Investor Presentation May 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 Forum Neighbourhood Mall, Bengaluru

DISCUSSION SUMMARY . INDUSTRY OVERVIEW . COMPANY OVERVIEW . COMPETITIVE ADVANTAGE & O U T L O O K . ANNEXURE 3 CR2, Nariman Point, Mumbai

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

India US China Japan France UK S. Korea Spain Germany Italy China India US France Mexico UK Japan S. Korea Germany Russia -400

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

Screens / Million population 125

95 80 60 57 40 37 26 25 12 10 8

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

Indian Film Industry Displays Steady Performance Trends In Rs. Billion 250.0 236.1 194.2 200.0 174.5 155.5 150.0

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.

- . 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 BOX OFFICE COLLECTIONS 8 - 1 - 2 1 1 6 1 - 1 10 1 DRIVEN BY WIDER SCREEN 4 9 8 1 1 6 7 7 2 - 5 5 - - 2 3 RELEASES AND FACILITATED BY - 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 May-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

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

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

400 702 742 598 61 200 447 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

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

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 Highest Ever New Screen Openings for First National Chain the Industry in a Year in the Industry to be 85 Screens Net Debt Free

Highest Ad Revenue Growth Rate in the Highest “EBITDA to Industry for Capital Invested” Ratio 8 consecutive in the Industry for FY19 quarters 22%

24 HIGHEST YEARLY HIGHEST YEARLY HIGHEST YEARLY FOOTFALLS ATP SPH 6.25Crs Rs.197 Rs.74

HIGHEST YEARLY HIGHEST YEARLY HIGHEST YEARLY REVENUE EBITDA PAT Rs.1,692Crs Rs.309Crs Rs.133Crs 25 26 Revenue from Operations

600

500

400 48%

300 479 200 324

100

- Q4FY18 Q4FY19

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

200

- FY18 FY19

All figures in INR Crs., unless specified 27 Earnings Before Interest, Tax, Depreciation and Amortization [EBITDA]

20% EBITDA EBITDA Margin 18%

120 25% 18% 20%

16% 100 122% 20% 16% 80 16% 14% 15%

14% 10%

14% 97 40

5% 12% 20 44

12% - 0% Q4FY18 Q4FY19

10% 309

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 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) 28 Profit after tax [PAT]

PAT PAT Margin

10.0%

8.5% 50.0 17.8% 20.0%

140 7.9% 45.0 18.0% 7.0% 8.0% 40.0 16.0% 35.0 10.0% 14.0% 30.0 #57.7 12.0% 25.0 120 6.0% 10.0%

20.0 # 48.1 8.0% 15.0 -17% 6.0% 10.0 4.0% 4.0%

5.0 2.0% 100 2.5% 2.2% - 0.0%

2.0% Q4FY18 Q4FY19

0.0% 133

60 -2.0% 115 PAT PAT Margin

-4.0%

160.0 10.0% 40 81 7.9% 9.0% 140.0 8.5% 16% 8.0% -6.0% 120.0 7.0%

100.0 6.0% 20

80.0 5.0% -8.0% # 31 4.0% 60.0 # 133.5 20 114.6 3.0% 40.0 2.0%

- -10.0% 20.0 1.0% FY15 FY16 FY17 FY18 FY19 - 0.0% FY18 FY19 PAT PAT Margin % All figures in INR Crs., unless specified # Includes tax write back of Rs.54crs (FY18) and Rs.5crs (FY19) 29 R e v e n u e s - Segment Breakup

600

479 500 28 43 400 22% 324 2,000 123

300 23

1,800 1,692 33 29% 78

1,600 105 200 1,348 176 59% 1,400 284

1,221 100 1,161 101 436 190 1,200 50% 91 92 139

96 0 1,000 895 91 306 284 71 266 Q4FY18 Q4FY19 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 30 Footfalls and Occupancy Rate

200 33% 31% 180 28%

800 30% 26% 28% 160 23% 700 29% 28% 25% 140 42% 18% 26% 180 600

25% 120 13%

20%

100 126 8% 500

80 3% 400 15% Q4FY18 Q4FY19

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

- 3% FY18 FY19

All figures in Lakhs, unless specified 31 Average Ticket Price [ATP]

