DOCSLIB.ORG

Inox Leisure

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Inox Leisure Initiating Coverage January 19, 2015 Rating matrix Rating : Buy Target : | 240 Inox Leisure (INOX) | 181 Target Period : 12 months Potential Upside : 33% Triple play on screens, footfalls, ATP… YoY growth (%) Inox with a 21% multiplex screen share is a formidable No. 2 player in the (YoY Growth) FY14 FY15E FY16E FY17E domestic arena and well poised to ride on the increasing discretionary Net Sales 15.0 20.7 17.3 21.5 spends led by the consumption boom. The tilting consumer preference in EBITDA 24.4 13.7 24.3 40.5 Net Profit 100.2 (43.5) 97.2 116.0 favour of multiplexes and rising investments in content will drive higher EPS 61.7 (49.7) 97.2 116.0 screen rollouts and footfalls, which are expected to grow at 17.2% and 14.3% (FY14-17E CAGR) to 499 and 57.6 million, respectively. By virtue of Valuation summary limited competition in most of its catchments area, Inox enjoys pricing FY14 FY15E FY16E FY17E power, which will help drive up ATPs from | 156 in FY14 to | 188 in P/E 37.3 74.0 37.5 17.4 FY17E. This coupled with rising footfalls is expected to aid 18.6% CAGR Target P/E 49.5 98.3 49.9 23.1 in FY14-17E in net box office revenues to | 818.1 crore. High margin F&B EV / EBITDA 15.9 15.0 12.2 8.5 P/BV 3.5 2.7 2.5 2.2 and advertisement segments, with increased management focus, may RoNW 9.4 3.7 6.8 12.8 grow at 21.5% and 35.0% CAGR in FY14-17E to | 291.0 crore and | 121.8 RoCE 11.6 5.8 8.0 13.0 crore respectively, aiding EBITDA margin expansion from 16.0% to 18.4% in FY17E. At the aggregate level, Inox is expected to post revenue, Stock data EBITDA and PAT CAGR of 19.8%, 25.7% and 34.0%, respectively, over Particulars Amount the same time period. We value the company on SOTP basis at | 240 per Market Capitalization | 1736.2 Crore share and initiate coverage with a BUY recommendation. Total Debt (FY14) | 223.7 Crore Cash and Investments (FY14) | 19.3 Crore Consumerism to drive film industry, Inox set to emerge as beneficiary EV | 1940.6 Crore The Indian film industry is expected grow at 12.3% CAGR from | 13800 52 week H/L 191 / 84 crore to | 21980 crore in FY14-18E. Increasing screen penetration and an Equity capital | 96.2 Crore exponential increase in middle class consumption spending (to $3.2 Face value | 10 trillion by 2025) may act as catalysts. Inox would emerge as a clear MF Holding (%) 5.9 beneficiary of this consumerism trend. It is expected to post a revenue FII Holding (%) 14.0 CAGR of 19.8% over FY14-17E to | 1312.2 crore from | 762.8 crore. Price movement ATP to soar to new heights; cheapest source of out of home entertainment 10,000 250 Cinema is the most preferred and cheapest source of out of home 8,000 200 entertainment in India, with ATP at $0.7, among the lowest in the world. With rising investment in content and a better movie watching 6,000 150 experience, multiplex penetration is bound to increase. Inox as the 4,000 100 second largest exhibitor is expected to see a 17.2% expansion in screens to 499 by FY17 from 310 in FY14, and 6.5% CAGR in ATP to | 188. 