INVESTOR PRESENTATION February 2019 Disclaimer

INOX GT Central Jaipur

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.

All financial figures, upto and including FY15 are as per IGAAP and for FY16 and thereafter are as per IND-AS. Revenues upto to 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 .,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 26 25 I 16 12 10 I 8 I I ,l ,I I l , I , ■ , ■ . - - r - US France Spain UK Germany South Korea Japan Taiwan China Thailand Brazil , ____India ., I

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

Indian Film Industry Displays Steady Performance Trends

In Rs. Billion 250 CAGR12% ______------► 191.7 200 ------155.5 165.7 150 122.4

100

118.0 50 85.6 96.3 103.0 0 2016 2017 2018E 2020E ■ Domestic Theatrical ■ Overseas Theatrical Broadcast rights ■ Digital/OTT rights ■ In-cinema advertising ■ Home Video

D o m e s t i c Theatricals Constitutes 62% Of Total Film Industry

5% 4% 0%

■ Domestic Theatrical 12% ■ Overseas Theatrical 2017 Broadcast rights ■ Digital/OTT rights

■ In-cinema advertising 16% 62% ■ Home Video Source: FICCI-EY 2018 Report 6 Multiplexes Witnessing Rapid Growth

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

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

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

2,000 wider variety of content to the patrons.

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

Multiplexes currently account for . State of art equipment (high quality ~ 29% 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. ~50% of box office collections

Source: FICCI-EY Report 2018 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 DRIVEN BY WIDER SCREEN 4 9 8 1 6 7 7 1 2 - 5 5 - - 2 RELEASES AND FACILITATED BY - 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Jan-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

Screens Properties - 136 650 - 140 118 123

107 557 120 550 96 492 79 468 100 450 72 420 68 80 63 372

60 350 310 32 279 22 26 239 257 40 250 14 2 3 6 9 20

0 150 119 76 91 51 -20 25 35 50 8 12 I I I -40 -50 I I -60 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Feb-19

AVERAGE ADDITION OF ~8 SCREENS EVERY QUARTER SINCE INCEPTION 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 Atria, Worli, Mumbai

13 GVK One, Hyderabad

14 CR2, Nariman Point, Mumbai

15 Mantri Square, Bangalore

16 Quest, Kolkata

17 R-City Ghatkopar, Mumbai

INSIGNIA – LUXURY MOVIE WATCHING EXPERIENCE

18 Atria, Worli, Mumbai

19 R-City, Ghatkopar, Mumbai

20 Palm Beach, Navi Mumbai

21 INOX Epicuria, Delhi

22 INOX Metro, Mumbai

23 INOX GT Central, Jaipur

24 IN LIVE l'/4MOVIE

Highest Ever New First National Property Openings Chain in the in the Industry: Industry to be YTD 14 Properties Net Debt Free with 68 Screens SETTING NEW INDUSTRY

Highest Ad RECORDS Revenue Growth Industry's Highest Rate in the “EBITDA to Capital Industry for 7 Invested” Ratio for consecutive Q3FY19: 6%* quarters

25 *Net Of Minority Interest STRONG ALL ROUND PERFORMANCE OF THE COMPANY LIVE l'/4MOVIE

9MFY19

Highest Ever Revenue Rs. 1,213 crs

Highest Ever Advertising Revenue Rs. 134 crs

Highest Ever ATP Rs. 200 ------Highest Ever SPH Rs. 74 ~'::.-'""" Highest Ever EBITDA Rs. 212 crs

Highest Ever PAT Rs. 85 crs

Long Term Rating Upgraded by Crisil to AA-/Stable 26 Revenue from Operations

500.0

450.0

400.0

350.0 33%

300.0

250.0

200.0 433.1 150.0 325.9 t

100.0

50.0

- Q3FY18 Q3FY19 1,348.1 1,160.6 1,220.7

895.4 1,400.0 762.8

1,200.0

1,000.0 18%

800.0

600.0 1,213.3 1,024.5 FY14 FY15 FY16 FY17 FY18 400.0 t

200.0

- 9MFY18 9MFY19

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

20.0% o EBITDA EBITDA Margin G "so/o ------19.3% I' c~ 90.0 .I,,------20.0%

18.0%

80.0 - ---16.3%--- 14.2% 18.0% 16.0% 16.0% --- 70.0 80% 15.6% 14.0% 60.0 --- 16.0% 12.0% 50.0 10.0%

