Unleveraged Balance Sheet

INOX R-City Ghatkopar Mumbai

INVESTOR PRESENTATION Nov 2017 Introducing the ‘THEATRE OF DREAMS’… INOX INSIGNIA at Atria Mall, Worli Mumbai

• Live food counter serving gourmet delights • A new level of luxury paired with bespoke interiors • Laser projection with Dolby Atmos Sound and 3D powered by Volfoni systems

• Theatres with opulent recliners • Personalized ticketing and butler-on-call • Gourmet Menu curated by Celebrity Chef Vicky Ratnani • Staff Uniforms crafted by Arjun Khanna

2 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.

3 Discussion Summary

. INDUSTRY OVERVIEW . ANNEXURE . COMPANY OVERVIEW • PER SCREEN ECONOMICS • SHAREHOLDING STRUCTURE . COMPETITIVE ADVANTAGE & OUTLOOK • DETAILED FINANCIALS . Q 2 FY18 RESULT UPDATE

4 INDUSTRY OVERVIEW

5 Strong Fundamentals & Huge Growth Potential

2nd Highest Number Of Theatre Footfalls in the World Highest Number of Film Releases in the World

Footfalls in Million 2,178 1,602 1,930

1,364 745 554 476 324 279 241 204 208 197 176 171 169 156 146 182 166

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

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

Screens / Million population 125

95 80 60 57 40 26 25 16 12 10 8

US France Spain UK Germany South Korea Japan Taiwan China Thailand Brazil India

Source: CRISIL Report, FICCI Whitepaper on Screen Density in India 6 Steady Performance and Resilience

Indian Film Industry Displays Steady Performance Trends

In Rs. Billion

250 CAGR 7.7% 206.6 191.6 200 CAGR 6.1% 178.2 166.0 155.0 138.1 142.4 150 125.3 126.4 112.4 100 131.2 106.6 111.8 117.9 124.2 50 85.1 93.4 93.5 101.4 99.8 0 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E Domestic Theatrical Overseas Theatrical Home Video Cable & Satellite Rights Ancilliary Revenue Streams

Domestic Theatricals Continue to Remain the Major Revenue Contributor

75.7% 74.5% 74.0% 73.4% 70.1% 68.8% 67.4% 66.2% 64.8% 63.5%

2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E % Share of Domestic Theatricals in Total Film Industry Revenues

Source: FICCI-KPMG 2017 Report 7 Multiplexes Witnessing Rapid Growth

Number of Screens FACTORS DRIVING GROWTH IN MULTIPLEXES: Single Screens Multiplexes

9,308 9,308 . Superior location, destination and

10,000

9,121 9,121

8,685 8,685 8,451 8,451

9,000 8,002 8,002 parking facilities.

8,000

7,000

6,000 6,000 6,000

6,000 . State of art equipment (high quality 5,000 video and audio), superior interiors, 4,000

3,000 2,471

2,225 2,134

1,630 ambience and service.

1,500 1,500 1,350

2,000

1,225 1,075

1,000

- . Multiple screens in one location offer a 2010 2011 2012 2013 2014 2015 2016 Oct-17 wider variety of content to the patrons. Further, different screen sizes provide Multiplexes currently account for programming flexibility. This results in ~ 30% market share of the screens, higher occupancy ratios. h o w e v e r they account f o r . Strong demographics, rising disposable more than 40% of box office incomes and discretionary spends. collections

Source: CRISIL Report, FICCI-KMPG Report 2017, Industry Sources 8 Increasing Number Of INR 1bn + Movies

Wider Screen Releases

6,500 5,200 5,300 4,500 3,446 3,359 2,638 3,014 2,065 2,101 1,598 1,000 INCREASING NUMBER OF

3 Idiots Dabaang Bodyguard Ek Tha Tiger Dabaang 2 Chennai Dhoom 3 Kick P.K Bajrangi Dangal Bahubali 2 - MOVIES ARE GENERATING (2009) (2010) (2011) (2012) (2012) Express (2013) (2014) (2014) Bhaijaan (2016) The (2013) (2015) Conclusion MORE THAN RS 1 BN IN (2017) NET BOX OFFICE COLLECTIONS Higher Number Of INR 1 Bn + Movies DRIVEN BY WIDER SCREEN RELEASES

