INOX leisure limited is a multiplex chain operator. The shares of the firm dropped around 8% on Tuesday. This came after the company reported a consolidated net loss amounting to rupees 82.15 crore for the quarter ending on 31st March 2020. The scrip dwindled to rupees 261.30 or down 7.66% on the sensex. On the National stock exchange it dropped down 7.46 percent to rupees 262.05.
On Monday, INOX leisure limited declared a consolidated net loss worth rupees 82. 15 crore for the fourth quarter of financial year 2019-20 as against a profit of rupees 48.08 crore recorded in January to March quarter a year ago. This loss was majorly due to the adverse impacts of coronavirus pandemic on the film exhibition business as well as the subsequent imposition of nationwide lockdown.
The company’s RFO or revenue from operations plunged to 371.58 crore aur 22.39% as against rupees 478.84 crore projected during the same period last year.
In a post earnings statement, INOX group director Siddharth Jain said that the Novel coronavirus caused covid-19 disease and the resultant lockdown imposed by the Narendra Modi LED BJP government on March 22 2020 has affected several businesses and industries and the entire entertainment industry and subsequently the business activities of the company are thus, badly affected.