Investor Presentation August 2019 Disclaimer

This presentation and the following discussion may contain “forward looking statements” by Inox Leisure Limited (“ILL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of ILL about the business, industry and markets in which ILL operates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond ILL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements.

Such statements are not, and should not be construed, as a representation as to future performance or achievements of ILL. In particular, such statements should not be regarded as a projection of future performance of ILL. It should be noted that the actual performance or achievements of ILL may vary significantly from such statements.

Due to rounding-off, figures presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the rounded-off figures.

FY15 financial figures are as per IGAAP and for FY16 and thereafter are as per IND-AS. Revenues for FY15 are shown net of entertainment tax, to be consistent with the revenues under IND-AS for FY16 onwards

2 DISCUSSION SUMMARY . INDUSTRY OVERVIEW . COMPANY OVERVIEW . COMPETITIVE ADVANTAGE & O U T L O O K . ANNEXURE

1Ne ·x BRINGS TO YOU SPECTACULAR CINEMA FORMATS

3 INDUSTRY OVERVIEW

4 Strong Fundamentals & Huge Growth Potential

Highest Number of Film P r o d u c e d i n t h e 2nd Highest Number Of Theatre Footfalls W o r l d in the World

Footfalls in Million 2,000 2,178 2,100 1,930

1,600 1,364

1,100 791 686 581

600 300 298 269 255 226 185 208 197 176 171 169 156 146 100 .,1 .I .1 • r • India US China Japan France UK S. Korea Spain Germany Italy China India US France Mexico UK Japan S. Korea Germany Russia -400 1.• , ■ , • . • . • I, ____ .,:

However, India’s Screen Density is One of the Lowest

Screens / Million population 125

95 80 60 57 40 37 26 25 I 12 10 I 8 I I ,l ,I I 1 . ■ . ■ . ■ . ■ - r - , ., I US France Spain UK Germany South Korea China Japan Taiwan Thailand Brazil ____India

Source: CRISIL Report, http://uis.unesco.org/en/news/cinema-data-release (2015), Industry sources and internal calculations 5 Steady Performance and Resilience IN X

Indian Film Industry Displays Steady Performance Trends In Rs. Billion 236.1 250.0 ______CA.GB~1% ------+ 194.2 200.0 174.5 155.5 150.0 - - 100.0 130.0 50.0 96.3 102.1 110.0

0.0 2017 2018 2019E 2021E ■ Domestic Theatrical ■ Overseas Theatrical Broadcast rights Digital/OTT rights In-cinema advertising Home Video

D o m e s t i c Theatricals Constitutes 59% Of Total Film Industry

8% 4% 0%

■ Domestic Theatrical

12% ■ Overseas Theatrical 2018 Broadcast rights ■ Digital/OTT rights

59% ■ In-cinema advertising

17% ■ Home Video Source: FICCI-EY 2019 Report 6 Multiplexes Witnessing Rapid Growth

16,000 FACTORS DRIVING GROWTH IN 14,000 Number of Screens MULTIPLEXES:

12,000 10,635 10,346 . Strong demographics, rising disposable 9,951 9,601 10,000 925 9,500 9,481 9,530 1,225 incomes and discretionary spends. 1,500 2,100 8,000 2,450 2,750 2,950 . Superior location, destination and

6,000 parking facilities. 9,710 9,121 4,000 8,451 7,400 7,031 6,780 6,651 . Multiple screens in one location offer a

2,000 wider variety of content to the patrons.

- T T T . Different screen sizes provide 2009 2011 2013 2015 2016 2017 2018 programming flexibility. This results in Single Screens ■ Multiplexes higher occupancy ratios.

Multiplexes currently account for . State of art equipment (high quality ~ 31% market share of the screens, video and audio), superior interiors, h o w e v e r they account f o r ambience and service. ~55% of box office collections

Source: FICCI-EY Report 2018 & 2019 7 Increasing Number Of INR 1bn + Movies

Wider Screen Releases

8,000 6,900

7,000 6,500

6,000 5,200 5,300

5,000 4,500 4,500

4,000 3,446 3,014 3,359 2,638 3,000 2,065 2,101 1,598 2,000 1,000

1,000

- 3 Idiots Dabaang Bodyguard Ek Tha Tiger Dabaang 2 Chennai Dhoom 3 Kick P.K Bajrangi Dangal Bahubali 2 - Tiger Zinda 2.0 (2018) (2009) (2010) (2011) (2012) (2012) Express (2013) (2014) (2014) Bhaijaan (2016) The Hai (2017) (2013) (2015) Conclusion (2017) INCREASING NUMBER OF Higher Number Of INR 1 Bn + Movies MOVIES ARE GENERATING 14 3 12 MORE THAN RS 1 BN IN NET 2 10 - 2 2 1 BOX OFFICE COLLECTIONS 8 - 1 - 2 1 1 3 6 1 - 1 10 DRIVEN BY WIDER SCREEN 4 9 8 1 6 7 7 5 2 - 5 5 - - 2 RELEASES AND FACILITATED BY - 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Jul-19 DIGITISATION OF CONTENT ■ INR 1Bn to 1.99Bn ■ INR 2Bn to 2.99 Bn ■ INR 3Bn and above DELIVERY