2 AND 2 2 1 2 IMPROVING CONTENT QUALITY 9 7 7 1 5 6 5 6 1 2 2008 2009 2010 2011 2012 2013 2014 2015 2016 Jan-17 to Oct- 17 INR 1 BN + INR 2 BN +

Source: Industry 9 Company Overview

10 Track Record of Aggressive Expansion

Screens Properties

600 118 120 130 107 96 110 500 72 79 90 63 68 400 70

32 50 300 22 26 14 30 2 3 6 9 200 10

-10

100

-30

51 12 25 35 76 91

468 119 239 257 279 310 372 420 481

0 -50

FY07 FY17 FY03 FY04 FY05 FY06 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Oct-17

ON AN AVERAGE ADDITION OF 3 SCREENS EVERY MONTH OVER THE LAST DECADE Note: Includes Acquisition of Calcutta Cine Pvt. Ltd. in FY07, Fame India Ltd. in FY11 and Satyam Cineplexes Ltd. in FY15

11 PAN India Presence

ONE OF THE LARGEST MULTIPLEX CHAIN OPERATOR IN INDIA

HARYANA | 5 Properties | 16 Screens 58 Cities RAJASTHAN | 13 Properties | 43 Screens

12 * Includes 8 management properties with 29 screens and 7,370 seats Key Marquee Properties

13 Marquee Properties – Atria Mall Worli Mumbai

14 15 CR2 Nariman Point, Mumbai

16 17 18 INSIGNIA – LUXURY MOVIE WATCHING EXPERIENCE

19 20 21 22 23 24 25 Financial Summary

Financial Summary is as per IGAAP for FY13 to FY15 and as per IND-AS for FY16 and FY17. Revenues for FY13 to FY15 are shown net of entertainment tax, consistent with the revenues under IND-AS for FY16 and FY17

REVENUES EBITDA PAT 7.0% 14.8% 16.0% 13.7% 16.3% 12.0% 4.8% 2.8% 2.2% 2.5% 1,160.6 1,220.7 189.1 81.0 895.4 762.8 146.1 663.2 122.0 122.7 98.0 36.9 30.6 18.5 20.0

FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 EBITDA EBITDA Margin % PAT PAT Margin %

REVENUES - SEGMENT BREAKUP LEVERAGE ANALYSIS RETURN METRICS

4.9% 7.9% 8.0% 7.8% 7.6% 16.8% 0.8 0.6 0.5 14.9% 4.9% 6.5% 9.1% 7.8% 7.9% 0.3 0.4 21.4% 11.5% 21.3% 21.3% 22.9% 23.3% 10.3% 9.4% 6.1% 7.3% 676.2 522.3 552.5 5.7% 5.7% 68.9% 324.6 64.3% 61.6% 61.4% 61.3% 390.9 3.8% 281.0 242.2 241.2 267.0 317.0

FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 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) All figures in INR Crs., unless specified 26 Net Debt = Total Debt – Cash –Bank – Liquid MF Investments Operational Summary

Footfalls & Occupancy Rate

411 353 386

Note: All the above charts exclude managed properties. 27 Operational Summary

Operational Summary is as per IGAAP for FY13 to FY15 and as per IND-AS for FY16 and FY17

Film Distributor Share (%)

44.3% 44.3% 43.8% 43.9% 44.4% 36.2% 36.4% 35.9% 34.6% 35.0%

FY13 FY14 FY15 FY16 FY17 Distributor Share on NBOC Distributor Share on GBOC

Other Overheads Per Operating Screen (Rs Lakhs)

145.8 157.0 162.5 132.5 138.3 47.5 52.7 43.4 39.8 40.4 45.5 42.9 35.4 39.2 40.8

39.3 40.2 41.3 44.0 45.6 18.1 18.5 20.3 20.1 21.2 FY13 FY14 FY15 FY16 FY17 NBOC (Net Box Office Collections) Employee Benefits Lease Rental & Hire Charges GBOC (Gross Box Office Collections) CAM, Power & Fuel, R&M Other Overheads 28 Competitive Advantage • R e c o g n i s e d And Trusted Corporate G r o u p • Well Diversified Presence Across India • S t r o n g New Screens Pipeline • Strong Brand Partnerships • U n d e r - leveraged Balance Sheet With Further Scope For Dilution • State Of The Art Technology, Unmatched Service And A m b i e n c e 29 Recognised & Trusted Corporate Group