2,000 50 Valuations to catch up with fundamentals; initiate with BUY rating 0 0 With limited competition, rapid screen rollout, rising footfalls and Mar-12 Oct-12 May-13 Nov-13 Jun-14 Jan-15 increasing investment in content, Inox’ PAT is expected to more than Price (R.H.S) Nifty (L.H.S) double by FY17E. Though the stock has rallied ~69% in the last year, we believe there is room for a further re-rating. Using SOTP, we value the ordinary shares at 22x FY17E EPS and treasury shares at 50% discount to Research Analyst current price to arrive at a target price of | 240/share, implying an upside Karan Mittal of 33%. We initiate coverage on Inox with BUY recommendation. [email protected] Exhibit 1: Valuation Metrics Sneha Agarwal (Year-end March) FY13 FY14 FY15E FY16E FY17E [email protected] Total Operating Income (| crore) 663.2 762.8 920.8 1,080.0 1,312.2 EBITDA (| crore) 98.0 122.0 138.6 172.2 242.1 Net Profit (| crore) 18.4 36.9 20.9 41.2 88.9 EPS (|) 3.0 4.8 2.4 4.8 10.4 P/E (x) 60.3 37.3 74.0 37.5 17.4 Price / Book (x) 3.4 3.5 2.7 2.5 2.2 EV/EBITDA (x) 20.0 15.9 15.0 12.2 8.5 RoCE (%) 9.6 11.6 5.8 8.0 13.0 RoE (%) 5.7 9.4 3.7 6.8 12.8 Source: Inox, ICICIdirect.com Research ICICI Securities Ltd | Retail Equity Research Promoter and FIIs & DIIs holding (%) (Dec 2014) Company background Inox Leisure Ltd was incorporated as a public limited company on November 9, 1999. It is a part of the Inox group that has a rich lineage of Non- successful businesses such as Inox Wind, Inox Air Products, etc. Inox Institutions Promoter 31% and Group Leisure operates as a subsidiary of Gujarat Fluorochemicals Ltd. It started 49% as a four screen multiplex in Pune and is now a force to reckon with in the Indian multiplex space with ~361 screens spread across 92 properties in DII 6% 50 cities. FII 14% Exhibit 2: Promoter group details Source: BSE, ICICIdirect.com Research Source: Inox, ICICIdirect.com Research The company is the second largest player in the multiplex space with a Region wise distribution multiplex screen market share of ~21%. It is behind PVR, which has North East South West about 463 screens in its portfolio and a multiplex screen market share of City 1591017about 27.2%. Apart from the organic expansion, the company has also Properties 23 18 21 32 grown inorganically by acquiring 89 Cinemas, Fame Cinemas and Satyam Screens797086130Cineplexes over the period. The Satyam acquisition has been a strategic Seats 20192 18000 20000 37000 move for the company cementing its position in the northern belt of the Source: Company, ICICIdirect.com Research country and also helping it bridge the gap with the No. 1 player. Inox has a strong presence in the southern and eastern states with about 82 and 70 screens, respectively (pre-Satyam). The management intends to add about 181 screens by FY17E end, thereby reaching a screen count of about 546 screens. Factoring in certain delays, we have incorporated addition of 134 screens over the next two years, Exhibit 3: Inox screen portfolio with timeline 400 Acquires Satyam 350 Cineplexes 300 Acquires 89 250 Cinemas 200 IPO - 1.7 Crore 150 shares @ | Number of Screens Number 120 each Acquires 100 Fame 50 0 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 9MFY15 Source: Company, ICICIdirect.com Research During 2006, the company came out with a public issue of 1,65,00,000 equity shares of | 10 each at a price of | 120 per share consisting of a fresh issue of 1,20,00,000 equity shares of | 10 each. Also, Gujarat Fluorochemicals made an offer for sale of 45,00,000 equity shares of | 10 each. ICICI Securities Ltd | Retail Equity Research Page 2 Exhibit 4: Inox – Presence across the country Source: Company, ICICIdirect.com Research ICICI Securities Ltd | Retail Equity Research Page 3 Investment Rationale Consumption story in India to act as catalyst for multiplex industry