New Delhi, Aug 15 (PTI) Multiplex operator Inox Leisure plans to invest around Rs 100 crore to open 39 more screens this fiscal to take its total screen count to over 500.Also Read - Rohit Chadda, The Turnaround CEO Carved Out Another Success Story in 2020
The company operates over 475 screens in 58 cities. Also Read - Elon Musk May Lose Job as Tesla CEO Over Controversial Tweet
“A new screen pipeline for the (remaining part of this financial) year includes 9 properties with 39 screens and 6,577 seats,” Alok Tandon CEO, Inox Leisure told analysts during a conference call. Also Read - IndiGo Spat Becomes Public, Day on, CEO Ronjoy Dutta Pens Letter to Staff
The company said on an average it spends around Rs 2.5-3 crore for opening a new screen. To add 39 screens, the company will have to invest around Rs 100 crore.
Elaborating on the plans, Tandon said: “Post March 2018, we have already tied up in terms of signed agreement for another 79 properties with 461 screens and 85,955 seats. Once this pipeline is implemented, we will have 207 properties, 976 screens, 2,11,927 seats”.
Last month, Inox Leisure reported 28.56 per cent increase in consolidated net profit at Rs 32.09 crore for the first quarter ended June 30.
Its total income grew 14.83 per cent to Rs 389.72 crore during the quarter under review as against Rs 339.36 crore in the same quarter last fiscal.
This is published unedited from the PTI feed.