Multiplex operator Inox Leisure will continue to add 50 to 60 screens every year and scout for inorganic growth opportunity in the segment as part of its growth journey, said a top company official.
According to a PTI report: Besides, the company is also looking to complete a pipeline of around 800 screens in next couple of years, which it has signed across the country.
“We are growing at very fast pace.. We are opening 50 to 60 screens every year and apart from that we already have more than 800 screens already signed with us. In the next couple of year, we would be able to open these 800 screens. We have a very robust pipeline,” Alok Tandon, CEO, Inox Leisure told PTI.
Inox Leisure Ltd, presently operates 529 screens in 66 cities.
The company, which has so far acquired brands as Calcutta Cinema Private Ltd (CCPL) (2006), Fame India (2010) and Satyam (2014), is open for more such inorganic growth opportunities in coming future for expansion in regional markets.
“We are quite open for any opportunities (inorganic growth) which comes in our way,” Tandon was quoted by PTI as saying, adding “We were the first in the industry to start merger and acquisition in the cinema exhibition industry here…. we have already done three acquisitions till now”.
Inox Leisure had a revenue of Rs 1,348.12 crore in FY 2017-18.
Like other multiplex chains, the Gujarat-based movie exhibition company is also witnessing an increase in contribution from the food & beverages segment in its revenue and expects this trend to continue.
“Our Q1/FY 2018-19 F&B was about 26 percent. If we compare quarter to quarter, Q1FY18 and Q1FY19, it was 22.8 percent in Q1FY18. Also in Rupee term, average spend per head on food has gone up,” he told PTI.
According to him, average spend per head on food in Q1 FY19 was at Rs 76 as compared to Rs 65 in Q1 FY18.
On being asked as whether Inox has any plans to foray into foreign territories , Tandon said that Inox would concentrate on the Indian market, which is an under-screen market.
“The screen penetration is very low here. We have only 8 to 9 screen per million population here and hence we would concentrate on expansion in India only,” he added.