With a revival of macroeconomic and per capita income growth, lifestyle based consumption is expected to witness a paramount change. While consumption expenditure has always been the driver of Indian economic growth, the pace and size of consumption spends is expected to multiply manifold. With favourable demographics and the largest working age population, India is set to have the largest middle class by 2050, contributing 32% of global middle class spending. On the one hand, with more people crossing the poverty line, overall consumption is expected to increase while, on the other hand, with rising income level, several households would move up the value chain resulting in premiumisation. Exhibit 5: Middle class distribution Middle class households to increase 4.7x from 31 mn in 2008 to 149 mn in 2030 22% Global >10 Lakhs 7% % 22% Strivers 5-10 Lakhs 17% % Middle Class 12% Seekers 2-5 Lakhs 29% 34% Aspirers 0.9-2 Lakhs 32% 50% Deprived <0.90 Lakhs 15% 222 million households in 2008(Household income in Rs) 323 million households in 2030 Source: GS (Working age population = share of population aged 15-60), McKinsey, ICICIdirect.com Research India is expected to witness a 4.7x increase in middle class households from 31 million in 2008 to 149 million in 2030. Owing to this, Indian middle class consumption spending is expected to cross $3.2 trillion by 2025, 3x of US$991 billion in 2010. Exhibit 6: 32% of world's middle class spending will be in India by 2050 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030 2033 2036 2039 2042 2045 2048 China India Other Asia Japan United States EU Others Source: OECD, Bloomberg, Reuters, ICICIdirect.com Research The Indian economy has always been differentiated from other emerging markets by virtue of its unparalleled domestic demand led by a young population, rapidly growing middle class and rapid pace of urbanisation.
Load more

Recommended publications
  • Real Image THEATRE COMPANY WEB S.No
    Real Image THEATRE COMPANY WEB S.No. THEATRE_NAME ADDRESS CITY ACTIVE DISTRICT STATE SEATING CODE NAME CODE 1 TH0001 Bhujanga 70mm Shapure Nagar Hyderabad (Jedimetla) Y Hyderabad ANDHRA PRADESH RI 1311 0 2 TH0002 Laxmikala Theatre Moosapet Hyderabad(Moosapet) Y Hyderabad ANDHRA PRADESH RI 1189 0 3 TH0003 Sarat Krishna Gudivada Y Krishna ANDHRA PRADESH RI 1112 0 4 TH0006 Geeta Theatre Chanda Nagar Hyderabad (Chandanagar) Y Hyderabad ANDHRA PRADESH RI 962 0 5 TH0007 Srinivasa Deluxe Mahendra Nagar Ongole Y Prakasam ANDHRA PRADESH RI 900 0 6 TH0009 Devi Theatre Janagoan, Warangal Jangaon Y Warangal ANDHRA PRADESH RI 837 0 7 TH0010 Sree Balaji Theatres Satyanarayana Puram Gudivada Y Krishna ANDHRA PRADESH RI 833 0 8 TH0011 Ashoka Hanumakonda, Warangal Hanumakonda Y Warangal ANDHRA PRADESH RI 830 0 9 TH0012 Sree Prema Theatre Tukkuguda Hyderabad Hyderabad Y Hyderabad ANDHRA PRADESH RI 800 0 10 TH0013 Vijaya Lakshmi Theatre Kaanuru Vijayawada Y Krishna ANDHRA PRADESH RI 786 0 11 TH0014 Satyam Satyanarayanapuram Ongole Y Prakasam ANDHRA PRADESH RI 779 0 12 TH0015 NATRAJ WARANGAL Warangal Y Warangal ANDHRA PRADESH RI 766 0 13 TH0017 Krishna Mahal Kothapeta Guntur Y Guntur ANDHRA PRADESH RI 750 0 14 TH0018 Ravi 70mm A/c DTS - Nagarkarnool Sripur Road Nagarkarnool Y Mehboobnagar ANDHRA PRADESH RI 750 0 15 TH0019 Bhaskar Palace Kothapeta Guntur Y Guntur ANDHRA PRADESH RI 740 0 16 TH0020 Bhaskar Talkies 70mm Gudivada Gudivada Y Krishna ANDHRA PRADESH RI 738 0 17 TH0021 ALANKAR VIJAYAWADA Vijayawada Y Krishna ANDHRA PRADESH RI 738 0 18 TH0022 Ravi
