Initiating Coverage | 16 March 2015 Sector: Media Inox Leisure Growth show set to begin Niket Shah (
[email protected]); +91 22 3982 5426 Atul Mehra (
[email protected]); +91 22 3982 5417 Inox Leisure Inox Leisure: Growth show set to begin Summary ................................................................................................... 3 Set to lead in exhibition business................................................................ 5 Operating metrics set to improve ............................................................... 7 Acquisition of Satyam – a strategic move ...................................................14 Industry overview .....................................................................................17 Company description ................................................................................23 Key management ......................................................................................24 Key risks ....................................................................................................25 Key assumptions .......................................................................................26 Financials and valuations ...................................................................... 27-28 Investors are advised to refer through disclosures made at the end of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital. 16 March 2015 2 Initiating Coverage