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

Listed Companies Other Key Companies

Gujarat Fluorochemicals Inox Leisure Inox FMCG Inox Air Products Inox India Private Inox Renewables Inox Wind Limited Limited Limited Private Limited Private Limited Limited Limited

. Largest producer (by . One of the largest . One of the largest . Launched in January 2016, . 50:50 joint venture with Air . Manufacturer of cryogenic . Engaged in the business of volume) of chloromethanes, manufactures of Wind multiplex chains in India it is focussed on FMCG Products Inc., USA liquid storage and transport setting up and operating of Turbine Generators (WTG) business encompassing tanks in India wind farms refrigerants and . In the business of setting . Manufacturer of industrial in India F&B and non-F&B Polytetrafluoroe-thylene in up, operating and gases in India . Offers comprehensive . 233 MW operational categories. India . Manufacturers of key managing a national chain solutions in cryogenic capacity located across 3 . 36 plants spread components of WTG, of multiplexes under the . INOX FMCG products storage, vaporization and Indian states throughout the country Power brand name ‘INOX’ branded as “Inox Muchos” distribution engineering are retailed through . 300 MW Order Book from . Present in 58 cities with . Has operations in India, Modern Trade, General diversified customers 120 multiplexes and 481 USA, Canada, Netherlands Trade and HORECA including large IPPs, screens and Brazil Institutions. Utilities, PSUs, Corporates and Retail

30 Well Diversified Presence Across India

120 Properties 58 cities East, 9 South, 23 East, 19 South, 12 Well Diversified Distribution of Multiplexes across India

North, 28 West, 20 North, 17 West, 50

Access to Wide Variety of Regional Content 481 Screens 119,342 Seats South, East, 72 East, 18,805 South, 99 23,174

Lower Dependency on Hindi and English Content North, North, 99 25,173

West, 211 West, 52,190

Includes 8 management properties with 29 screens and 7,370 seats 31 Strong New Screens Pipeline

FY18 Pipeline Properties Screens Seats Properties Properties Screens Seats FY17 118 468 118,285 Pune Heritage (Opened 26th Apr17) 1 4 662 Additions - Apr17 to Oct17 3 14 2,052 Greater Noida Omaxe (Opened 14th Jul17) 1 5 1,223 Expected - Nov17 to Mar17 7 31 6,493 Mumbai Atria (Opened 21st Oct17) 1 5 167 FY18** 127 512 125,835 Kolhapur 1 4 870 Additions Post FY18 85 515 94,777 Coimbatore 1 9 2,088 Leading to 212 1,027 220,612 Cuttack 1 4 846 Nadiad 1 3 649 ** Note; • 612 seats and 1 screen reduced as Bengaluru Shankarnag was closed Navi Mumbai 1 4 779 due to Completion of the Lease Tenure Gurgaon 1 3 619 • 112 seats reduced in Bharuch Bluechip in Gujarat due to conversion Surat (Existing Property) 0 1 30 into recliner seats • 51 seats reduced in Malleshwaram, Bengaluru due to renovation Bhubaneswar 1 3 612 • 220 seats reduced in Metro, Mumbai due to renovation Total 10 45 8,545

STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

32 Strong Brand Presence

Automobiles MediaMedia FMCGFMCG Consumer Consumer Durables Durables BFSI BFSI Ecommerce Ecommerce & & Telecom Telecom Others Others. Unleveraged Balance Sheet