Source: Industry 8 India’s Consumption Story IN X

1,600 Population of India (Million) %Share of Population by Income Bracket

1,400 ■ Lower Class ■ Lower Middle Class ■ Middle & Affluent Class

1,200 100 1 2 .------. 6 5 90 18 22 1,000 80 42 41 70 800 t•I = I 1,429 60 43 600 1,278 50 1,107 93 928 40 80 36 400

755 30 54

20 200 35 10 22

- 0 1985 1995 2005 2015 2025 1985 1995 2005 2015 2025 Based on Annual Household Income: Lower Class: < Rs.90,000 , Lower Middle Class: Rs.90,000 to Rs.199,999 , Middle & Affluent Class: > Rs.200,000 Share of Population by Income Bracket (Million) %Share of Average Annual Household Consumption

■ Lower Class ■ Lower Middle Class ■ Middle & Affluent Class

1,200 ■ Necessities ■ Discretionary 281 55 600 -----. 1,000 19

800 8 167 454 39 45 550 52 61 600 70 514 i1I t--- I I 400 702 742 I 598 61 I 200 447 48 314 39 30

- 1985 1995 2005 2015 2025 1995 2005 2015 2025 Source: Mckinsey - Tracking the growth of Indias Middle Class - 2017 9 INOX Nehru Place, Delhi

Company Overview

10 Track Record of Aggressive Expansion

1000 200

900 Marching towards Screens Properties 143 800 - - 150 118 123 600Screens700 107

96 595 600 100 79 72 68 492 500 63 468 420

400 32 372 50

22 26 310 14 279 300 9 257 2 3 6 239 200 0 119 91 76

100 51 35 25 12 8 0 - -- ■ ■ I I I I I -50 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Jul-19

Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15 11 PAN India Presence IN X

ONE OF THE LARGEST MULTIPLEX CHAIN OPERATOR IN INDIA

HARYANA | 6 Properties | 19 Screens 67 Cities RAJASTHAN | 13 Properties | 47 Screens

* Includes 8 management properties with 29 screens and 7,370 seats 12 R-City Ghatkopar, Mumbai

INSIGNIA – LUXURY MOVIE WATCHING EXPERIENCE

13 Atria, Worli, Mumbai

14 CR2, Nariman Point, Mumbai

15 Atria, Worli, Mumbai

16 R-City, Ghatkopar, Mumbai

17 Palm Beach, Navi Mumbai

18 INOX Epicuria, Delhi

19 INOX Metro, Mumbai

20 INOX GT Central, Jaipur

21 INOX Malad, Mumbai

22 INOX Marina Mall, Chennai

23 IN• :X L I V E IAt M O V I E ~ -x~eeclf.#t; expectationsc'..

MOST AWARDED MULTIPLEX OF THE YEAR MOST ADMIRED INOX LEISURE POPULAR MULTIPLEX OF THE MULTIPLEX MULTIPLEX ET BEST CHAIN OFTHEYEAR YEAR AT ET NOW TIMES RETAIL AT IMAX BIG GLOBAL AWARDS BRANDS ICON AWARDS FOR RETAIL 2018-19 CINE AWARDS 2018-19 2018 EXCELLENCE

BEST BEST HIGHEST LUXURY BEST EMPLOYER TECHNOLOGY MARKETED STANDARDS OFTHEYEAR OFTHEYEAR BRAND AT EMPLOYER t IMAX BIG CINE KOTLER AWARD AT INTERNATIONAL FILM BUSINESS BRANDING AWARDS OF EXCELLENCE AWARDS 2018 2018-19 AWARDS2018 2018-19

24 Highest “EBITDA to Capital Invested” Ratio in the Industry

Highest Q1FY20 Footfalls Growth in the Industry

Highest PAT Margin in the Industry - Q1FY20 8%

Highest Ad Revenue Growth 9 Consecutive CORDS Rate in the Industry for Quarters CONSISTENTLY

First National Chain in the Industry to be Net Debt Free 25 Excludes Ind AS 116 impact Revenue EBITDA PAT

Rs.493crs Rs.89crs Rs.41crs 19%YoY 6%YoY 11%YoY Excludes impact of Ind AS 116 Excludes impact of Ind AS 116

Ad Sales Footfalls SPH

Rs.47crs 1.73crs Rs.81 18%YoY 11%YoY 6%YoY

26 BRINGS YOU

INHGNIA SCAEEN:xt: Onyx 'Di11ef

,~ors SIi.NATURE WOltUl'S MOST IIIMfRSl'IE IKlll.l'S FIRST M:UO CINEl\lA IIIDIA'S FIRST MUllll.til'S FIRST EXPERIEIICE MOVIE EnRAVAGANZA! ntAT 5nMULATES All YOUR SENSES 270 DE~REE l'Jl1'01tAM-IC LED SPECJACIJLAl'I SCREEN MOYIE WATCIUKG EXPERIENCE

LASER

30if., BRIGHTER AFFDROAlllf LUXURY DEDICATEll llD'S ntf LARC.E SCREEN ANO SHARPER Pi

Lease liability and ROU will be NIL at the end of the Lease term.