200

180

160

140

120

100 193 189 80

40 -2%

- Q4FY18 Q4FY19

193 197 178 164 170 200

180

160

140

120

100 193 2% 197 FY15 FY16 FY17 FY18 FY19 80

- 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 32 Spend Per Head [SPH]

72 70 9% 68

66 73 64 67 62

60 Q4FY18 Q4FY19

74 80

66 70 58 62 55 60

40 11% 74 30 66

FY15 FY16 FY17 FY18 FY19 10

- FY18 FY19

All figures in INR, unless specified 33 F&B Contribution

55 74.9% 74.3% 80.0%

70.0%

60.0%

53 74.2% 76.0% 50.0% 60 75.0% 75.7% 80.0% 74.1% 55 52 8% 40.0% 50 70.0% 51 54 50 47 30.0%

44 50 60.0% 41 20.0%

40 49 50 10.0% 50.0%

48 0.0%

30 40.0% Q4FY18 Q4FY19

30.0% 20

20.0%

56 75.7% 74.2% 80.0% 10

10.0% 55 70.0%

60.0% - 0.0%

53 FY15 FY16 FY17 FY18 FY19 9% 50.0% 52

40.0% 51 55

30.0% SPH Contribution (Rs.) 50

20.0%

49 50 10.0% F & B Contribution (%) 48

47 0.0%

SPH Contribution (Rs.) = SPH (Rs.) x F&B Contribution (%) FY18 FY19 All figures in INR, unless specified 34 Advertisement Revenue

70 7.7 9.0

8.0 60 6.8 40.0 7.0

50 33.9 6.0 35.0 40 29% 5.0 29.8 4.0 30 30.0

3.0 25.1 24.6 20 43 33 2.0 25.0 22.4 10 1.0

- - 20.0 176 Q4FY18 Q4FY19

15.0 139

200 40.0

10.0 33.9 96 180 91 35.0 81 29.8 160

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

5.0

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

35 Other Operating Income Per Screen

6.0

5.0

4.0

3.0 5.1 5.4

2.0

1.0 6%

- Q4FY18 Q4FY19 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 36 GST/Entertainment Tax( E t a x ) ( % )

30.0% 27.5%

25.0%

20.0% 18.1%

30.0% 26.8% 26.8% 27.0% 24.9% 15.0%

25.0% 22.0% 10.0%

20.0%

5.0%

15.0% 0.0% Q4FY18 Q4FY19

10.0%

27.5%

5.0% 27.0%

27.0%

26.5%

0.0%

FY15 FY16 FY17 FY18 FY19 26.0%

25.5% 24.9% 25.0%

GST/ETax on NBOC 24.5%

24.0%

23.5% FY18 FY19

*W.e.f 1st Jan 2019, GST rate on tickets is reduced from 28%/18% to 18%/12% NBOC (Net Box Office Collections) 37 Film Distributor Share (%)

50.0% 43.7% 45.0% 41.7%

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% Q4FY18 Q4FY19

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)

38 Other Overheads Per Operating S c r e e n

55.0

45.0 42.5 39.2

35.0 13.3 12.5 6.3%

168.3 25.0 162.4 10.2 157.1 159.4 9.7 5.3% 145.8

15.0 50.9 14.2% 47.5 52.7 47.5 11.4 13.0 43.4 5.0 5.6 5.6% 5.9 43.1 43.2 42.9 (5.0) 40.8 45.5 Q4FY18 Q4FY19

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 7.1% FY15 FY16 FY17 FY18 FY19 120.0 100.0 0.2% 43.1 43.2 Employee Benefits 80.0 60.0 8.9% Lease Rental & Hire Charges 50.8 40.0 46.6 CAM, Power & Fuel, R&M 20.0 6.4% Other Overheads 22.0 23.5 - FY18 FY19

