25 May 2015
4QFY15 Results Update | Sector: Media
Inox Leisure
BSE SENSEX
27,644
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INRm)/Vol ‘000
Free float (%)
S&P CNX
8,370
INOL IN
96.2
14.9/0.2
197/123
-6/-12/-4
62/369
51.3
CMP: INR155
n
TP: INR230 (+48%)
Buy
Better content and aggressive screen addition to drive growth
Revenue in line, margins below estimates:
INOL reported overall revenue of
INR2,178m in 4QFY15 (est. of INR2,165m) as against INR1,883m in 4QFY14,
marking a YoY growth of 15.6%. EBITDA margins declined 360bps—from 8.4% in
4QFY14 to 4.8% (est. of 6%) in 4QFY15 led by higher employee expenses (130bp),
rentals (250bp) and other expenses (400bp). EBITDA stood at INR105m (est. of
INR130m), marking a YoY decline of 34%. PAT stood at INR-40m (est. of INR-143m)
in 4QFY14 as against INR15m in 4QFY15, helped by negative tax of INR-93m. INOL
opened seven new screens during the quarter, taking the total count to 372.
Weak content resulted in muted footfall growth:
Total footfalls during the
quarter grew 2% YoY to 8.2m, while like-to-like footfalls for comparable properties
declined 13% YoY. Consequently, occupancy rate for the quarter declined to 20%
from 23% in 4QFY14. ATP for the quarter posted 3% growth YoY and stood at
INR158, while SPH for the quarter grew 8% YoY and stood at INR53. Advertising
revenue was up 23% to INR198m; however ad revenue/screen was flat YoY at
INR0.56m/screen. The management highlighted that the FY15 ad revenue/screen
growth of 35% is more reflective of future ad revenue growth. We believe INOL
has strong headroom to close the gap with PVRL on ad revenues (INR2.4m v/s
INR4m); we expect ad revenues to reach INR1,830m over FY15-17 (50% CAGR).
Strong outlook for new screen additions:
The management is confident of
opening 57 screens during FY16, which will be significantly higher than 27 in FY15.
The management targets to reach 557 screens over the next three years, thereby
providing strong growth visibility. Management is open to inorganic opportunities
and will seek them actively, thus strengthening INOL’s leadership position.
Valuation and view:
Movie screening is an under-penetrated business in India and
we believe INOL—being the second largest player—is well poised for a revival in
discretionary spends along with better content in FY16. We expect 31% revenue
CAGR and 43% EBTDA CAGR over FY15-17. We value INOL at a PE multiple of 20x
FY17E EPS (implied EV/EBITDA multiple of 9x FY17E EV/EBITDA—a 10% discount
to PVRL target multiple of 10x), arriving at a target price of INR230. Maintain
Buy.
Financials & Valuation (INR Billion)
Y/E MAR
Sales
EBITDA
NP
EPS (INR)
EPS Gr. (%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2015 2016E 2017E
10.2
1.2
0.2
2.2
-42.8
70.3
3.9
7.1
70.5
2.2
13.3
1.8
0.6
6.6
201.5
76.6
8.6
11.3
23.4
2.0
17.4
2.5
1.0
11.5
73.3
87.5
13.3
16.8
13.5
1.8
n
n
Estimate change
TP change
Rating change
n
Niket Shah
(Niket.Shah@MotilalOswal.com); +91 22 3982 5426
Atul Mehra
(Atul.Mehra@MotilalOswal.com); +91 22 3982 5417
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Inox Leisure
Revenue in-line; Margins below estimates
n
n
n
n
INOL reported overall revenue of INR2,178m in 4QFY15 (est INR2,165m) as
against INR1,883m in 4QFY14 marking a YoY growth of 15.6%.
EBITDA margins declined by 360bps to 4.8% (est 6%) in 4QFY15 led by higher
employee expenses (130bp), rentals (250bp) and other expenses (400bp).
EBITDA stood at INR105m (est INR130m) marking a YoY decline of 34%.
PAT stood at INR-40m (est INR-143m) in 4QFY14 as against INR15m in 4QFY15
helped by negative tax of INR-93m.
INOL opened 7 new screens during the quarter, taking total screen count to 372
screens as of 4QFY15.
Exhibit 2: EBITDA trend
Growth (% YoY)
40.4
16.7
15.6
2,178
384
404
269
17.0
12.6
12.4
8.4
4.8
159
289
366
463
105
EBIITDA (INR m)
Growth (% YoY)
13.8
15.4
Exhibit 1: Revenue trend
Revenues (INR m)
28.4
13.9
2,294
2,369
2.9
10.4
1.3
2,324
12.3
2,659 3,008
2,143 1,883
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Strong property growth continues…
Number of properties
76
79
82
92
94
96
Exhibit 4: …along with increase in number of screens
Number of screens
288
288
296
310
320
361
365
372
74
74
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Quarterly footfall trend
Number of footfalls (m)
11
11
10
11
12
8
Exhibit 6: PAT trend
PAT (INR m)
6.2
6.2
3.0
0.8
142
147
65
15
2.0
46
2.0
53
143
Margin (%)
4.8
-1.8
-40
9
8
Source: Company, MOSL
25 May 2015
Source: Company, MOSL
2