 Impact on Profit and Loss Statement - Operating lease expense (fixed part) will Impact on Retained Earnings be replaced by depreciation and interest cost, impacting EBITDA, EBIT, PBT and Rs.344Crs. PAT.

 Transitional Approach- Company has followed Modified Retrospective approach for transition to IND AS-116. This approach does not require restatement of Lease Liability comparative information for earlier period. The cumulative effect of initially Rs.2,192Crs. applying the standard is recognized as an adjustment in retained earnings net of deferred taxes. 28 Q1FY20 P&L Impact Analysis of Ind AS 116 IN LIVE l'/4MOVIE INR Crs. Q1FY20 Q1FY20 Ind AS 116 Particulars Without Q1FY19 YoY% Reported Impact Ind AS 116 Revenue from Operations 493 493 415 19% Total Expenses * 343 61 404 331 22% EBITDA 150 -61 89 83 6% EBITDA Margin(%) 30% 18% 20% -2% [-]Depreciation 61 -35 26 23 14% EBIT 89 -26 63 61 3% [-]Interest 51 -48 3 7 -62% [+]Other Income 3 3 3 10% PBT 42 22 63 57 12% [-] Tax 15 8 22 20 12% PAT 27 14 41 37 11% PAT Margin(%) 5% 8% 9% -1% Basic EPS (Rs.) 2.75 1.45 4.19 4.03 4% *Ind AS 116 - Rent Impact 29 INOX PARTNERS WITH IPL RAJASTHAN INOX ROYALS TEAM INOX ICC WORLD CUP PARTNERS WITH PARTNERS WITH RP-SG MAVERICKS LIVE SCREENING INDIAN NATIONAL FOR AT INOX RALLY CAMPIONSHIP ULTIMATE TABLE lFMSCIJ TENNIS 30 Revenue from Operations

600

500

400 19%

300 493 200 415 t

100

- Q1FY19 Q1FY20

1,692 1,348

1,161 1,221 1,800 895 1,600

1,400

1,200 26%

1,000

800 1,692

600 1,348

FY15 FY16 FY17 FY18 FY19 400 t

200

- FY18 FY19

All figures in INR Crs., unless specified 31 Earnings Before Interest, Tax, Depreciation and Amortization [EBITDA] __ .. 20% EBITDA EBITDA Margin GO "'lf,0/o ------18%

c~ 100 25% I''"------18% 20% 18% --- 90 - 16% --- 80 6% 20%

--- 16% 70

16%

60 15%

--- 50

14% 40 83 89 10% 14%

12% 20 5%

12% - 0% Q1FY19 Q1FY20

10% 309 Excludes Ind AS 116

210 6% EBITDA EBITDA Margin 189 18% 350 20% 146 4% 16%- 18% 123 300 47% 16%

250 14%

2% 12% 200 10%

150 309 8%

0% 100 210 t 6% 4%

50 FY15 FY16 FY17 FY18 FY19 2%

- 0% EBITDA EBITDA Margin % - - FY18 FY19

All figures in INR Crs., unless specified Note: EBITDA excludes Other Income (non-operating) 32 Profit after tax [PAT] IN

PAT PAT Margin

10.0%

,:_'I ol -- ... 50 9% 9% 8% 10.0% 140 u.1.70 ------8% 45 - 9.0% c~GR

8.0% 40 8.0% 7% .,,...,.,..,,.-- -- 35 7.0% 30 11% 6.0% 25 120 6.0% 5.0%

20 4.0% .,,.. .,,. .,,,. .,,.. 37 --- - 15 3.0%

10 41 2.0% 4.0%

5 1.0% 100 3% 2% - t= 0.0%

2.0% Q1FY19 Q1FY20

80 Excludes Ind AS 116

0.0% 133

60 -2.0% 115 PAT PAT Margin

-4.0%

160 10% 40 81 8% 9% 140 9% - 16% 8% -6.0% 120 7%

100 6% 20

80 5% -8.0% # 31 4% 60 # 133 20 115 3% 40 t 2%

- -10.0% 20 1% FY15 FY16 FY17 FY18 FY19 - 0% FY18 FY19 PAT PAT Margin % All figures in INR Crs., unless specified # Includes tax write back of- Rs.54crs (FY18) and Rs.5crs (FY19)- 33 R e v e n u e s - Segment Breakup

600

493

500 26 415 47

400 22 22% 40

2,000 132 o \11°ol ____ _- - • G 300 111 1,800 c.~ ·"------1,692 18% 1,600 -- 105 200 • 1,348 176 19% 1,400 287 242 1,221 100 1,161 101 436 • 1,200 19% 91 92 139

96 0 1,000 895 91 306 • 284 71 266 Q1FY19 Q1FY20 800 81

2000 600 191

975 1800 1692 400 713 748 802 552 1600 105 200 1348 176 1400

- 3% 101 FY15 FY16 FY17 FY18 FY19 1200 139 • 436 1000 306 27% 800 •

600 42% 975 400 802 • 22% ■ NBOC ■ F & B ■ Advertising ■ Others 200

0 • FY18 FY19 All figures in INR Crs., unless specified 34 Footfalls and Occupancy Rate

