more than the Rs 239.12 crore (35 per cent of TR) in 9M-2014.
Depreciation in Q3-2015 increased 57.2 per cent to Rs 20.44 crore (6.7 per cent of TR) from Rs 13 crore (6 per cent of TR) in Q3-2014 and increased 6.4 per cent from Rs 19.21 crore (7.2 per cent of TR) in Q2-2015. 9M-2015 depreciation at Rs 5.74 crore (7.2 per cent of TR) was 52.3 per cent more than the Rs 37.92 crore (5.5 per cent of TR) during 9M-2014.
Inox’s interest cost in Q3-2015 was 88.7 per cent more at Rs 12.49 crore (4.1 per cent of TR) than the Rs 6.62 crore (3.1 per cent of TR) in Q3-2014 and 9.6 per cent more than the Rs 11.40 crore (4.3 per cent of TR) in Q2-2015 Interest cost in 9M-2015 at Rs 30.34 crore (3.8 per cent of TR) was 41.6 per cent more than the Rs 21.43 crore (3.1 per cent of TR) in 9M-2014.
Occupancy and Footfalls
Inox says that it currently has 365 screens in 51 cities and 94 locations in India with a seating capacity of 97039 seats. It plans to increase the number of screens by 12 and seats by 2751 in Q4-2015. Post FY-2015, Inox says that it plans to add 169 screens with seating capacity of 36977 to take its overall total to 546 screens and 136766 seats.
The company says that it has kept pace with the exhibition industry’s comparable properties occupancy rate to 27 per cent in Q3-2014 and 28 per cent in Q3-2015,during 9M-2015, it had the same occupancy rate of 27 per cent as the industry rate of 27 per cent. The company claims a higher footfall of 326 lakhs for 9M-2015 as compared to the industry’s comparable properties footfall of 276 lakh, a figure that has fallen from the 298 lakh footfalls experienced by the industry’s comparable in 9M-2014. Inox claims that the footfalls at its properties was 304 lakh in 9M-2014.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