40.0 13.7% 83.5 8.0%

14.0% 30.0 6.0%

20.0 46.3 12.0% 4.0% 10.0 2.0%

12.0% - 0.0% Q3FY18 Q3FY19

10.0%

8.0% 210.4 189.1 6.0% EBITDA EBITDA Margin 146.1 17.5% 16.3% 18.0% 122.0 122.7 4.0% 140.0 - 16.0%

120.0 27% 14.0%

100.0 2.0% 211.8 12.0% 10.0% 80.0 166.6 8.0% 60.0

0.0% 6.0% 40.0 t 4.0%

FY14 FY15 FY16 FY17 FY18 20.0 2.0%

- 0.0% EBITDA EBITDA Margin % - - 9MFY18 9MFY19

All figures in INR Crs., unless specified Note: EBITDA excludes Other Income (non-operating) 28 Profit after tax [PAT]

10.0% 8.5%

140.0

7.0% 8.0% PAT PAT Margin 8.4% 40.0 177% 9.0% 120.0 6.0% 35.0 - 8.0% 4.8%

30.0 7.0%

25.0 6.0% 4.0%

20.0 4.0% 5.0% 100.0 2.2% 2.5% 36.4 15.0 4.0%

2.0% 10.0 3.0%

5.0 2.0%

80.0 13.2 - 1.0% 0.0% Q3FY18 Q3FY19

60.0 #114.6 -2.0%

-4.0%

40.0 81.0

-6.0% PAT PAT Margin

90.0 7.0% 8.0% 20.0

36.9 80.0 7.0% -8.0% - 30.6 50% 70.0 20.0 5.6% 6.0% 60.0 5.0%

50.0 - -10.0% 4.0% 40.0 85.4 3.0% FY14 FY15 FY16 FY17 FY18 30.0 56.9 2.0% 20.0 t

10.0 1.0%

PAT PAT Margin % - 0.0% - - 9MFY18 9MFY19

All figures in INR Crs., unless specified # Includes Tax write back pertaining to earlier years of ~Rs.54crs 29 R e v e n u e s - Segment Breakup

500.0 433.1 450.0 28.3 400.0 55.7 350.0 325.9 14.8%

300.0 24.6 40.3 • 106.3 250.0 1,400.0 1,348.1 73.1 38.3% 1,220.7 101.0 200.0 1,160.6 1,200.0 • 92.3 138.9 150.0 91.1 96.2 45.3% 242.9 100.0 1,000.0 91.0 895.4 306.0 187.9 • 284.1 50.0 762.8 71.2 265.6 29.3% 800.0 60.4 81.5 0.0 • 49.5 191.0 Q3FY18 Q3FY19 600.0 162.3

1300.0

400.0 802.2 1213.3 712.8 748.1 76.1 490.5 551.6 1100.0 1024.5 200.0 133.5 77.7 900.0 105.7 - -2.0% 312.5 FY14 FY15 FY16 FY17 FY18 700.0 228.4 • 26.3% 500.0 • 691.2 300.0 612.7 • 36.8% 100.0 12.8% ■ NBOC ■ F & B ■ Advertising ■ Others

-100.0 • 9MFY18 9MFY19 All figures in INR Crs., unless specified 30 Footfalls and Occupancy Rate

180 28%

170 27%

800 35% 24% -- .. 160 23% 0 o g /o ------150

700 c~G"------140 18% 30%

--- 130 26.0%

120 13% 600 29% 153 25% 28% 28% 26% 110

100 121 8% 500 25%

90 t

20%

80 3%

400 Q3FY18 Q3FY19

15%

300 534 537 533 10%

450 27% 28% 200 27% 386 411

440

5% 23%

100

430

18%

420 0 0% 9.5%

410 446 FY14 FY15 FY16 FY17 FY18 13%

400

Footfalls Occ% 407 8% 390 t

- 380 3% 9MFY18 9MFY19

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

200

180

_,. 160 \\ S°lo ------140 c~G ____ _ 120

-- 100 199 206 80 3.6%

40 20 t - Q3FY18 Q3FY19

193 170 178 200 156 164 180

160

140

120 100 193 200 80 4.0% FY14 FY15 FY16 FY17 FY18

40 20 t - 9MFY18 9MFY19

All figures in INR, unless specified 32 Spend Per Head [SPH]

78 -~ 76 74

72 5.6%

68 74 70 66 t 64 Q3FY18 Q3FY19

62 66 70 55 58 49 60

40 12.2% 74 30 66

20 FY14 FY15 FY16 FY17 FY18 10 t - 9MFY18 9MFY19

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

c~GR go/o ------~ 54 75.8% 73.4% 80.0%

54 ------70.0%

60.0% ------54

50.0% 76.0% 53 60 74.1% 75.0% 75.7% 80.0% 71.3% 53 2.2% 40.0% 50 70.0% 53 54 50 47 30.0%