__ .,.

200 33% ol ----- Go" 'l,:10 _ - - - - 180 29% 28%

800 30% c~ "~----- 30%

~ ------I 28% 160 23% 700 29% -- 28% 25% ------140 11% 18% -- 26% 600 173 25% 120 13% 156

20%

100 8% 500 t

80 3% 400 15% Q1FY19 Q1FY20

300 625 534 537 533 10%

700 33% 200 411 28%

600

5% 26% 28%

100

500

23%

400

0 0%

17% 18%

300 625 FY15 FY16 FY17 FY18 FY19 533 13%

200

Footfalls Occ% 8% 100 t

- - 3% FY18 FY19

All figures in Lakhs, unless specified 35 Average Ticket Price [ATP]

200

180

-_,. 160 0 so/o ------140 c~G"_ ------120 - 100 ------199 198 ------80 60

40 -0.4%

- Q1FY19 Q1FY20

193 197 178 164 170 200

180

160

140

120

100 193 2% 197 FY15 FY16 FY17 FY18 FY19 80

20 t

- FY18 FY19 *W.e.f 1st Jan 2019, GST rate on tickets is reduced from 28%/18% to 18%/12%, thereby affecting the YoY ATP growth.

All figures in INR, unless specified 36 Spend Per Head [SPH]

100

80 -~ 70 60

50 6% 40 76 81 30

20 10 t - Q1FY19 Q1FY20

74 80

66 70 58 62 55 60

40 11% 74 30 66

20 FY15 FY16 FY17 FY18 FY19 10 t - FY18 FY19

All figures in INR, unless specified 37 F&B Contribution

c~GRS°lo ------~ 70 75.6% 74.9% 80.0%

•--- 70.0% ------60

60.0%

50 ------74.2% 76.0% 50.0% 60 75.0% 75.7% 80.0% 74.1% 55 40 5% 40.0% 50 70.0% 30 61 50 47 57 30.0%

44 20 60.0% 41 20.0%

40 10 t 10.0% 50.0%

- 0.0%

30 40.0% Q1FY19 Q1FY20

30.0% 20

20.0%

60 75.7% 74.2% 80.0% 10

10.0%

70.0%

60.0% - 0.0%

40 FY15 FY16 FY17 FY18 FY19 9% 50.0%

30 40.0% 55

50 30.0% SPH Contribution (Rs.) 20 t 20.0%

10 - 10.0% -+-F & B Contribution (%)

- 0.0%

SPH Contribution (Rs.) = SPH (Rs.) x F&B Contribution (%) FY18 FY19 All figures in INR, unless specified 38 Advertisement Revenue IN X

70 8 8 9.0

8.0

60 40.0 7.0

50 34 6.0 35.0 40 18% 5.0 30 4.0 30 30.0 47 3.0 25 25 20 40 2.0 25.0 22 10 t 1.0

- - 20.0 176 Q1FY19 Q1FY20

15.0 139

200 40.0

10.0 34 96 180 91 35.0 81 30 160

30.0 5.0

140

25.0

120

- 27%

100 20.0 FY15 FY16 FY17 FY18 FY19 176 80 139 15.0 60

10.0

Advertising Rev (Rs Crs) 40 t

5.0

Advertising Rev Per Screen (Rs Lakhs) - - FY18 FY19

39 Other Operating Income Per Screen

6.0

5.0

4.0 2%

3.0 4.7 4.8 2.0 t

1.0

- Q1FY19 Q1FY20 24.6 23.1 21.9 22.7 21.3e

25.0

20.0

15.0

23.1 10.0 21.3 FY15 FY16 FY17 FY18 FY19

5.0 -8%

- FY18 FY19

All figures in INR Lakhs, unless specified 40 Film Distributor Share (%)

50.0% 44.2% 43.9%

45.0%

40.0%

35.0%

50.0%

30.0% 43.8% 43.9% 44.4% 44.6% 44.2% 45.0% 25.0%

20.0%

40.0%

15.0%

35.0%

10.0%

30.0%

5.0%

25.0%

0.0%

20.0% Q1FY19 Q1FY20

15.0%

50.0% 10.0% 44.6% 44.2%

45.0%

5.0%

40.0%

0.0%

35.0%

FY15 FY16 FY17 FY18 FY19 30.0%

25.0%

20.0%

15.0% Distributor Share on NBOC ■ 10.0%

5.0%

0.0% FY18 FY19 NBOC (Net Box Office Collections)

41 Other Overheads Per Operating S c r e e n

55.0

44.0 45.0 42.6

13.0 35.0 12.6 CAGR4% ------► ------t 3.5% ----- 168.3 25.0 -- - 162.4 11.6 11.9 157.1 159.4 t 2.3% 145.8

15.0 50.9 0.5% 12.7 47.5 52.7 47.5 12.6 t 43.4 5.0 5.7 t 11.4% 6.4 43.1 43.2 42.9 (5.0) 40.8 45.5 Q1FY19 Q1FY20 Excludes Ind AS 116

200.0 45.6 46.7 50.8 41.3 44.0 180.0 168.3 159.3

160.0 22.1 23.5 20.3 20.1 21.2 140.0 50.9 47.5 t 7.1% FY15 FY16 FY17 FY18 FY19 120.0 100.0 0.2% 43.1 t 43.2 80.0 ■ Employee Benefits 60.0 t 8.9% ■ Lease Rental & Hire Charges 50.8 40.0 46.6 CAM, Power & Fuel, R&M ■ 20.0 t 6.4% Other Overheads 22.0 23.5 ■ - FY18 FY19