All figures in INR Lakhs, unless specified 39 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 40 . Largest producer of (by . Fully integrated player in the wind . One of the largest multiplex . 50:50 joint venture with Air . Largest producer of cryogenic liquid volume) energy market chains in India Products Inc., USA storage and transport tanks in India Chloromethanes, . State-of-the-art manufacturing . In the business of setting up, . Largest producer of . Offers comprehensive solutions in refrigerants and plants near Ahmedabad (Gujarat), operating and managing a industrial gases in India cryogenic storage, vaporization and Polytetrafluoroethylene Una (Himachal Pradesh) and national chain of multiplexes distribution engineering in India. . 40 plants spread Barwani (Madhya Pradesh). Our under the brand name ‘INOX’ throughout the country . Has operations in India, USA, . Pioneer of carbon Madhya Pradesh facility is one of . Present in 67 cities with 141 Netherlands and Brazil credits in India the largest in Asia multiplexes and 583 screens . Ability to provide end-to-end turnkey solutions for wind farms

• • • • 41 Well Diversified Presence Across India

141 Properties 67 Cities

East; 10; 15% South, 27, 19% East; 23; 16% South, 14, 21% Well Diversified Distribution of Multiplexes across India

North, 34, 24% West, 23, 34% North, 20, 30% West, 57, 41%

Access to Wide Variety of Regional Content 583 Screens 137,365 Seats

East, 21,717 , 16% East; 87; 15% South; 29,046 ; 21% South, 126, 22%

Lower Dependency on Hindi and English Content

North, 123, 21% North; 28,783 ; 21% West, 57,819 , 42% West, 247, 42%

Includes 8 management properties with 29 screens and 7,370 seats 42 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 2 9 1,779 Taksh Galaxy 3-May-19 1 5 976 Expected Jun'19 to Mar'20 16 71 12,633 Openings Till Date 2 9 1,779 FY20 Expected 157 654 149998 Hyderabad 1 8 1,678 Gurugram 2 8 970 Additions Post FY20 120 830 151,663 Kolkata 1 2 342 Leading to 277 1484 301661 Bengaluru 2 9 1,357 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 1,000 Vijayawada 1 3 1,022 Salem 1 3 803 Total 18 80 14,412

STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

43 Strong Brand Partnerships

ECOMMERCE BFSI FMCG CONSUMER DURABLES AUTOMOBILES GEC OTHERS &TELECOMM. 17% Strong Balance Sheet

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 144 INR Crs. Total Equity 963.8 669.6 Inox Benefit Trust As on 22-May-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)

45 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 46 Content Pipeline – May 2019

Maharshi (Telugu) Student Of The Year 2 De De Pyaar De

Release Date: Release Date: Release Date: 9th May 2019 10th May 2019 17th May 2019 Cast: Mahesh Babu, Cast: Tiger Shroff, Tara Cast: Ajay Devgn, Pooja Hegde Sutaria, Ananya Tabu, Rakul Preet Director: Vamsi Pandey Singh Paidipally Director: Punit Director: Akiv Ali Banner: Sri Malhotra Banner: Urban Venkateswara Banner: Fox Star Romcom Creations, Vyjayanthi Studios, Dharma Movies, PVP Cinema Productions

India’s Most Wanted Aladdin Godzilla: King of the Monsters Release Date: Release Date: 24th May 2019 24th May 2019 Release Date: Cast: Arjun Kapoor Cast: Naomi Scott, Will 31st May 2019 Director: Rajkumar Smith, Billy Magnussen Cast: Millie Bobby Brown, Gupta Director: Guy Ritchie Sally Hawkins, Vera Farmiga Banner: Fox Star Banner: Walt Disney Director: Michael Studios, Raapchik Pictures, Lin Pictures Dougherty Films Banner: Legendary Entertainment, Wanda Qingdao Studios, Warner Bros.

47 Content Pipeline – June 2019

Bharat Dark Phoenix Toy Story 4

Release Date: Release Date: Release Date: 5th June 2019 7th June 2019 21st June 2019 Cast: Salman Khan, Cast: Sophie Turner, Cast:Tom Hanks, Tim Katrina Kaif Jennifer Lawrence, Allen, Keanu Reeves Director: Ali Abbas James McAvoy Director: Josh Cooley Zafar Director: Simon Banner: Pixar, Walt Banner: T-Series Super Kinberg Disney Pictures Cassettes Industries Banner: 20th Century Ltd., Reel Life Fox Film Corporation, Production Pvt Ltd, Bad Hat Harry Salman Khan Films Productions