Particulars (INR Crs.) Sep-17 Mar-17 Share Capital 96.2 96.2 Strong Balance Sheet Low Leverage Other Equity 533.5 489.0 Net D/E: 0.4x Interest in Inox Benefit Trust, at cost (32.7) (32.7) Total Shareholder funds 597.0 552.5 Treasury Stock in Non-Controlling Interest 0.01 0.01 114 INR Crs.* Total Equity 597.0 552.5 Inox Benefit Trust Current Market Price Total Debt 307.0 317.0 Other Non-Current Liabilities 93.3 96.0 Total Sources of Funds 997.4 965.5 Fixed Assets 771.9 765.3 Promoters Stake 48.7% Other Non-Current Assets 277.7 273.5 Current Assets 101.8 81.8 Cash & Cash Equivalents 85.8 23.5 Real Estate on INR 350 Crs. Less: Current Liabilities 239.9 178.5 Balance Sheet Net Current Assets (52.2) (73.3) Total Assets 997.4 965.5

Key Balance sheet Ratios Sep-17 Mar-17 Net Debt : Equity 0.4 0.5 Potential To Grow Aggressively Without Any Return on Equity (ROE) 8.3% 5.7% Return on Capital Employed (ROCE) 10.5% 7.3% Significant Stress On Balance Sheet

• Calculated on Trailing 12 Months Basis • ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed (Capital Employed = Equity + Total Debt) 34 * Share price As of 6th Nov 2017 State of the Art Technology, Unmatched Service & Ambience

Focus On Strong Technology, Unmatched Service And Ambience

FocusFocus on On technology: 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 have signed the single largest deal with IMAX in India to provide truly encaptivating and completely immersive viewing experience

FocusFocus on on high high quality quality video video and and audio: audio: . ILL owns the 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

FocusFocus on on service service and and ambience: 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

35 Content – Oct 2017

Blade Runner 2049 Chef Secret Superstar

Release Date: Release Date: Release Date: 6th October 2017 6th October 2017 19th October 2017 Cast: Ryan Gosling, Cast: Saif Ali Khan Cast: Aamir Khan Harrison Ford Director: Raja Director: Advait Director: Denis Krishna Menon Chandan Villeneuve Banner: T-Series Banner: Aamir Banner: Warner Khan Productions Bros. Pictures

Golmaal Again Mersal Geostorm (3D IMAX)

Release Date: Release Date: Release Date: 20th October 2017 18th October 2017 27th October 2017 Cast: Ajay Devgan, Cast: Vijay, Samantha, Cast: Gerard Butler, Kareena Kapoor, Kajal Abbie Cornish, Ed Tusshar Kapoor, Director: Atlee Kumar Harris Arshad Warsi Banner: Thenandal Director: Dean Devlin Director: Rohit Studio Ltd. Banner: Warner Shetty Bros., Skydance Banner: Phantom Media, Electric Films Entertainment

36 Content Pipeline – Nov 2017

Ittefaq Thor Ragnarok (3D Qarib Qarib Single IMAX) Release Date: Release Date: 3rd November 2017 Release Date: 10th November 2017 Cast: Siddharth 3rd November 2017 Cast: Irfan Khan, Malhotra, Akshay Cast: Chris Hemsworth, Parvathy Thirovithu, Khanna, Sonakshi Sinha Benedict Cumberbatch, Bijendra Kala, Neha Director: Abhay Chopra Idris Elba, Jaimie Dhupia Banner: Red Chillies Alexander Director: Tanuja Entertainment, BR Films, Director: Taika Waititi Chandra Dharma Productions Banner: Marvel Studios Banner: Zee Studios

Shaadi Mein Zaroor Tumhari Sulu Justice League (3D IMAX) Aana Release Date: Release Date: th Release Date: 17th November 2017 17 November 2017 th 10 November 2017 Cast: Vidhya Balan Cast: Gal Gadot, Jason Cast: Rajkumar Rao, Director: Suresh Triveni Momoa, Amber Heard, Kirti Kharbanda, Govind Banner: T-Series, Henry Cavill, Ben Affleck, Namdev Ellipsis Entertainment Amy Adams Director: Vinod Director: Zack Snyder Bachchan Banner: DC Films, RatPac Banner: Soundarya Entertainment, Atlas Production Entertainment, Cruel and Unusual Films