Inox Leisure
Weak content resulted in muted footfall growth
n
n
n
n
Total footfalls during the quarter grew 2% YoY to 8.2m, while like-to-like
footfalls for comparable properties declined 13% YoY due to weak content.
Consequently, occupancy rate for the quarter declined to 20% from 23% YoY.
ATP for the quarter posted 3% growth YoY and stood at INR158 while SPH for
the quarter grew 8% YoY and stood at INR53.
Advertising revenue showed a growth of 23% to INR198m, however ad
revenue/screen was flat YoY at INR0.56m/screen YoY. Management highlighted
FY15 ad revenue/screen growth of 35% is more reflective of future ad growth.
Exhibit 8: SPH growth strong
SPH (INR)
175
56
158
49
51
48
53
49
56
53
Exhibit 7: ATP continues to be robust
ATP (INR)
163
153
156
153
159
162
Source: Company, MOSL
Source: Company, MOSL
Exhibit 9: Snapshot of key metrics
Consolidated
Location
Screens
Footfalls (m)
ATP
SPH
4QFY15
96
372
8.4
158
53
4QFY14
79
310
8.2
153
49
Change %
22%
20%
2%
3%
8%
3QFY15
94
365
11.6
175
Change %
2%
2%
-28%
-10%
56
-5%
Source: Company, MOSL
3QFY15
2,018
556
289
186
Change %
-33%
-33%
-32%
39%
Exhibit 10: Consolidated revenue break up (INR m)
Particulars
Ticket sales
Sale of Food and beverages
Advertisement and royalty income
Other revenues
Total revenues
4QFY15
1,348
374
198
257
2,178
4QFY14
1,245
342
161
135
1,883
Change %
8%
9%
23%
91%
16%
3,049
-29%
Source: Company, MOSL
Debt ends flat YoY at INR2.4b
n
n
n
n
Led by treasury stake sale (15m treasury shares amounting to INR2.6b),
management has been able to finance new screen additions and Satyam
acquisition (EV of INR2.2b) and thus keep debt flat YoY at INR2.4b.
Going forward, we expect operating cash flows to be sufficient to fund new
screen capex of INR1.2b.
Additionally, INOL has 5m treasury shares worth INR0.9b outstanding, which can
be utilized to retire further debt.
It also has opportunity for fund raising through sale and leaseback arrangements
of owned properties which result in cash flow of INR5b.
3
25 May 2015

Inox Leisure
Strong outlook for screen additions
n
n
n
n
Management is confident of opening 57 screens during FY16 which will be
significantly higher than FY15 openings of 27 new screens.
Over the next three years, management targets to reach 557 screens and has
tied up construction pipeline for these new screens.
Annual capex for FY16 / 17 should be INR1.1b to INR1.2b.
Management is open to inorganic opportunities and will seek them actively.
Exhibit 11: Management targets 57 screen openings in FY16, plans to reach 557 screens over next 3 years
Source: Company, MOSL
Exhibit 12: Screen distribution for INOL
Source: Company, MOSL
25 May 2015
4