Kabir Singh Drive Annabelle Comes Home

Release Date: Release Date: Release Date: 21st June 2019 28th June 2019 28th June 2019 Cast: Shahid Kapoor, Cast: Sushant Singh Cast: Emily Brobst, Patrick Kiara Advani Rajput, Jacqueline Wilson, Vera Farmiga Director: Sandeep Fernandez Director: Gary Dauberman Reddy Vanga Director: Tarun Banner: Atomic Monster, Banner: T-Series Super Mansukhani New Line Cinema, RatPac- Cassettes Industries Banner: Dharma Dune Entertainment Ltd., Cine1 Studios Productions, Fox Star Production Studios

48 Content Pipeline – July 2019

Spider-Man: Far from Jabariya Jodi The Lion King Home Release Date: Release Date: Release Date: 12th July 2019 19th July 2019 5th July 2019 Cast: Parineeti Chopra, Cast: Chiwetel Ejiofor, Cast: Zendaya, Tom Sidharth Malhotra Seth Rogen, Billy Eichner Holland, Jon Favreau Director: Prashant Director: Jon favreau Director: Jon Watts Singh Banner: Fairview Banner: Sony Pictures Banner: Balaji Entertainment, Walt Releasing, Columbia Telefilms Ltd., Karma Disney Pictures Pictures, Marvel Media Studios

Arjun Patiala Mental Hai Kya Once Upon a Time In Hollywood Release Date: Release Date: 19th July 2019 26th July 2019 Release Date: Cast: Diljit Dosanjh, Cast: Kangana Ranaut, 26th July 2019 Kriti Sanon Rajkummar Rao Cast: Brad Pitt, Leonardo Director: Abhishek Director: Prakash DiCaprio, Margot Robbie Chaubey Kovelamudi Director: Quentin Banner: Maddock Banner: Balaji Motion Tarantino Flms Pictures, Karma Media Banner: Sony Pictures, Columbia Pictures, Heyday Films, Polybona Films

49 Content Pipeline – August 2019

Hobbs & Shaw Mission Mangal Batla House

Release Date: Release Date: Release Date: nd 2 August 2019 15th August 2019 15th August 2019 Cast: Dwayne Johnson, Cast: Akshay Kumar, Cast: John Abraham, Idris Elba, Eiza Vidya Balan, Taapsee Mrunal Thakur González Pannu Director: Nikhil Advani Director: David Leitch Director: Jagan Shakti Banner: T-Series Super Banner: Universal Banner: Cape of Good Cassettes Industries Ltd., Pictures Films, Fox Star Studios Emmay Entertainment Pvt. Ltd, JA Entertainment Pvt. Ltd.

Saaho Chhichhore Made in China Release Date: Release Date: 15th August 2019 30th August 2019 Release Date: Cast: Prabhas, Cast: Sushant Singh Rajput, 30th August 2019 Shraddha Kapoor Shraddha Kapoor Cast: RajKummar Rao, Director: Sujeeth Director: Nitesh Tiwari Mouni Roy Banner: UV Creations, Banner: Fox Star Studios, Director: Mikhil T-Series, Dharma Nadiadwala Grandson Musale Productions Entertainment Banner: Maddock Films

50 INOX Metro, Mumbai

Annexure

51 Shareholding Structure

Share Price Performance Market Data As on 22-May-19 340 No. of Shares Outstanding (Crs.) 10.3 320 300 Face Value (INR) 10.0 280 Price (INR) 331.7

260 INR 240 52 week High/Low (INR) 344.00/189.65 220 Market Capitalisation (INR Crs.) 3,411 200 Source: BSE % 180 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Key Institutional Investors – 17th May 2019 Holding HDFC MF 6.2% Source: BSE Reliance MF 3.7% % Shareholding as of 17th May 2019 Aditya Birla Sunlife 3.2% Public/Others, Sundaram MF 3.2% 12.08% DSP Blackrock MF 2.0% INOX Benefit Trust, 4.23% Taiyo Greater India Fund Ltd 1.6% BNP Paribas MF 1.5% Promoter & DFA Investments Group 1.2% Promoter DII, 20.64% Group, 51.89% Morgan Stanley 1.0% RAMS Equities Portfolio Fund 0.9% Kuwait Investment Authority Fund 0.9% FII, 11.16% Cohesion Fund 0.9% AADI financial 0.7% Source: Company Source: Company 52 Consolidated Profit & Loss Statement