All figures in INR Lakhs, unless specified 42 INOX Nehru Place, Delhi

Competitive Advantage • Recognised And Trusted C o r p o r a t e • S t r o n g Brand Partnerships G r o u p • Strong Balance Sheet • Well Diversified Presence Across India • State Of The Art Technology, Unmatched Service And A m b i e n c e • S t r o n g New Screens Pipeline 43 ANNEXURE : RECOGNISED AND TRUSTED CORPORATE GROUP

LISTED COMPANIES OTHER KEY COMPANIES

Q INOXAIR ✓,:.. IN X ~ PRODUCTS~ INOX:CVA GFLLimited LIVE b'w MOVIE INOX Wind Limited INOX Leisure Limited Gujarat Fluorochemicals INOX Air Products INOX India Limited Private Limited Private Limited

. Erstwhile Gujarat . Fully integrated player in . One of the largest . Erstwhile INOX . 50:50 joint venture with . Largest producer of Fluorochemicals the wind energy market multiplex chains in India Fluorochemicals Limited Air Products Inc., USA cryogenic liquid storage and transport tanks in Limited . State-of-the-art . Largest producer of . In the business of setting . Largest producer of India . Holding company of manufacturing plants near up, operating and Chloromethanes, industrial gases in INOX Wind and INOX Ahmedabad (Gujarat), Una managing a national refrigerants and India . Offers comprehensive Leisure Ltd. (Himachal Pradesh) and Polytetrafluoroethylene in solutions in cryogenic chain of multiplexes . 40 plants spread Barwani (Madhya Pradesh). India. storage, vaporization and under the brand name throughout the Our Madhya Pradesh distribution engineering ‘INOX’ country facility is one of the largest . Present in 67 cities with . Has operations in India, in Asia 143 multiplexes and 595 USA, Netherlands and . Ability to provide end-to-end screens Brazil turnkey solutions for wind farms

• 90 Year track record of consistent business growth • 10,000+ employees at 150+ business units across India • USO $3 Billion lnox Group diversified across 7 different businesses • Distribution network spread over 50+ countries 44 Well Diversified Presence Across India

143 Properties 67 Citiess

East; 10; 15% South, 29, 20% East; 23; 16% South, 14, 21% Well Diversified Distribution of Multiplexes across India

North, 34, 24% West, 23, 34% West, 57, 40% North, 20, 30%

Access to Wide Variety of Regional Content 595 Screens 139,797 Seat

East, 21,702 , 15% East; 87; 15% South; 31,493 ; 23% South, 138, 23%

Lower Dependency on Hindi and English Content

North, 123, 21% North; 28,783 ; 21% West, 57,819 , 41% West, 247, 41%

Includes 8 management properties with 29 screens and 7,370 seats 45 Strong New Screens Pipeline

FY20 Pipeline Properties Screens Seats Properties Open Date Properties Screens Seats FY19 139 574 135,586 Lucknow Garden 12-Apr-19 1 4 803 FY20 Openings till date --- 4 21 4,226 Taksh Galaxy 3-May-19 1 5 976 Expected Jul'19 to Mar'20 14 59 10,288 Bengaluru Yelahnaka 28-Jun-19 1 4 756 *Adjustments - - (15) Hyderabad GSM 29-Jun-19 1 8 1,691 FY20 Expected 157 654 150,085 Openings Till Date 4 21 4,226 Gurugram 2 8 970 Additions Post FY20 --- 129 877 161,427 Kolkata 1 2 342 Leading to 286 1,531 311,512 Bengaluru 1 5 629 Gorakhpur 1 4 761 --- Lucknow 2 9 1,817 Jalandhar 1 3 822 Indore (existing) - 6 403 Pune 1 5 1,160 Delhi 2 6 498 Tumkur 1 5 1,061 Vijayawada 1 3 1,022 Salem 1 3 803 Total 18 80 14,514

STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

*Siliguri ,15 seats reduced due to renovation

46 Strong Brand Partnerships IN X

CONSUMER ECOMMERCE BFSI FMCG AUTOMOBILES OTHERS DURABLES GEC &TELECOMM.

TURKISH f'i'\ £airbnb e 17%Lufthansa AIRLINES ~ I.~l'T• J I

HONDA STAR * Emirates~c •• Ill _..,_ PaY1'm TOYOTA ft Khadlm·s 1.11:x:® P&G R iance INNERWEAR 1...... , -. r. •i1 ■ , i1 .. ,I ~ JJw,cK~ HAVELLS .x. colors ~ v 1ac0M i!J ,, WROGN IDFC LIMITED " ◄ - HUAWEI ~ He' a Tim Tl~IF,S OF INl)IA Kaj~rla aiPhone