    [Show full text]
  • Annual Report of 2015
    BOARD OF DIRECTORS Mr. Subhash Ghai Executive Chairman DIN: 00019803 Mr. Rahul Puri Managing Director DIN: 01925045 Mr. Parvez A. Farooqui Executive Director DIN: 00019853 Mr. Kewal Handa Independent Director DIN: 00056826 Mrs. Paulomi Dhawan Independent Director DIN: 01574580 Mr. Manmohan Shetty Independent Director DIN: 00013961 Chief Financial Offi cer Mr. Prabuddha Dasgupta Company Secretary & Compliance Offi cer Mr. Ravi B. Poplai Statutory Auditors M/s B S R & Co. LLP Internal Auditors M/s Garg Devendra & Associates Secretarial Auditors M/s. K. C. Nevatia & Associates Bankers Kotak Mahindra Bank Limited HDFC Bank Limited CONTENTS Registrar & Transfer Agents Link Intime India Private Limited Performance at a glance 2 C-13, Pannalal Silk Mills Compound Chairman’s Statement 3 L.B.S. Marg, Bhandup (W) Management Discussion & Analysis 5 Mumbai – 400 078 Telephone No. - (022) 2596 3838 Notice 8 Route Map 17 Registered Offi ce Mukta House, Board’s Report 18 Behind Whistling Woods Institute, Corporate Governance Report 43 Filmcity Complex, Goregaon (East), Mumbai- 400065 FINANCIALS Telephone No. - (022) 33649400 Mukta Arts Limited 57 Fax No. - (022) 33649401 Consolidated Financials of Mukta Arts Limited 93 Website: www.muktaarts.com & it’s Subsidiaries CIN : L92110MH1982PLC028180 1 Note: Shareholders are requested to avail services of the Company’s bus outside Goregaon (East) Station near Bus Depot up to 3.30 p.m. to reach the AGM Venue. PERFORMANCE Performance at a glance Rupees in millions Year ended Year ended Year ended Year ended Year
    [Show full text]
  • Carnival Cinemas Is the Largest Multiplex Chain Spread Across Cities with a Presence in 90 Cities with Over 346 Screens Including Small Towns
    C arnival Cinemas CARNIVAL MEDIA Carnival Media was founded in 2011 and is a Mumbai-based company and a part of diversified corporate group. It focuses on creating, producing, and developing media properties in live events and also manages shows and concerts in India and abroad. The company works in multiple areas that include television shows, Bollywood movies and music, corporate seminars and training, education workshops, and various promotional and entertainment events in India and overseas. In India, Carnival Cinemas is the largest multiplex chain spread across cities with a presence in 90 cities with over 346 screens including small towns. HISTORY In 2014 Carnival Cinemas acquired HDIL’s Broadway Cinema chain, which had screens across Mumbai, Delhi and Indore. They also acquired Anil Ambani’s Big Cinemas, which made them one of the top three exhibition companies in India. The following year the company purchased the commercial real estate projects Larsen and Toubro Ltd for Rs.1,785 crore. Bhasi and Carnival’s next major step was the acquisition of Anil Ambani owned Big Cinemas with 250 screens across the country for around Rs 700 crore. During this time Bhasi also took over Mukesh Ambani’s Network 18 Media and Investments Ltd owned Glitz Cinema He then went on to add many other verticals to the Carnival Group, which includes hospitality, media, real estate, IT park, event management & food courts along with multiplexes. “Carnival Cinemas” is the largest multiplex chain spread across cities in India. Having its presence in 85 cities with 121 operational locations, it pledges to accord its patrons an absolute movie viewing experience.