Particulars (INR Crs.) Q4FY19 Q4FY18 YoY % Q3FY19 QoQ % FY19 FY18 YoY % Revenue from Operations 478.8 323.6 48.0% 433.1 10.6% 1,692.2 1,348.1 25.5% Exhibition Cost 127.2 81.3 56.5% 112.2 13.4% 444.2 367.3 20.9% Food & Beverages Cost 31.7 19.5 62.6% 28.3 11.9% 112.5 74.4 51.3% Employee Benefits Expense 30.9 25.4 21.4% 30.2 2.3% 115.2 96.4 19.5% Lease Rental & Hire Charges 68.3 52.1 31.2% 64.2 6.5% 249.3 203.8 22.4% CAM, Power & Fuel, R&M 53.6 44.3 21.0% 52.7 1.7% 211.9 188.2 12.6% Other Expenses 69.8 57.2 22.1% 62.1 12.5% 249.9 207.7 20.3% EBITDA 97.4 43.9 121.9% 83.5 16.6% 309.2 210.4 46.9% EBITDA Margin % 20.3% 13.6% 678 bps 19.3% 105 bps 18.3% 15.6% 266 bps Depreciation & Amortisation 24.8 21.9 13.2% 24.5 1.3% 95.5 86.7 10.1% Impairment Loss on PP&E 0.8 1.8 -55.1% - 0.8 3.1 -73.5% Other Income 5.2 6.2 -16.0% 3.1 69.3% 14.9 14.5 3.1% Finance Cost 3.8 7.1 -46.7% 6.2 -38.9% 23.7 28.9 -18.1% Exceptional Items 5.0 8.5 -41.5% - 5.0 8.5 -41.5% Share of Profit from Joint Ventures - (0.0) -100.0% - - (0.0) -100.0% PBT 68.2 10.7 538.1% 55.9 22.0% 199.1 97.6 103.9% Current Tax 21.5 0.9 2207.5% 16.5 30.3% 60.1 32.5 84.9% Deferred Tax 3.1 5.8 -45.5% 2.9 7.5% 10.1 4.2 139.3% Tax pertaining to earlier years (4.6) (53.7) -91.5% - (4.6) (53.7) -91.5% PAT 48.1 57.7 -17% 36.4 32% 133.5 114.6 16% PAT Margin % 10.0% 17.8% -779 bps 8.4% 162 bps 7.9% 8.5% -61 bps Earnings Per Share (EPS) 4.97 1.43 248% 3.90 27% 14.20 12.49 14%

53 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 Investments in Joint Ventures - - Non-Controlling Interest 0.0 0.0 Other Investments 0.6 1.2 Total Equity 963.8 669.6 Loans 89.2 74.2 Non-current liabilities: Other Financial Assets 86.0 67.5 Borrowings 55.0 252.4 Deferred Tax Assets (Net) 52.9 81.1 Other Financial Liabilities 9.0 3.1 Tax Assets (Net) 8.8 9.1 Provisions 12.7 10.1 Other Non Current Assets 103.9 82.7 Other Non-current Liabilities 69.0 75.7 Total Non Current Assets 1,327 1,142 Total of Non-Current Liabilities 145.7 341.3 Current Assets: Current Liabilities: Inventories 12.2 9.4 Borrowings 20.0 - Other Investments 0.6 12.4 Trade Payables 159.6 113.2 Trade Receivables 88.2 75.9 Other Financial Liabilities 120.4 105.7 Cash and Bank Balances 11.8 13.3 Other Current Liabilities 47.5 38.2 Bank Balances Other than above 1.9 1.7 Provisions 14.4 14.8 Loans 5.2 5.9 Income Tax Liabilities (Net) 7.4 2.1 Other Financial Assets 0.2 0.2 Income Tax Assets (net) 4.6 - Total of Current Liabilities 369.3 274.1 Other Current Assets 26.7 24.6 Total Equity & Liabilities 1,478.8 1,285.0 Total Current Assets 151.3 143.4 Total Assets 1,478.8 1,285.0

54 Financial Summary

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 NBOC F & B Advertising Others Equity Debt Net Debt to Equity 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 55 Thank You Balesh Talapady GM – Business Analysis INOX Leisure Ltd. Contact+91-22-4062 6927 Email: [email protected]