37 Content Pipeline – Dec 2017

Padmavati Parmanu - The Story Of Pokhran Fukrey Returns Release Date: st Release Date: Release Date: 1 December 2017 th th 8 December 2017 Cast: Deepika 8 December 2017 Cast: Richa Chadha, Padukone, Ranveer Cast: John Abraham, Pulkit Samrat, Ali Fazal, Singh Boman Irani, Diana Penty Varun Sharma Director: Sanjay Director: Abhishek Director: Mrigdeep Leela Bhansali Sharma Singh Lamba Banner: Bhansali Banner: KriArj Banner: Excel Productions Entertainment, J A Entertainment, KYTA Entertainment Productions, Zee Studios

Star Wars : Episode Jumanji (3D IMAX) Tiger Zinda Hai VIII - The Last Jedi ( 3D IMAX) Release Date: Release Date: 22nd December 2017 22nd December 2017 Release Date: Cast: Dwayne Johnson, Cast: Salman Khan, 15th December 2017 Jack Black, Kevin Hart, Katrina Kaif Cast: Benecio Del Toro, Tom Holland Director: Ali Abbas Carrie Fisher, Adam Director: Jake Kasdan Zaffar Driver, Andy Serkis Banner: Columbia Banner: Yash Raj Director: Rian Johnson Pictures, Matt Tolmach Films Banner: Lucasfilm Ltd. Productions, Radar Pictures, Seven Bucks Productions

38 Content Pipeline – Jan 2018

Bharat Ane Nenu Sonu Ke Titu Ki Insidious Chapter 4 Sweety Release Date: Release Date: 11th January 2018 Release Date: th 5 January 2018 Cast: Mahesh 12th January 2018 Cast: Spencer Locke, Babu, Kiara Advani Cast: Karthik Aaryan, Josh Stewart, Bruce Director: Koratala Nusrat Bharucha, Davinson Siva Sunny Singh Najjar Director: Adam Robitel Banner: DVV Director: Luv Ranjan Banner: Blumhouse Entertainments Banner: T-Series, Luv Productions, Stage 6 Films Films

Thaana Serndha Downsizing Padman Kootam Release Date: Release Date: Release Date: 12th January 2018 26th January 2018 12th January 2018 Cast: Kristen Wiig, Cast: Akshay Kumar, Cast: Surya, Keerthy Matt Damon, Sonam Kapoor, Suresh Cristoph Waltz Radhika Apte Director: Vighnesh Director: Alexander Director: R Balki Shivan Payne Banner: Mrs Banner: Studio Banner: Ad Funnybones Movies Green Hominem Enterprises

39 Atria Mall Worli Mumbai

Q2FY18 Results Update

40 Q2 & H1FY18 Result Highlights

Q2 FY18 YoY Comparison

Revenue from Operations EBITDA PAT

315.0 EBITDA EBITDA Margin PAT PAT Margin

310.0 14.3% 3.8% 50.0 16.0% 14.0 4.0%

45.0 63% 12.0 643% 305.0 5% 14.0% 3.5% 40.0 9.1% 12.0% 3.0% 10.0 35.0

30.0 10.0% 2.5% 300.0 8.0 311.3 25.0 8.0% 2.0%

6.0 20.0 44.4 6.0% 11.7 1.5% 15.0 0.5% 295.0 4.0% 4.0 1.0% 10.0 27.2 297.4 2.0 1.6 5.0 2.0% 0.5%

290.0 - 0.0% - 0.0% Q2FY17 Q2FY18 Q2FY17 Q2FY18 Q2FY17 Q2FY18

H1 FY18 YoY Comparison

Revenue from Operations EBITDA PAT 720.0 EBITDA EBITDA Margin PAT PAT Margin

700.0 17.2% 6.3% 140.0 20.0% 50.0 7.0% 680.0 10% 14.1% 35% 18.0% 45.0 65% 120.0 6.0% 16.0% 40.0 4.2% 660.0 100.0 14.0% 35.0 5.0%

30.0 80.0 12.0% 4.0%

25.0 640.0 698.7 10.0%

60.0 120.3 8.0% 20.0 43.8 3.0% 15.0 40.0 6.0% 2.0% 620.0 89.3 4.0% 10.0 26.5 20.0 1.0% 634.3 2.0% 5.0

600.0 - 0.0% - 0.0% H1FY17 H1FY18 H1FY17 H1FY18 H1FY17 H1FY18

All figures in INR Crs., unless specified Note: EBITDA excludes Other Income (non-operating) 41 Q2 & H1FY18 Results Analysis – Revenue Break Up Analysis