    [Show full text]
  • Indian Institute of Management (IIM) Lucknow
    Indian Institute Of Management (IIM) Lucknow MARKETING PROJECT ON ““EMERGENCE OF PVR IN INDIA”” Syndicate -3 (DGMP - 13) XXXX XXXX XXXX 1 Introduction 1. 1. In the literal sense, aa multiplex can be defined as a ““single complex with multiple screens.”” They are built in specifically-designed buildings and as per its capacity, it can accommodate numerous people. Origins around the world 2. 2. In December 1947, Nat Taylor, and operator of a theatre called ““Elgin Theatre”” inin Ottawa, Canada, opened a smaller second theater named "Little Elgin", right next door to his first theater. However, it was only in 1957 that he started to run different movies in each theater. Later in 1962, he opened dual-screen theaters in Montreal and then in 1964, in Ontario. In Apr 79, he opened an 18-screen multiplex under one roof in Toronto's Eaton Centre. Later in Dec 96, AMC Ontario Mills 30, opened a 30-screen theater in California that became the theater with the largest number of screens in the world. Today, Kinepolis Madrid in Spain is the world's largest cinema complex with 25 screens and a total seating capacity of 9,200. Early Years of Multiplex Cinema in India 3. 3. Movie-exhibition till the mid-90s was dominated predominantly by the single screen halls. Also, the surge of customers to watch movies was mostly during holidays, on weekends or around festivals. In India, the multiplex culture started to bloom in the mid-90s. It enticed the customers with not only the prospect of upgrading the concept of watching movies but transformed it into a whole new experience.
    [Show full text]
  • The Growth of Inox Leisure
    International Journal of Grid and Distributed Computing Vol. 13, No. 1s, (2020), pp. 298-308 Indian Multiplex Market: The Growth of Inox Leisure. Mr. Monojit Dutta1, Ms. Sayani Sen2 1Assistant Professor, Department of Commerce and Management, St Xavier’s University Kolkata, India Email id: [email protected] 2Independent Researcher, Kolkata, India, Email id: [email protected] Abstract: Cinemas have always been an integral part of people’s life. As our society has progressed so has the cinema industry. Similarly, the medium of watching movies has also change with the introduction of new technologies. During the 70s and the 80s, there were mainly single screen movie theatres where people had to stand in long queue to buy tickets, whereas, now there are movie multiplexes, where it is no longer necessary to stand in queue to get a ticket, it can be done easily from the comforts of home through online tickets booking apps. In this paper, we have discussed about the different multiplexes in the Indian market, mainly emphasizing on the two main players of this industry i.e. PVR Ltd and INOX Leisure Limited. The paper mainly aims at showing how INOX inspite of not being in the market for as long as PVR is still giving PVR a tough competition on various aspects. It was rightly found that PVR Ltd holds the maximum share in the market but the growth of Inox Leisure Ltd is impeccable and in certain area; Inox outperforms PVR in terms of return on share, ticket prices and revenue. Keywords: Cinema, Inox Leisure, Multiplex, PVR Ltd.
