Shares of Inox Leisure fell 2.8 percent despite the company announcing the best quarterly results for the first quarter of the financial year 2023.
The movie theatre company reported a consolidated net profit of Rs 57.1 crore, up from a net loss of Rs 122.3 crore in the corresponding quarter of the previous fiscal year.
The company's revenue from operations grew more than 20 times year-on-year as the industry was affected by the COVID-19 pandemic in the previous year. Revenue stood at Rs 582.3 crore, up from Rs 22.31 crore in the previous quarter.
The stock ended the day at Rs 586.65 per share on BSE, down 2.65 percent from its previous close. The stock has fallen after seven days of consecutive gain and underperformed the sector by 2.4 percent.
Brokerage CLSA maintained a 'buy' rating on the shares of Inox with a target of Rs 737.
Earlier this year, India’s biggest cinema exhibition brands – PVR and INOX Leisure – announced that they would merge their might to deliver an “unparalleled” consumer experience with a network of more than 1,500 screens.
Their joint statement indicated that the onslaught of over-the-top (OTT) or streaming platforms played a role in the consolidation.
First Published: Aug 4, 2022 3:52 PM IST
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