Q2 FY18 YoY Comparison H1 FY18 YoY Comparison

350.0 800.0 311.3 297.4 698.7 700.0 300.0 26.4 634.3 24.0 53.1

23.8 32.1 600.0 45.4 65.5 250.0 10.3% 45.1 16.9% 70.2 67.1 500.0 155.2 200.0 150.8

400.0 34.7% 45.1% 150.0

300.0

100.0 179.4 -4.4% 185.6 200.0 392.9 2.9% 424.8

50.0

100.0 3.5% 8.1%

0.0 0.0 Q2FY17 Q2FY18 H1FY17 H1FY18

%Share Q2FY17 Q2FY18 H1FY17 H1FY18 Net Box Office 60.3% 59.6% 61.9% 60.8% Net Food & Beverage 23.6% 21.5% 23.8% 22.2% Advertisement 8.0% 10.3% 7.1% 9.4% Other Operating Revenues 8.1% 8.5% 7.2% 7.6%

All figures in INR Crs., unless specified 42 Q2FY18 Results Analysis – Top 5 Movies in INOX

TOP 5 Movies in INOX

43 Q2 & H1FY18 Results Analysis – Key Operational Metrics

Overall Footfalls & Occupancy% Comparable Properties Footfalls & Occupancy%

Footfalls (Lacs) Occ% Footfalls (Lacs) Occ%

350.0 33% 350.0 33% 28%

28% 300.0 300.0 29% 28% 29% 28% 26% 25% 27% 250.0 250.0 25%

23% 23%

200.0 200.0

18% 18%

150.0 150.0 282.4 285.7 272.6 259.8 13% 13%

100.0 100.0

8% 8% 50.0 124.4 50.0 127.0 127.5 118.4

- 3% - 3% Q2FY17 Q2FY18 H1FY17 H1FY18 Q2FY17 Q2FY18 H1FY17 H1FY18

Footfalls with Management properties: Q2FY18 – 134.06 lacs, H1FY18 – 302.05lacs

300 Comparable Properties Average Ticket Price (ATP) [INR] Overall Average Ticket Price (ATP) [INR] 300

250 250

200 200

150 150

100 190 100 183 186 178 184 187 179 191

50 50

- - Q2FY17 Q2FY18 H1FY17 H1FY18 Q2FY17 Q2FY18 H1FY17 H1FY18 44 Q2 & H1FY18 Results Analysis – Key Operational Metrics

Spend Per Head (SPH) [INR] Food & Beverages – Net Contribution (%)

100 100.0%

90 90.0%

80 80.0%

70 70.0%

60 60.0%

50 50.0%

40 3.3% 40.0% 73.9% 75.0% 75.7% 76.0% 30 65 65 63 65 30.0%

20 20.0%

10 10.0%

- 0.0% Q2FY17 Q2FY18 H1FY17 H1FY18 Q2FY17 Q2FY18 H1FY17 H1FY18

Advertisement Revenue [INR Crs.] Other Operating Revenue [INR Crs.]

80.0 50.0

45.0 70.0

40.0 60.0

35.0 65.5 50.0 30.0

40.0 25.0 34.7% 45.1 45.1% 10.3% 16.9% 20.0 30.0 53.1 15.0 32.1 20.0 45.4

10.0 23.8 10.0 24.0 26.4 5.0

- - Q2FY17 Q2FY18 H1FY17 H1FY18 Q2FY17 Q2FY18 H1FY17 H1FY18

45 Q2 & H1FY18 Results Analysis – Key Operational Metrics

Film Distributor Share [%] Other Overheads Per Operating Screen (INR Lacs)

Employee Benefits Property Rent & Conducting Fees Distributor Share On NBOC Distributor Share On GBOC CAM, Power & Fuel, R&M Other Overheads