    [Show full text]
  • Address 95 Rashbihari Road Kolkata-700029 RDB
    Address 95 Rashbihari Road kolkata-700029 57, Rashbihari Avenue Kolkata-700026 3rd Floor, Lake Mall, Inside Big Baazar, RashBehari Avenue, Kalighat, Kolkata-700029 Jawaharlal Nehru Rd, Dharmatala, Taltala, Kolkata-700087 RDB Boulevard, K-1, big cinemas saltlake, Plot- EP & GP Block, Sector V, Kolkata-700091 Sector v (Block EPGP SDF Buliding ground floor kolkata 700091 city Center Saltlake, D.C block sec-1 saltlake, kolkata-700064 Ecospace Business Park, Block 4B,, Premises No. IIF/11,, Kolkata, Newtown Kolkata-700156 Near Spencer\'s, Upohar, Near Garia Metro Station, New Garia, Garia, Kolkata-700094 6/A Kinaran Sankar Road Road Kolkata-700001 138/2 next to citi mart, Bidhan Sarani, Hati Bagan, Kolkata-700004 244, Chittranjan Avenue, Kolkata-700006 Forum Rangoli Mall Food Court, Belur, Howrah-711202 Action Area IID City Centre 2, Rajarhat Ground Floor, New Town, Nowapara, po- Gopalpur, Kolkata-700157 Inside 6 No Gate, Eco Park New Town, Major Arterial Road(South-East), Action Area II, Kolkata, West Bengal 700156 355, Diamond Harbour Road, Near Behala Police Station, Behala, Kolkata-700034 Behala-492 Diamond harber Road (near Tram Depot) Kolkata-700034 76 Raja S.C. Mullick Road, Near KPC Medical College & Hospital, Jadavpur, Kolkata-700032 217 Near hanuman mandir lake Town Block B Kolkata-700089 965 Cal Jessore Road, Dumdum Kolkata-700055 Near Sitala Mandir,P/a 32 ,B BOSE Pukur road shop No-8 kolkata-700042 Acropolis Mall, 1858, Purba Abason, 1582/1, Rajdanga Main Rd, Sector B, East Kolkata-700107 10, wood Street kolkata-700016 (Near Ballygunge Phari) 53/5A HAZRA ROAD 1, Ashutosh Chowdary Ave, Sector 1 Kolkata-700019 Golpark, 19 Gariyahat Road, kolkata-700020 1/1 Ashutosh Chowdhury avenew kolkata 700019 1 Achariya jagadish ch Bose Rd, Kolkata-700024 34/2 N.S.C.
    [Show full text]
  • Indywood the Indian Film Industry September 2016 Indywood | the Indian Film Industry
    Indywood The Indian Film Industry September 2016 Indywood | The Indian Film Industry 2 Indywood | The Indian Film Industry Contents Foreword 3 Executive Summary 5 Make in India Initiative and the Film Industry 6 India’s Film Industry 6 Industry Overview 7 Key Trends in the Indian Film Industry 10 Growth Drivers and Opportunities 15 Key Challenges in the Industry 17 Key Focus Areas for the Film Industry 21 Technological Advancements in the Film Industry 24 Skill Development in the Film Industry 32 Film Tourism in India 34 Background and Global Perspective 34 Film Tourism in India: An Overview 40 Recent initiatives to Improve Film Tourism 40 Next Steps and Initiatives 46 International Best Practices: Case Studies 50 Case Study: Film Tourism in the UK 50 Case Study: Film Tourism in New Zealand 54 Shooting of Foreign Films in India – Tax Aspects 59 Authors, Acknowledgments and Contacts 62 3 Indywood | The Indian Film Industry Foreword Welcome to the Indian Film Industry Report critical to remain at the forefront of global for the Indywood Film Carnival taking place trends. The report analyses the methods to during September 24 – 27, 2016 in Ramoji achieve this including technology transfers, Film City, Hyderabad. The film industry collaboration with international studios and has been earmarked as a key sector in the development of technical skills in-country. Make in India campaign. As part of this, Another endeavour of the Make in India the Government of India is taking several campaign has been to develop technical initiatives to effect growth in the sector skills for film production, post production as well as promote foreign film shootings and VFX.