TATA ~ aaTTeries -·-~ svGAsA ,. ... ~ INOIA Kl BATTERY @lxiaomi (;) PhonePe H>

Particulars (INR Crs.) Mar-19 Mar-18 Strong Low Leverage Share Capital 102.6 96.2 Other Equity 893.9 606.1 Balance Sheet Net D/E: 0.10x Interest in Inox Benefit Trust, at cost (32.7) (32.7) Total Shareholder funds 963.8 669.6 Non-Controlling Interest 0.01 0.01 Treasury Stock in 128 INR Crs. Total Equity 963.8 669.6 Inox Benefit Trust As on 31-Jul-19 Total Debt 110.0 291.9 Other Non-Current Liabilities 90.7 88.9 Total Sources of Funds 1,164.5 1,050.4 Real Estate on INR 350 Crs. Fixed Assets 986.1 825.7 Balance Sheet Other Non-Current Assets 341.3 315.8 Current Assets 137.6 116.5 Cash & Cash Equivalents 13.7 26.9 Promoters Stake 51.9% Less: Current Liabilities 314.3 234.6 Net Current Assets (163.0) (91.1) Total Assets 1,164.5 1,050.4

Key Balance sheet Ratios Mar-19 Mar-18 Net Debt : Equity 0.10 0.40 Potential To Grow Aggressively Without Any Return on Equity (ROE)# --16.3% 18.8% Return on Capital Employed (ROCE) 20.9% 13.2% Stress On Balance Sheet

ROE (TTM): PAT/Avg. Equity, ROCE (TTM): EBIT/Avg. Capital Employed (Capital Employed = Equity + Total Debt) #Includes Tax write back pertaining to earlier years of Rs.53.7 crs.(FY18) and Rs.4.6crs (FY19)

48 State of the Art Technology,Unmatched Service & Ambience

Focus On Strong Technology, Unmatched Service And Ambience Focus On Technology . ILL is the first multiplex chain to implement SAP HANA with all integrated functions . Focus on ensuring transparency with regulatory agencies and distributors through daily performance analysis reports . The Network Operations Centre (NOC) in Mumbai enables continuous monitoring, control and reporting of information on all digital systems across the country. Advertisers can track their advertisement screening at various multiplexes on real-time basis leading to improved transparency and higher advertising revenues for ILL . ILL stands for the best in LUXURY, SERVICE and TECHNOLOGY and keeping this core in mind; INOX has tied up with IMAX for the best in cinema viewing experience for 10 screens. . ILL has pioneered Laser projection across the country including India’s first Laserplex. . ILL has tied up with Samsung for its ONYX Cinema LED screen technology. . ILL has tied up with MX4D for providing exciting in-cinema 4D effects to its Patrons. . ILL has tied up with ScreenX to provide a 270 degree viewing experience on 3 walls of the theatre enabled through multi-projection system.

Focus on high quality video and audio . ILL operates high quality DCI Compliant 2K & 4K Digital Projection Systems across all the screens in India . High-definition picture quality, strong 3D capabilities and high frame rate (HFR) (can go up to 60 fps) . ILL has been one of the early adopters of Dolby ATMOS sound technology. Excellent acoustic systems and distortion free sound

Focus on service and ambience: . Focus on providing world class ambience. . ILL with its in-app F&B ordering and Qbuster service, is able to considerably reduce its queue size and transaction time . Emphasis on safety, comfort and convenience 49 Content pipeline Aug 2019 IN X

Hobbs & Shaw Jabariya jodi Mission Mangal

Release Date: Release Date: Release Date: nd th 15th August 2019 Hp1ss_.'HAW 2 August 2019 9 August 2019 Cast: Dwayne Cast: Sidharth Cast: Akshay Kumar, Johnson, Idris Elba, Malhotra, Parineeti Vidya Balan, Taapsee Eiza González Chopra Pannu Director: Jagan Shakti Director: David Leitch Director: Prashant Banner: Cape of Good Banner: Universal Singh Pictures Films, Fox Star Studios Banner: Balaji Telefilms, Karma Media

Made in China Batla House Saaho Release Date: Release Date: Release Date: 30th August 2019 th th 15 August 2019 30 August 2019 Cast: RajKummar Rao, Cast: John Abraham, Cast: Prabhas, Shraddha Mouni Roy Mrunal Thakur Kapoor Director: Mikhil Director: Nikhil Advani Director: Sujeeth Musale Banner: T-Series Super Banner: UV Creations, T- Banner: Maddock Cassettes Industries Ltd., Series, Dharma Films Emmay Entertainment Pvt. Productions Ltd, JA Entertainment Pvt. Ltd.

50 Content pipeline Sep 2019 IN

Chhichhore IT - Chapter 2 Commando 3

Release Date: Release Date: Release Date: 6th September 2019 6th September 2019 6th September 2019 Cast: Sushant Singh Cast: James McAvoy , Cast: Vidyut Jammwal, Rajput, Shraddha Kapoor Jessica Chastain Adah Sharme Director: Nitesh Tiwari Director: Andy Director: Aditya Datt Banner: Fox Star Studios, Muschietti Banner: Reliance Nadiadwala Grandson Banner: KatzSmith Entertainment Entertainment Productions, Lin Pictures, New Line Cinema