44 53 60.0% 41 20.0%

53 40 t 53 10.0% 50.0% 35 52

52 0.0%

30 40.0% Q3FY18 Q3FY19

30.0% 20

20.0%

56 76.0% 74.1% 80.0% 10

10.0% 55 70.0%

60.0% - 0.0%

53 FY14 FY15 FY16 FY17 FY18 50.0%

52 9.5%

40.0%

51 55

30.0% SPH Contribution (Rs.) 50

20.0% 49 t 50

10.0% - 48 -+-F & B Contribution (%)

47 0.0%

SPH Contribution (Rs.) = SPH (Rs.) x F&B Contribution (%) 9MFY18 9MFY19 All figures in INR, unless specified 34 Advertisement Revenue IN X

70.0 10.5 12.0

60.0 10.0 35.0 8.6

50.0 29.8 8.0

30.0 40.0

38% 6.0

25.1 30.0 24.6 55.7 25.0 4.0 22.4 20.0 40.3

2.0

10.0 18.5 20.0 t

- - Q3FY18 Q3FY19 15.0

138.9

160.0 30.0 10.0 26.2

91.0 96.2 140.0 81.5 22.9 25.0 49.5 5.0 120.0 ... 20.0

100.0

- 26%

80.0 15.0 FY14 FY15 FY16 FY17 FY18 133.5 60.0 105.7 10.0 Advertising Rev (Rs Crs) 40.0 t 5.0

20.0

- - - Advertising Rev Per Screen (Rs Lakhs) 9MFY18 9MFY19

35 Other Operating Income Per Screen

6.0

5.0

4.0

3.0 5.6 5.6 2.0 t 1.0 1%

- Q3FY18 Q3FY19 24.6 22.5 21.9 22.7 23.1e

25.0

20.0

15.0

10.0 FY14 FY15 FY16 FY17 FY18 18.0 15.9

5.0 -12%

- 9MFY18 9MFY19

All figures in INR Lakhs, unless specified 36 GST/Entertainment Tax( E t a x ) ( % )

30.0% 27.4% 27.9%

25.0% 21.5% 21.8%

20.0%

30.0% 26.8% 26.8% 27.0%

15.0%

25.0% 22.0% 21.6% 10.0% 21.1% 21.1% 21.3%

20.0% 18.0% 17.8% 5.0%

15.0% 0.0% Q3FY18 Q3FY19

10.0%

30.0% 26.9% 27.6% 5.0%

25.0% 21.2% 21.6%

0.0%

20.0% FY14 FY15 FY16 FY17 FY18

15.0%

10.0% GST/ETax on NBOC GST/ETax on GBOC ■ ■ 5.0%

0.0% 9MFY18 9MFY19

NBOC (Net Box Office Collections) GBOC (Gross Box Office Collections) 37 Film Distributor Share (%)

50.0% 46.9% 44.6%

45.0%

40.0% 36.8% 34.9%

35.0%

50.0%

30.0% 44.3% 43.8% 43.9% 44.4% 44.6% 45.0% 25.0%

20.0% 40.0% 36.4% 35.9% 34.6% 35.0% 35.1% 15.0% 35.0%

10.0%

30.0%

5.0%

25.0%

0.0%

20.0% Q3FY18 Q3FY19

15.0%

50.0% 10.0% 45.5% 44.5%

45.0%

5.0% 40.0% 35.9% 34.9% 0.0%

35.0%

FY14 FY15 FY16 FY17 FY18 30.0%

25.0%

20.0%

15.0% Distributor Share on NBOC Distributor Share on GBOC ■ ■ 10.0%

5.0%

0.0% 9MFY18 9MFY19 NBOC (Net Box Office Collections) GBOC (Gross Box Office Collections) 38 Other Overheads Per Operating S c r e e n

55.0

45.0 41.7 38.9

35.0 12.4 CAGR4% ------► 11.8 ------t 4.9%

------25.0 ---- 162.4 10.5 157.1 159.4 10.0 t 5.4% 145.8 138.3 15.0 10.2% 47.5 52.7 47.5 11.6 t 12.8 43.4 40.4 5.0 5.5 t 7.1% 6.0 43.1 45.5 42.9 (5.0) Q3FY18 Q3FY19 39.2 40.8