    [Show full text]
  • PVR Limited Upside: 9.90% PVR (NSE) Current Price: 1186.85 (As of 10.10.16) 532689 (BSE)
    CFA Institute Research Challenge Hosted by Indian Association of Investment Professionals Narsee Monjee Institute of Management Studies, Mumbai Rating: HOLD Company: PVR Ltd. (PVRL) Industry: Media and Entertainment Target Price: INR 1304.30 PVR Limited Upside: 9.90% PVR (NSE) Current Price: 1186.85 (as of 10.10.16) 532689 (BSE) Exhibi�ng Strength, But Expensive Ticker Highlights . PVR (NSE) We recommend a HOLD call on PVR Limited (PVR) with a one-year target price of INR 1304.30 using . 532689 (BSE) Discounted Cash Flow and Mul�ples Method. This offers a 9.9% upside from its closing price of INR . PVRL:IN (Bloomberg) th 1186.85 on 10 October, 2016. PVR is using the strength of its financial posi�on and low levered balance . PVRL.NS (Reuters) sheet to expand its presence in the country. The revenue growth will be driven by its focus on enhanced Key Data user experience. However, our es�mates indicate that the current price reflects most of these benefits and a higher price rise is possible only when risks like increased compe��on, reducing price premium Closing Market Price (INR) 1186.85 and challenges to expansion are alleviated. 52 Week High/Low 1334.8/645.25 Market leader in film exhibi�on industry Current O/S Shares (Mn) 46.68 PVR has built a strong footprint of mul�plexes in prime loca�ons of major ci�es. It has high average Mkt Cap (INR Bn/USD Mn) 55.40/836.29 �cket prices and higher occupancy than the other top 3 mul�plex players in the country.
    [Show full text]
  • Marathon Nexzone
    https://www.propertywala.com/marathon-nexzone-navi-mumbai Marathon Nexzone - Panvel, Navi Mumbai In the midst of nature Marathon Nexzone is a residential project by Marathon Group which offer 2 & 2.5 Bhk apartments available at Panvel, Navi Mumbai. Project ID : J711190267 Builder: Marathon Group Location: Marathon Nexzone,National Highway-4B,JNPT Highway, Near Palaspe Phata, Panvel, Navi Mumbai - 410206 (Maharashtra) Completion Date: Dec, 2019 Status: Started Description Marathon Nexzone is a residential project by Marathon Group located at Panvel, Navi Mumbai. This project offers 2 & 2.5 Bhk apartments ranging between 581-931 sq.ft. which is spread over the total area of 25 acre of land. Spacious and comfort homes for its residents along with well equipped modern amenities and hi-end utilities with world class infrastructure. Amenities Gymnasium Car Parking Club House Lifts Power Backup Children's Play Area 24*7 Water Supply Marathon, have a rich history of innovation, quality and transparency. Marathon has delivered more than 80 residential and commercial projects over the last 49 years. We’ve consistently been setting new benchmarks in construction quality, design and engineering. Features Security Features Lot Features Security Guards Electronic Security Private Terrace Balcony Private Garden Intercom Facility Fire Alarm Corner Location Park Facing Lot Interior Features Basement Woodwork Modular Kitchen Feng Shui / Vaastu Compliant Interior Exterior Features Marble Flooring Granite Flooring Reserved Parking Visitor Parking Wooden
    [Show full text]
  • GTM Forest Lavana - Mohakampur Kala, Dehra… a Real Paradise
    https://www.propertywala.com/gtm-forest-lavana-dehradun GTM Forest Lavana - Mohakampur Kala, Dehra… A real paradise. GTM Forest Lavana presented by GTM Builders & Promoters Pvt Ltd. offer studio & 2 Bhk apartment available in Rajpur Road,Mohkampur,Dehradun Project ID : J542011899 Builder: GTM Builders & Promoters Pvt Ltd. Location: GTM Forest Lavana, Mohakampur Kala, Dehradun - 248001 (Uttarakhand) Completion Date: Dec, 2016 Status: Started Description GTM Forest Lavana is one of the popular residential projects that is located on Mohkampur, Rajpur Road, Dehradun. This project, developed by GTM Builders, offer studio and 2 Bhk apartment ranging between 700- 1250 sq.ft. which is spread over the total area of 12.5 acre of land equipped with all the modern amenities for the comfort of residents. RERA ID: UKREP09170000015 Amenities Park Security Power Backup GTM Builders & Promoters Pvt. Ltd is a fast-growing conglomerate of diverse business interests, encompassing Real Estate, jewelry and music. A Multi-faceted group with a distinctive approach and philosophy, the group has been operating quality systems that integrate technological and design innovations. Features Luxury Features Security Features Power Back-up Centrally Air Conditioned Lifts Security Guards Electronic Security Fire Alarm RO System High Speed Internet Wi-Fi Security Lot Features Intercom Facility in Lifts Balcony Corner Location Park Facing Lot Interior Features Garden Woodwork Modular Kitchen Feng Shui / Vaastu Compliant Exterior Features Recreation Reserved Parking Visitor