Dream Girl The Zoya Factor Ad Astra

Release Date: Release Date: Release Date: th 13th September 2019 20th September 2019 20 September 2019 Cast: Ayushmann Cast: Sonam Kapoor, Cast: Brad Pitt, Khurrana, Nushrat Dulquer Salman Tommy Lee Jones, Bharucha Director: Abhishek Liv Tyler Director: Raaj Sharma Director: James Gray Shaandilyaa Banner: Fox Star Banner: Maddock Banner: Balaji Motion Studios, Adlabs Films Films Pictures, ALT Ltd Entertainment, Mangl Murti Films

51 Content pipeline Oct 2019 IN X

War Marjaavaan Joker Release Date: Release Date: Release Date: 4th October 2019 2nd October 2019 2nd October 2019 Cast: Robert De Niro, Cast: Hrithik Roshan, Cast: Sidharth Malhotra, Joaquin Phoenix Tiger Shroff, Vani Riteish Deshmukh, Tara Director: Todd Phillips Kapoor Sutaria, Rakul Preet Singh, Banner: BRON Studios, Director: Siddharth Nushrat Bharucha Creative Wealth Media Anand Director: Milap Zaveri Finance, DC Comics Banner: Yash Raj Films Banner: T-Series Super Cassettes Industries Ltd., Emmay Entertainment Pvt. Ltd.

The Sky is Pink Gemini Man Housefull 4

Release Date: Release Date: Release Date: 11th October 2019 11th October 2019 25th October 2019 Cast: Priyanka Chopra Cast: Will Smith, Mary Cast: Akshay Kumar, Jonas, Farhan Akhtar Elizabeth Winstead, Riteish Deshmukh, Director: Shonali Bose Clive Owen Abhishek Bachchan Banner: RSVP, Roy Director: Ang Lee Director: Farhad Samji Kapur Films, Ivanhoe Banner: Fosun Group Banner: Nadiadwala Pictures Forever Pictures, Jerry Grandson Bruckheimer Films Entertainment

52 Content pipeline Nov 2019 IN X

Terminator: Dark Fate Pagalpanti BHOOT: Part One – The Haunted Ship Release Date: Release Date: 1st November 2019 8th November 2019 Release Date: Cast: Mackenzie Davis, Cast: John Abraham, 15th November 2019 Arnold Schwarzenegger, Ileana D'Cruz Cast: Vicky Kaushal, Linda Hamilton Director: Anees Bazmee Bhumi Pednekar Director: Tim Miller Banner: Panorama Director: Bhanu Pratap Banner: Paramount Studios, T-Series Super Singh Pictures, Twentieth Cassettes Industries Ltd Banner: Dharma Century Fox, Skydance Productions Media

Frozen 2 ---DINESHVIJAN'S------i Bala Dil Bechara

Release Date: Release Date: Release Date: th 22nd November 2019 29th November 2019 29 November 2019 Cast: Ayushmann Cast: Sushant Singh Cast: Kristen Bell, Evan Khurrana, Bhumi Rajput, Sanjana Sanghi Rachel Wood, Jonathan Pednekar Director: Mukesh Groff Director: Amar Chhabra Director: Chris Buck, Kaushik Banner: Fox Star Jennifer Lee Banner: Jio Studios, Studios Banner: Walt Disney Animation Studios, AIIISHMANNKIIURRAMA , BHUMI PEDNEKAR , !AMI GAUTAM Maddock Films FY7F.:" N ' SAURABH SHUKLA • JAVED IAFIREY • SIEMA PAIIWA ·' --"? • I Walt Disney Pictures NOVEMDER 201<> lllfm11 AMARKAUSHIK I I N .Nl,\ l\11 , IIIN~: T::,~~ ANO I IIU(,U I 53 INOX Metro, Mumbai

Annexure

54 Shareholding Structure

Share Price Performance Market Data As on 31-Jul-19 400 No. of Shares Outstanding (Crs.) 10.3 350 Face Value (INR) 10.0 300 Price (INR) 294.3 INR 250 52 week High/Low (INR) 382.60/189.65 200 Market Capitalisation (INR Crs.) 3,027 150 r r r r r r r Source: BSE % Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jan-16 Jan-17 Jan-18 Jan-19 Oct-15 Oct-16 Oct-17 Oct-18 Apr-16 Apr-17 Apr-18 Apr-19 Key Institutional Investors – 26th July 2019 Holding Source: BSE % Shareholding July 2019 HDFC MF - 6.2% Reliance MF 3.2% Public/Others, 12.06% Sundaram MF 3.1% INOX Benefit Aditya Birla Sunlife 2.4% Trust, 4.23% DSP Blackrock MF 2.0% Taiyo Great India Fund 1.7% BNP Paribas MF 1.3% Promoter & DFA Investments Group 1.2% Promoter DII, 19.19% Morgan Stanley Group, 51.89% 0.9% RAMS Equities Portfolio Fund 0.9% Cohesion Fund 0.8% AADI financial 0.7% FII, 12.63% Source: Company Source: Company 55 Consolidated Profit & Loss Statement