70.0%

90.0 82.1 79.5

80.0 60.0% -13.4% 70.0 26.2 22.7 50.0% 46.3% 46.5% 44.2% 44.9% 60.0

40.0% 36.2% 36.8% 3.6% 34.7% 35.5% 50.0 -31.0% 41.3 22.2 23.0

40.0 36.8 30.0% 14.0 -0.4% 30.0 9.6 1.8% 20.0%

20.0 22.7 23.2 10.9 0.4% 10.8

10.0%

10.0 11.0 11.0 -2.6% 10.9 -2.5% 10.6

0.0% - 5.5 5.3 Q2FY17 Q2FY18 H1FY17 H1FY18 Q2FY17 Q2FY18 H1FY17 H1FY18

NBOC (Net Box Office Collections) , GBOC (Gross Box Office Collections) 46 INSIGNIA CR2 Nariman Point Mumbai

Annexure

47 Per Screen Economics

Per Screen Economics is as per IND-AS and post GST impact Per Screen Economics: (In Rs Lakhs) Per Screen Economics: ATP (Rs) 178 % Breakup of Revenues SPH (Rs) 62 Net Box Office Collections (NBOC) 62% - 63% Occupancy (%) 30% Food & Beverages 23% - 24% Advertising Income 8% - 9% Revenue from Operations 314.0 Other Income 7% - 8% Net Box Office Revenue (NBOC) 196.1 Food & Beverages 71.7 Per Screen Economics: (In Rs Lakhs) Advertising Income 23.6 Fixed Costs - ~ 57% - 58% of total costs 141.6 Other Revenues 22.6 Contribution (Sales – Variable costs) 205.8 Costs: Breakeven Contribution (to cover fixed costs) 141.6 Distributors' Share @ 44% of NBOC 86.3 Breakeven Revenues 216.0 Other Exhibition Cost 2.5 Breakeven NBOC 134.9 Food & Beverages Cost 19.4 Breakeven Occupancy % 21.0% Lease Rental & Hire Charges 45.6 CAM, Power & Fuel, R&M 42.9 Employee Benefits Expense (excluding corporate overheads) 13.0 Per Screen Economics: Other Overheads 40.1 . Long term steady occupancy levels of ~ 30% and stable ATP. EBITDA 64.2 EBITDA Margin % 20.4% . Gradually improving share of F&B and advertising revenues. Depreciation 19.2 . EBITDA margins per screen of ~ 20% - 21%. EBIT 45.0 Gross Capex 250.0 . ROCE per screen of ~ 15% - 20%. Working Capital 0.0 . Significant scope for improvement in ROCE per screen driven by Capital Employed 250.0 increasing share of F&B revenues (~ 75% contribution) and ROCE % 18.0% advertising revenues (~ 95% contribution) in the future.

48 Shareholding Structure

Share Price Performance As on 6th Nov 2017 350 Market Data 300 Market Capitalisation (INR Crs.) 2,531 250 Price (INR) 262.4 200 No. of Shares Outstanding (Crs.) 9.6 150 100 Face Value (INR) 10.0 50 52 week High/Low (INR) 305.85/193 0 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Source: BSE Source: BSE

Key Institutional Investors – Sep 2017 % Holding % Shareholding as of Sep 2017 DSP Blackrock Small MF 6.7% Public/Others, 14.70% Reliance MF 3.5% INOX Benefit Birla Sunlife 3.3% Trust, 4.51% Kuwait Investment Authority Fund 3.0% Promoter & Goldman Sachs India Limited 2.6% Promoter Group, 48.70% Morgan Stanley 2.5% DII, 18.31% ICICI Prudential MF 1.7% Aadi Financial Advisors LLP 1.5% FII, 13.78% TATA MF 1.2% Sundaram MF 1.1% 49 Source: Company Source: Company Consolidated P&L Statement