    [Show full text]
  • Screen Density – Key to Unlocking the Hidden Box Office Potential December 2018
    Screen Density – Key to Unlocking the Hidden Box Office Potential December 2018 Screen Density | Key to Unlocking the Hidden Box Office Potential Contents Foreword Producers Guild of India 4 Foreword Deloitte 5 Executive Summary 6 The Indian Film Industry Paradox 8 Exhibition Sector: Key Challenges 16 Development of China’s film exhibition industry – a remarkable growth story 26 Socio-economic impact of promoting growth in screen density in India 32 Recommendations 38 Annexures 46 Acknowledgments 66 03 Screen Density | Key to Unlocking the Hidden Box Office Potential Foreword Producers Guild of India India is one of the fastest growing Our endeavor is to help the film industry economies in the world with a young and create an ecosystem of growth and highly aspirational population. As Indians inclusion. The film production houses move up the economic development should be able to justify the investments curve, the time spent on leisure activities in content development through is expected to further increase. While increased outreach of their films, the there are various forms of recreational exhibitors should be able to provide activities, in India, cinema is considered quality infrastructure and the audiences to be one of the most favoured forms of should have access to a world class film such activity. viewing experience. Despite producing the largest number We hope that this initiative will get the of films across languages and having ball rolling towards reforms which will an unrestricted access to international enable the industry to reach its full content, Indian film industry’s net potential. economic contribution remains dismal. Much of the opportunity is lost due to Kulmeet Makkar our inability to provide the audiences Chief Executive Officer access to good quality entertainment Producers Guild of India infrastructure.
    [Show full text]
  • Indian Film Exhibition Sector 5 October 2016
    Institutional Equities This page has been intentionally left blank Institutional Equities Indian Film Exhibition Sector 5 October 2016 Oligopolistic Business In Its Infancy; GST To Lift Margins And RoIC View: Positive We initiate coverage on Indian film exhibition sector (multiplexes) with a positive view and market capitalisation-weighted return expectation of 21% till September 2017. We believe PVR and Inox Leisure (the two largest players) can deliver in the next 10 years at least 5%-10% volume/footfall Girish Pai growth (new screen-driven, attracting both single-screen and new generation customers) with rise [email protected] in realisation of 4%-5%. This will result in revenue CAGR of 10%-15% with PAT growing a tad faster. +91-22-3926 8017 Structurally, we expect increase in relevant customer households which can afford this type of entertainment (currently at 8%-11% of total, in our view) will drive demand. Same store/screen sales growth (SSG), in our view, will be realisation-led at 4%-6%. Over FY16-FY19E, we expect PVR and Inox (in aggregate) revenue/EBITDA/PAT CAGR of 18%/25%/29%. There will be a margin kicker provided by implementation of Goods and Services Tax or GST in FY18 (we assume 22% neutral rate). This industry, a highly taxed one, will benefit if GST rate is in the 18%-22% band. GST would have raised RoIC by ~300-350bps at 22% rate had it been implemented in FY16, ceteris paribus. What excites us is that, in its infancy itself, it is an oligopoly (top four players control ~70% of screens) and will remain so as entry barriers are quite formidable and there are no substitutes.
    [Show full text]