150.0 46.7 40.2 41.3 44.0 45.6 125.8 130.0 119.7

22.1 110.0 18.5 20.3 20.1 21.2 34.8 t 7.7% 37.5 90.0 FY14 FY15 FY16 FY17 FY18 70.0 33.3 -1.0% 33.0

50.0 ■ Employee Benefits • 7.4% 37.7 30.0 35.1 t ■ Lease Rental & Hire Charges

CAM, Power & Fuel, R&M 10.0 ■ 16.4 7.0% 17.6 Other Overheads ■ (10.0) 9MFY18 9MFY19

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 Recognised & Trusted Corporate Group

Listed Companies Other Key Companies

IN X 8 ~ Ii:; INOX:CVA LIVE (.,{,.MOVIE Gujarat Fluorochemicals INOX Leisure INOX Air Products INOX India Private INOX Wind Limited Limited Limited Private Limited Limited

. Largest producer of (by volume) . Fully integrated player in the . One of the largest multiplex . 50:50 joint venture with Air . Largest producer of cryogenic Chloromethanes, refrigerants wind energy market chains in India Products Inc., USA liquid storage and transport and Polytetrafluoroethylene in . State-of-the-art manufacturing tanks in India India. . In the business of setting up, . Largest producer of industrial plants near Ahmedabad operating and managing a gases in India . Offers comprehensive (Gujarat), Una (Himachal national chain of multiplexes solutions in cryogenic storage, . 40 plants spread throughout Pradesh) and Barwani (Madhya under the brand name ‘INOX’ vaporization and distribution the country Pradesh). Our Madhya Pradesh engineering facility is one of the largest in . Present in 67 cities with 136 Asia multiplexes and 557 screens . Has operations in India, USA, Netherlands and Brazil . Ability to provide end-to-end turnkey solutions for wind farms

• 90 Year track record of consistent business growth • 10,000+ employees at 150+ business units across India • USD $3 Billion Inox Group diversified across 7 different businesses • Distribution network spread over 50+ countries 41 Well Diversified Presence Across India

136 Properties 67 Cities

East; 10; 15% South, 26, 19% East; 22; 16% South, 14, 21% Well Diversified Distribution of Multiplexes across India

North, 33, 24% West, 23, 34%

West, 55, 41% North, 20, 30%

Access to Wide Variety of Regional Content 557 Screens 132,631 Seats

East, 21,108 , 16% East; 84; 15% South; 27,226 ; 21% South, 118, 21%

Lower Dependency on Hindi and English Content North, 119, 21% North; 27,980 ; 21% West, 56,317 , 42% West, 236, 43%

Includes 8 management properties with 29 screens and 7,370 seats 42 Strong New Screens Pipeline

FY19 Pipeline Properties Screens Seats Properties Properties Screens Seats FY18 123 492 121,780 Mumbai Palm Beach (Opened 8th May'18) 1 4 779 Adjustments** --- (1) (3) (1,804) Cuttack SGBL Square Mall (Opened 16th Jun'18) 1 4 830 FY19 Openings till date 14 68 12655 Zirakpur Dhillon Mall (Opened 29th Jun'18) 1 4 945 Expected - Feb19 to Mar19 2 13 1,215 Kakinada SRMT (Opened 9th Jul'18) 1 5 915 FY19 Expected 138 570 133,846 Gurgaon Sapphire (Opened 24th Jul'18) 1 3 567 Additions Post FY19 130 857 155,743 Pune Heritage Mall (Existing: 1st Aug'18) - 2 428 Leading to 268 1,427 289,589 Coimbatore Prozone (Opened 20th Aug'18) 1 9 2,057 Surat Reliance Mall (Opened 22nd Sep'18) 1 3 539 Gorakhpur City Mall (Opened 24th Sep'18) 1 3 742 Delhi Epicuria (Opened 29th Sep'18) 1 3 117 Mumbai Metro (Existing, Opened 6th Oct'18) - 2 94 Bangalore RMZ Galleria (Opened 12th Oct'18) 1 5 1,317 Gwalior DB Mall (Opened 5th Nov'18) 1 6 1,023 Kolkata Madhyamgram (Opened 21st Dec'18) 1 4 809 Jaipur GT Central (Opened 21st Jan'19) 1 7 731 Bhubhaneshwar D N Mall (Opened 25th Jan'19) 1 4 762 Gurgaon 1 4 120 Vadodara 1 5 927 Mumbai (Existing) - 4 168 Total 16 81 13,870 STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

**Adjustments: • 449 seats reduced due to renovation in Nashik, Banglore Garuda, Kolkata Southcity, Mumbai Malad, Jodhpur • Discontinued operations of Kota Omplex (3 screens 1117 seats) 43 Strong Brand Partnerships IN X