Particulars (INR Crs.) Q2 FY18 Q2 FY17 YoY % Q1FY18 QoQ % H1 FY18 H1 FY17 YoY % FY17 Revenue from Operations 311.3 297.4 4.7% 387.4 -19.6% 698.7 634.3 10.2% 1,220.7 Exhibition Cost 88.5 86.6 2.1% 107.1 -17.4% 195.5 181.6 7.7% 345.3 Food & Beverages Cost 16.8 18.3 -8.5% 20.5 -18.1% 37.2 36.7 1.4% 68.1 Employee Benefits Expense 23.3 21.8 6.9% 23.0 1.5% 46.3 43.4 6.5% 86.4 Lease Rental & Hire Charges 48.5 44.0 10.1% 52.2 -7.1% 100.6 90.5 11.2% 185.8 CAM, Power & Fuel, R&M 47.5 43.5 9.3% 52.6 -9.7% 100.1 88.5 13.2% 174.5 Other Expenses 42.3 56.0 -24.3% 56.3 -24.8% 98.6 104.3 -5.4% 214.6 EBITDA 44.4 27.2 63.4% 75.9 -41.4% 120.3 89.3 34.7% 146.1 EBITDA Margin % 14% 9% 513 bps 20% -530 bps 17% 14% 314 bps 12% Depreciation & Amortisation 21.5 20.8 3.5% 21.5 -0.2% 43.0 41.0 4.8% 84.1 Impairment Loss on PP&E 0.7 - 0.6 11.6% 1.3 - 1.3 Other Income 2.9 2.1 35.8% 2.3 24.3% 5.2 4.6 13.1% 9.1 Finance Cost 7.3 5.8 25.4% 7.2 1.7% 14.5 11.6 24.8% 25.3 Exceptional Items ------Share of Profit from Joint Ventures (0.0) (0.0) -61.3% 0.0 -198.7% 0.0 (0.0) -101.4% 0.1 PBT 17.8 2.7 559.8% 48.9 -63.5% 66.7 41.2 61.9% 44.6 Current Tax 6.7 1.9 247.8% 17.8 -62.3% 24.5 15.7 55.9% 14.7 Deferred Tax (0.6) (0.8) -30.9% (1.1) -47.6% (1.6) (1.1) 51.9% 0.9 Tax pertaining to earlier years - - - - - (1.6) PAT 11.7 1.6 643% 32.1 -64% 43.8 26.5 65% 30.6 PAT Margin % 4% 1% 322 bps 8% -453 bps 6% 4% 208 bps 2.5% Earnings Per Share (EPS) 1.27 0.17 643% 3.49 -64% 4.77 2.89 65% 3.33

50 Consolidated Balance Sheet Statement

Equity & Liabilities (INR Crs.) Sep-17 Mar-17 Assets (INR Crs.) Sep-17 Mar-17 Equity: Non-Current Assets: 670.8 672.8 Equity Share Capital 96.2 96.2 Property, Plant & Equipment Capital work-in-progress 72.0 62.6 Other Equity 533.5 489.0 Goodwill 17.5 17.5 Interest in Inox Benefit Trust, at cost (32.7) (32.7) Other Intangible Assets 11.7 12.4 Equity attributable to owners of the company 597.0 552.5 Investments in Joint Ventures 0.1 0.1 Non-Controlling Interest 0.0 0.0 Other Investments 1.0 1.2 Total Equity 597.0 552.5 Loans 71.7 69.0 Non-current liabilities: Other Financial Assets 81.4 71.8 Borrowings 270.0 291.9 Deferred Tax Assets (Net) 37.6 48.3 Other Financial Liabilities 2.6 3.1 Tax Assets (Net) 8.4 5.5 Provisions 10.2 10.0 Other Non Current Assets 77.6 77.6 Other Non-current Liabilities 80.5 82.9 Total Non Current Assets 1,050 1,039 Total of Non-Current Liabilities 363.3 388.0 Current Assets: Inventories 9.3 9.1 Current Liabilities: Other Investments 67.6 10.7 Borrowings - - Trade Receivables 68.8 46.6 Trade Payables 102.4 88.4 Cash and Bank Balances 16.8 9.8 Other Financial Liabilities 98.0 64.8 Bank Balances Other than above 2.2 3.4 Other Current Liabilities 59.9 36.0 Loans 4.3 4.4 Provisions 16.5 14.4 Other Financial Assets 0.3 0.3 Current Tax Liabilities (Net) 0.0 0.0 Other Current Assets 18.4 21.0 Total of Current Liabilities 276.9 203.6 Total Current Assets 187.7 105.3 Total Equity & Liabilities 1,237.2 1,144.1 Total Assets 1,237.2 1,144.1

51 Thank You Balesh Talapady GM – Business Analysis INOX Leisure Ltd. Contact+91-22-4062 6927 52 Email: [email protected]