Q1FY20 with Particulars (INR Crs.) Ind AS 116 Q1FY19 YoY % Q4 FY19 QoQ % FY19 Revenue from Operations 493.0 414.9 18.8% 478.8 3.0% 1,692.2 Exhibition Cost 129.9 109.7 18.4% 127.2 2.1% 444.2 Food & Beverages Cost 33.3 27.2 22.4% 31.7 5.1% 112.5 Employee Benefits Expense 35.1 26.3 33.5% 30.9 13.7% 115.2 Lease Rental & Hire Charges 8.1 57.7 -85.9% 68.3 -88.1% 249.3 CAM, Power & Fuel, R&M 65.3 53.2 22.7% 53.6 21.9% 211.9 Other Expenses 71.2 57.4 24.1% 69.8 2.0% 249.9 EBITDA 150.1 83.5 79.8% 97.4 54.2% 309.2 EBITDA Margin % 30.4% 20.1% 1032 bps 20.3% 1011 bps 18.3% Depreciation & Amortisation ------60.8 22.7 167.8% 24.8 144.7% 95.5 Impairment Loss on PP&E - - 0.8 -100.0% 0.8 Other Income 3.1 2.8 10.3% 5.2 -40.5% 14.9 Finance Cost 50.9 6.9 634.7% 3.8 1244.1% 23.7 Exceptional Items - - 5.0 -100.0% 5.0 PBT 41.5 56.7 -26.7% 68.2 -39.1% 199.1 Current Tax 21.9 18.6 17.9% 21.5 1.9% 60.1 Deferred Tax ------(7.4) 1.1 -760.7% 3.1 -334.8% 10.1 Tax pertaining to earlier years - - (4.6) -100.0% (4.6) PAT 27.0 37.0 -27% 48.1 -44% 133.5 PAT Margin % 5.5% 8.9% -344 bps 10.0% -456 bps 7.9% Earnings Per Share (EPS) ------2.75 4.03 -32% 4.97 -45% 14.20

56 Consolidated Balance Sheet Statement

Equity & Liabilities (INR Crs.) Mar-19 Mar-18 Assets (INR Crs.) Mar-19 Mar-18 Equity: Non-Current Assets: Equity Share Capital -- 102.6 96.2 Property, Plant & Equipment -- 893.9 742.7 Other Equity 893.9 606.1 Capital work-in-progress 63.7 53.9 Interest in Inox Benefit Trust, at cost (32.7) (32.7) Goodwill 17.5 17.5 Equity attributable to owners of the company 963.8 669.6 Other Intangible Assets 11.1 11.5 Non-Controlling Interest 0.0 0.0 Investments in Joint Ventures - - Total Equity 963.8 669.6 Other Investments 0.6 1.2 Non-current liabilities: Loans 89.2 74.2 Borrowings -- 55.0 252.4 Other Financial Assets 86.0 67.5 Other Financial Liabilities 9.0 3.1 Deferred Tax Assets (Net) 52.9 81.1 Provisions 12.7 10.1 Tax Assets (Net) 8.8 9.1 Other Non-current Liabilities 69.0 75.7 Other Non Current Assets 103.9 82.7 Total of Non-Current Liabilities 145.7 341.3 Total Non Current Assets 1,327 1,142 Current Liabilities: Current Assets: Borrowings -- 20.0 - Inventories -- 12.2 9.4 Trade Payables 159.6 113.2 Other Investments 0.6 12.4 Other Financial Liabilities 120.4 105.7 Trade Receivables 88.2 75.9 Other Current Liabilities 47.5 38.2 Cash and Bank Balances 11.8 13.3 Provisions 14.4 14.8 Bank Balances Other than above 1.9 1.7 Income Tax Liabilities (Net) 7.4 2.1 Loans 5.2 5.9 Total of Current Liabilities 369.3 274.1 Other Financial Assets 0.2 0.2 Total Equity & Liabilities 1,478.8 1,285.0 Income Tax Assets (net) 4.6 - Other Current Assets 26.7 24.6 Total Current Assets 151.3 143.4 Total Assets 1,478.8 1,285.0 57 Financial Summary IN X

REVENUES EBITDA PAT

1,692 16.3% 15.6% 18.3% 7.0% 8.5% 7.9% 13.7% 12.0% 133 10.0% 1,348 309 140 2.2% 2.5% 115 5.0% 1,161 1,221 120

0.0% 895 189 210 100 81 -5.0% 146 80

-10.0%

123 60

31 -15.0% 40 20

-20.0% 20

- -25.0% FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 -EBITDA -EBITDA Margin % -PAT -PAT Margin % REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS

8.0% 7.8% 7.6% 7.5% 6.2% 25.0% 0.5 20.9% 7.8% 7.9% 10.4% 0.4 0.4 20.0% 0.3 18.8% 9.1% 10.3% 0.1 16.8% 16.3% 21.3% 22.9% 23.3% 22.7% 14.9% 25.8% 15.0% 553 670 964 13.2% 676 522

10.0% 7.3% 6.1% 61.6% 61.4% 61.3% 59.5% 57.6% 5.7%

5.0% 3.8% 241 267 317 292 110 0.0% FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Equity Debt Net Debt to Equity ■ NBOC ■ F & B ■ Advertising ■ Others ■ ROCE % ■ ROE % ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed- = Equity + Total- Debt) - Net Debt = Total Debt – Cash –Bank – Liquid MF Investments

All figures in INR Crs., unless specified 58 Thank You Balesh Talapady AVP – Business Analysis INOX Leisure Ltd. Contact+91-22-4062 6927 Email: [email protected]