ECOMMERCE BFSI FMCG CONSUMER DURABLES AUTOMOBILES GEC &TELECOMM. OTHERS

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Pre-issue - No. of Shares Preferential Post-issue - No. of Shares No. of Shares Allotment (31st Dec 2018) % Change Promoter and Promoter Group 46,973,928 48.70% 6,400,000 53,373,928 51.89% 3.19% Public /others 11,317,804 11.73% - 11,149,920 10.84% -0.89% Inox Benefit Trust 4,350,092 4.51% - 4,350,092 4.23% -0.28% DII 19,851,515 20.58% - 21,577,848 20.98% 0.40% FII 13,964,415 14.48% - 12,405,966 12.06% -2.42% Total 96,457,754 100.00% 6,400,000 102,857,754 100.00%

Gross Debt (INR Crs.) • Promoter and Promoter Group has been issued 64,00,000 equity shares 290 on preferential basis at a price of Rs 250 per share. • Generated Rs.160crs to the company, which was utilized to repay debt. 129 • Debt repayment would lead to reduction of Interest burden, thereby increasing PAT • INOX has strengthen its Balance Sheet for future expansions Sep-18 Dec-18

Promoter Group stake in the Company increases from 48.7% to 51.9%

45 Strong Balance Sheet

Particulars (INR Crs.) Sep-18 Mar-18 Strong Low Leverage Share Capital 96.2 96.2 Other Equity 655.9 606.1 Balance Sheet Net D/E: 0.12x * Interest in Inox Benefit Trust, at cost (32.7) (32.7) Total Shareholder funds 719.4 669.6 Non-Controlling Interest 0.01 0.01 Treasury Stock in 117 INR Crs. Total Equity 719.4 669.6 Inox Benefit Trust As on 05-Feb-19 Total Debt 289.6 291.9 Other Non-Current Liabilities 86.4 88.9 Total Sources of Funds 1,095.4 1,050.4 Real Estate on INR 350 Crs. Fixed Assets 892.9 825.7 Balance Sheet Other Non-Current Assets 338.5 315.8 Current Assets 132.1 116.5 Cash & Cash Equivalents 13.9 26.9 Promoters Stake 51.9% Less: Current Liabilities 281.9 234.6 Net Current Assets (135.9) (91.1) Total Assets 1,095.4 1,050.4

Key Balance sheet Ratios Sep-18 Mar-18 Net Debt : Equity 0.38 0.40 Potential To Grow Aggressively Without Any Return on Equity (ROE) --#18.2% #18.8% Return on Capital Employed (ROCE) 13.3% 13.2% Stress On Balance Sheet ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed (Capital Employed = Equity + Total Debt) #Includes Tax write back pertaining to earlier years of ~Rs.54 crs. *Net D/E is as on Dec 2018. This is post issuance of 64lac equity shares on preferential basis (@Rs.250/share) to Promoter & Promoter group, which generated Rs.160crs to the company and was utilized to repay debt. Thereby, reducing the gross debt from Rs.290 crs. as on Sep 2018 to Rs.129crs as on Dec 2018 46 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. 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 47 Content Pipeline – February 2019 IN X

Ek Ladki Ko Dekha Toh Alita: Battle Angel The Lego Movie 2: The Aisa Laga (IMAX) Second Part

Release Date: Release Date: Release Date: 1st February 2019 8th February 2019 8th February 2019 Cast: Anil Kapoor, Sonam Cast: Mahershala Ali, Cast: Margot Robbie, Kapoor Ahuja, Rajkummar Rosa Salazar Alison Brie, Chris Pratt Rao, Juhi Chawla Director: Robert Director: Mike Director: Shelly Chopra Rodriguez Mitchell Banner: Fox Star Studios, Banner: Twentieth Banner: Warner Bros. Vidhu Vinod Chopra Century Fox, Lightstorm Productions, Entertainment, Rajkumar Hirani Films Troublemaker Studios

0 o-- Gully Boy fri~nds t>hl family 11a1n Total Dhamaal ____ ,,., .. ... _ Hum Chaar

Release Date: HUMCHAAR_,_ ___,...... ~.- Release Date: Release Date: 14th February 2019 15th February 2019 22nd February 2019 Cast: Ranveer Singh, Cast: Prit Kamani, Cast: Ajay Devgn, I ',I Alia Bhatt, Kalki Simran Sharma, Riteish Deshmukh, Koechlin Anshuman Malhotra, Arshad Warsi Director: Zoya Akhtar Tushar Pandey Director: Indra Kumar Banner: Excel Director: Abhishek Dixit Banner: Ajay Devgn Entertainment, Tiger Banner: Rajshri Ffilms, Fox Star Studios, Baby Productions Pvt Ltd Maruti International, )~utl!~~}, Shri Adhikari Bros /';. ·• - •·•~ .. •• ..... ,..,.,,u,,,_,..,.,., Rf LEAS ING15"' H BIUARY2019 ~~ <~; 14~.~~.~.~1"9__ Cl

48 Content Pipeline – March 2019 IN X

Luka Chuppi Sonchiriya Captain Marvel

Release Date: Release Date: Release Date: 1st March 2019 1st March 2019 8th March 2019 Cast: Kartik Aaryan, Cast: Sushant Singh Cast: Brie Larson, Kriti Sanon Rajput, Bhumi Gemma Chan, Jude Director: Laxman Pednekar, Manoj Law Utekar Bajpayee Director: Anna Boden, Banner: Maddock Director: Abhishek Ryan Fleck Films Chaubey Banner: Marvel Banner: RSVP, Studios Macguffin Pictures

Badla Kesari Mental Hai Kya

Release Date: Release Date: Release Date: 8th March 2019 21st March 2019 29th March 2019 Cast: Taapsee Pannu, Cast: Akshay Kumar, Cast: Kangana Ranaut, Amitabh Bachchan Parineeti Chopra Rajkummar Rao Director: Sujoy Ghosh Director: Anurag Singh Director: Prakash Banner: Red Chillies Banner: Dharma Kovelamudi Entertainment, Productions, Cape of Banner: Balaji Motion Azure Entertainment Good Films, Azure Pictures, Karma Media Entertainment, Zee Studios

49 Content Pipeline – April 2019 IN X

f l Junglee The Zoya Factor Shazam! (IMAX) . • -~fl. ,\ ~ I,}Im, ; : , l\j . ' y I" Release Date: Release Date: Release Date: 5th April 2019 5th April 2019 """"""'" . -. , 5th April 2019 Cast: Vidyut Jammwal Cast: Sonam Kapoor ~ .. Cast: Zachary Levi, Director: Chuck Ahuja, Dulquer Salmaan Mark Strong Russell Director: Abhishek Director: David F. Banner: Junglee Sharma Sandberg Pictures Banner: Fox STAR )I Banner: Warner Bros., Studios A); ·jl DC Entertainment fJ IPRIL5 ,·.-.5 111.... APRIL =. 2019

Romeo Akbar Walter Kalank Avengers: Endgame (RAW) Hl'il s.wm Jll! ,m, JDil\1 Sl.'l.l' DIIlT SIX!Ll B!Lll'I D!Ll(.lX llll'llirI! •• urn Release Date: Release Date: Release Date: 19th April 2019 26th April 2019 12th April 2019 Cast: Madhuri Dixit, Cast: Robert Downey Jr., 1~<' Cast: John Abraham, Sonakshi Sinha, Alia Chris Hemsworth, Brie OMEO Mouni Roy, Jackie Shroff Bhatt, Varun Dhawan Larson, Chris Evans Director: Robby Grewal Director: Abhishek Director: Anthony Russo, KB A R Banner: KYTA Varman Joe Russo Productions, VA Film Banner: Nadiadwala Banner: Marvel Studios ALTER Company, Red Ice Films, Grandson Entertainment, Viacom 18 Motion Dharma Productions, Fox Pictures Star Studios

50 Content Pipeline – May 2019 IN X

Student Of The Year 2 De De Pyaar De Jabariya Jodi

Release Date: Release Date: Release Date: 10th May 2019 17th May 2019 17th May 2019 Cast: Tiger Shroff, Tara Cast: Ajay Devgn, Cast: Parineeti Chopra, Sutaria, Ananya Tabu, Rakul Preet Sidharth Malhotra Pandey Singh Director: Prashant Director: Punit Director: Akiv Ali Singh Malhotra Banner: Urban Banner: Balaji Banner: Fox Star Romcom Telefilms Ltd., Karma Studios, Dharma Media Productions

Ad Astra Aladdin Godzilla: King of the Monsters Release Date: Release Date: 24th May 2019 24th May 2019 Release Date: Cast: Brad Pitt, Tommy Cast: Naomi Scott, Will 31st May 2019 Lee Jones Smith, Billy Magnussen Cast: Millie Bobby Brown, Director: James Gray Director: Guy Ritchie Sally Hawkins, Vera Farmiga Banner: New Regency Banner: Walt Disney Director: Michael Pictures, Keep Your Pictures, Lin Pictures Dougherty Head, MadRiver Banner: Legendary Pictures Entertainment, Wanda Qingdao Studios, Warner Bros.

51 INOX Metro, Mumbai

Annexure

52 Per Screen Economics

Per Screen Economics: (INR Lakhs) Assumptions Revenue from Operations: 323.0 Seats per screen 248 Net Box Office Revenue (NBOC) 192.3 Shows per day 5.15 Food & Beverages (Net) 77.8 Occupancy (%) 28% Advertising Income 29.8 Footfalls 127,530 Other Revenues 23.1 ATP (Rs) 193 Total Operating Cost: 258.1 SPH (Rs) 66 Distributors Share 87.2 GST on Ticket Sales (On Net) 28% Food & Beverages Cost 20.4 GST on F&B (On Net) 5% Lease Rental & Hire Charges 46.7 Distributors Share 45% CAM, Power & Fuel, R&M 43.1 Food & Beverage Cost 26% Employee Benefits Expense (excluding corporate overheads) 12.4 Other Overheads 48.3 EBITDA 64.9 EBITDA Margin % 20.1% Depreciation 19.2 ROCE % 18.3% EBIT 45.7 Gross Capex 250.0 Working Capital 0.0 Capital Employed 250.0

Per Screen Economics is as per IND-AS and post GST impact 53 Shareholding Structure IN X

Share Price Performance Market Data As on 05-Feb-19 350 300 No. of Shares Outstanding (Crs.) 10.3 250 Face Value (INR) 10.0 200

INR 150 Price (INR) 268.3 100 50 52 week High/Low (INR) 326.00/189.65 0 r T T T T T T T T T T T T T T T T T Market Capitalisation (INR Crs.) 2,759 Source: BSE Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Apr-13 Feb-14 Apr-14 Feb-15 Apr-15 Feb-16 Apr-16 Feb-17 Apr-17 Feb-18 Apr-18 Feb-19 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18

Source: BSE Key Institutional Investors –1st Feb 2019 % Holding HDFC MF 6.5% st - % Shareholding as of 1 Feb 2019 Reliance MF 4.6% Public/Others, Aditya Birla Sunlife 3.4% 11.06% Sundaram MF 2.8% INOX Benefit Trust, 4.23% DSP Small Cap Fund 2.0% Taiyo Greater India Fund Ltd 1.8% Promoter & Morgan Stanley 1.3% Promoter DII, 21.37% DFA Investments Dimensions Group Inc. 1.1% Group, 51.89% AADI Financial Adivsors LLP 1.1% Cohesion India Best Ideas (Master) Fund Ltd 1.0% FII, 11.45% RAMS Equities Portfolio Fund 1.0% Kuwait Investment Authority Fund 0.9% Source: Company Source: Company 54 Consolidated Profit & Loss Statement

Particulars (INR Crs.) Q3FY19 Q3FY18 YoY % Q2FY19 QoQ % 9MFY19 9MFY18 YoY % FY18 Revenue from Operations 433.1 325.9 32.9% 365.3 18.6% 1,213.3 1,024.5 18.4% 1,348.1 Exhibition Cost ------112.2 90.5 24.0% 95.1 17.9% 317.0 286.0 10.8% 367.3 Food & Beverages Cost 28.3 17.7 60.2% 25.3 11.8% 80.8 54.9 47.3% 74.4 Employee Benefits Expense 30.2 24.7 22.2% 27.9 8.2% 84.3 70.9 18.9% 96.4 Lease Rental & Hire Charges 64.2 51.1 25.7% 59.2 8.5% 181.0 151.7 19.3% 203.8 CAM, Power & Fuel, R&M 52.7 43.8 20.3% 52.4 0.5% 158.4 143.9 10.0% 188.2 Other Expenses 62.1 51.8 19.7% 60.6 2.4% 180.1 150.5 19.7% 207.7 EBITDA 83.5 46.3 80.4% 44.8 86.4% 211.8 166.6 27.2% 210.4 EBITDA Margin % 19.3% 14.2% 508 bps 12.3% 702 bps 17.5% 16.3% 120 bps 15.6% Depreciation & Amortisation ------24.5 21.7 12.8% 23.4 4.8% 70.6 64.8 9.1% 86.7 Impairment Loss on PP&E - - - - 1.3 -100.0% 3.1 Other Income 3.1 3.0 3.2% 3.7 -17.3% 9.7 8.2 17.7% 14.5 Finance Cost 6.2 7.3 -14.7% 6.8 -8.3% 19.9 21.8 -8.7% 28.9 Exceptional Items - - - - - 8.5 Share of Profit from Joint Ventures - (0.0) -100.0% - - (0.0) -100.0% (0.0) PBT 55.9 20.3 175.8% 18.4 204.0% 130.9 87.0 50.6% 97.6 Current Tax 16.50 7.0 134.4% 3.5 368.3% 38.6 31.6 22.2% 32.5 Deferred Tax ------2.92 0.0 6463.8% 2.9 1.4% 6.9 (1.6) -542.9% 4.2 Tax pertaining to earlier years - - - - - (53.7) PAT 36.4 13.2 177% 12.0 204% 85.4 56.9 50% 114.6 PAT Margin % 8.4% 4.0% 437 bps 3.3% 514 bps 7.0% 5.6% 148 bps 8.5% Earnings Per Share (EPS) ------3.90 1.43 172% 1.30 200% 9.23 6.20 49% 12.49

55 Consolidated Balance Sheet Statement

Equity & Liabilities (INR Crs.) Sep-18 Mar-18 Assets (INR Crs.) Sep-18 Mar-18 Equity: Non-Current Assets: ------•1•1Property, Plant & Equipment 788.1 - 742.7 Equity Share Capital -- 96.2 96.2 76.9 53.9 Other Equity 655.9 606.1 Capital work-in-progress Goodwill 17.5 17.5 Interest in Inox Benefit Trust, at cost (32.7) (32.7) Other Intangible Assets 10.3 11.5 Equity attributable to owners of the company 719.4 669.6 Investments in Joint Ventures - - Non-Controlling Interest 0.0 0.0 Other Investments 0.7 1.2 Total Equity 719.4 669.6 Loans 90.2 74.2 Non-current liabilities: Other Financial Assets 77.1 67.5 Borrowings -- 234.7 252.4 Deferred Tax Assets (Net) 68.8 81.1 Other Financial Liabilities 2.3 3.1 Tax Assets (Net) 8.8 9.1 Provisions 11.4 10.1 Other Non Current Assets 92.9 82.7 Other Non-current Liabilities 72.7 75.7 Total Non Current Assets 1,231 1,142 Total of Non-Current Liabilities 321.1 341.3 Current Assets: Current Liabilities: Inventories -- 11.4 9.4 Other Investments 0.5 12.4 Borrowings -- 19.6 - Trade Receivables 84.8 76.1 Trade Payables 132.8 113.2 Cash and Bank Balances 11.5 13.3 Other Financial Liabilities 115.5 105.7 Bank Balances Other than above 2.3 1.7 Other Current Liabilities 54.0 38.2 Loans 5.4 5.9 Provisions 13.3 14.8 Other Financial Assets 0.1 0.2 Income Tax Liabilities (Net) 1.7 2.1 Other Current Assets 30.0 24.4 Total of Current Liabilities 336.8 274.1 Total Current Assets 146.0 143.4 Total Equity & Liabilities 1,377.3 1,285.0 Total Assets 1,377.3 1,285.0

56 Financial Summary IN X

REVENUES EBITDA PAT

16.0% 13.7% 16.3% 12.0% 15.6% 7.0% 8.5% 4.8% 10.0% 1,348.1 140.0 ■ ■ ■ 2.2% 2.5% 1,220.7 ■ ■ 114.6 5.0% 1,160.6 210.4 120.0

189.1 0.0% 895.4 100.0 81.0 762.8 146.1 -5.0% 122.0 122.7 80.0

-10.0% 60.0 36.9 30.6 -15.0% 40.0 20.0

-20.0% 20.0

- -25.0% FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 -EBITDA -EBITDA Margin % -PAT -PAT Margin % REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS

20.0% #18.8% 7.9% 8.0% 7.8% 7.6% 7.5% 0.6 0.5 18.0% 16.8% 0.4 16.0% 14.9% 6.5% 9.1% 7.8% 7.9% 10.3% .. ■ 0.3 ■ ■ ■ 0.4 14.0% 13.2% 21.3% 21.3% 22.9% 23.3% 22.7% 11.5%12.0% 10.3% 669.6 10.0% 552.5 8.0% 7.3% 676.2 522.3 6.1% 5.7% 390.9 6.0% 64.3% 61.6% 61.4% 61.3% 59.5% 3.8% 4.0%

242.2 241.2 267.0 317.0 291.9 2.0%

0.0% FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 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) - # Includes Tax write back pertaining to earlier years of ~Rs.54crs Net Debt = Total Debt – Cash –Bank – Liquid MF Investments

All figures in INR Crs., unless specified 57 INOX GT Central, Jaipur

Thank You Balesh Talapady GM – Business Analysis INOX Leisure Ltd. Contact+91-22-4062 6927 Email: [email protected] 58