Inox Leisure
Valuations and view – maintain Buy
We value INOL at 20x FY17 EPS of INR11.5 (implied 9x FY17E EV/EBITDA (10%
discount to PVRL target multiple of 10x) with a target price of INR230 justified by:
n
n
n
n
n
n
Leadership in film exhibition business in India, being the No. 2 player with a
Bollywood market share of ~18% and Hollywood market share of ~25-30%.
Significant screen additions pipeline with addition of ~55 screens per annum.
Strong improvement in ATP and SPH (5% and 15% CAGR respectively) led by
higher contribution from North and West regions through Satyam acquisition.
Higher ad revenue growth (50% CAGR over FY15-17) led by better monetization.
GST rollout which can result in 100-200bp margin expansion.
Opportunity for fund raising through sale and leaseback arrangements of owned
properties which result in cash flow of INR5b.
We believe the following factors pose risks to our assumptions:
n
Weaker content which can impact footfall growth.
n
Escalating rental costs which can put pressure on margins.
Exhibit 13: Price to earnings (one year forward)
73
59
45
31
17
3
25.3
24.1
P/E (x)
5 Yrs Avg(x)
Exhibit 14: Price to book (one year forward)
6.0
4.0
2.1
2.0
1.5
0.0
P/B (x)
5 Yrs Avg(x)
Source: MOSL, Bloomberg
Source: MOSL, Bloomberg
Exhibit 15: Comparative valuations
Company
FY15E
INOL
PVRL
70.5
210.2
P/E (x)
FY16E
23.4
50.8
FY17E
13.5
27.5
FY15E
2.2
6.7
P/B (x)
FY16E
2.0
6.1
FY17E
2.4
5.2
14.0
15.3
EV/EBITDA (x)
FY15E
FY16E
9.3
11.5
FY17E
6.4
8.6
Source: MOSL
25 May 2015
5

Inox Leisure
Story in charts
Exhibit 16: India has the lowest screen density
Screen / mn population
61
77
888
8700
960
8600
1104
8100
1400
7700
1700
7700
125
Exhibit 17: Multiplex penetration still quite low
Single Screens
Multiplex
31
8
38
43
45
46
52
53
2009
2010
2011
2012
2013
Source: Company, MOSL
Source: Company, MOSL
Exhibit 18: Increased aggression in screen openings
Inox screen additions
70
59
28
PVR screen additions
62
60
60
Exhibit 19: Closing gap with PVRL on ad/screen
Inox ad revenue/screen (INR m)
4.0
4.2
3.8
3.9
PVR ad revenue/screen (INR m)
4.0
2.4
4.2
3.2
1.7
4.4
4.0
55
55
55
18
24
25
1.0
0.7
1.2
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY11
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 20: Closing gap with PVRL on ATP
Inox ATP (INR)
PVR ATP (INR)
200
186
Exhibit 21: PVR ahead in terms of SPH growth
Inox SPH (INR)
PVR SPH (INR)
93
49
54
47
65
52
78
58
162
156
160
163
152
156
189
168
164
178
176
156
41
41
44
43
47
47
FY11
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY11
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
25 May 2015
6

Inox Leisure
Exhibit 22: Content for May 15
Source: Company, MOSL
Exhibit 23: Content for June 2015
Source: Company, MOSL
25 May 2015
7

Inox Leisure
Exhibit 24: Content for July 2015
Source: Company, MOSL
Exhibit 25: Content for August 2015
Source: Company, MOSL
25 May 2015
8

Inox Leisure
Key operating metrics
Exhibit 26: Key assumptions
Particulars
Operating metrics
Number of properties
Number of screens
Occupancy rate (%)
Total footfalls (m)
Average ticket price (INR)
Average Spend Per Head (INR)
Avg revenue per screen (INR m)
Growth rates %
Ticket Revenues
Food and beverages
Advertising income
Total
Revenues contribution % of sales
Ticket Revenues
Food and beverages
Advertising income
Others
Total
75%
16%
5%
4%
100%
75%
17%
4%
4%
100%
73%
19%
4%
4%
100%
69%
19%
6%
7%
100%
66%
19%
8%
7%
100%
63%
21%
10%
6%
63%
21%
10%
6%
47%
45%
38%
46%
13%
18%
3%
13%
78%
100%
82%
83%
7%
15%
53%
14%
13%
18%
64%
17%
25%
49%
57%
31%
30%
29%
42%
30%
63
239
23%
26
152
41
11.6
68
257
25%
31
156
44
12.2
74
285
28%
35
160
47
19.6
79
310
28%
39
156
49
19.2
96
372
26%
41
164
47
18.1
111
427
28%
55
176
52
19.6
126
482
28%
63
186
58
22.7
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
100%
100%
Source: Company, MOSL
25 May 2015
9

Inox Leisure
Financials and valuations
Standalone - Income Statement
Y/E Mar
Net Operations Revenue
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Expense/(Income)
PBT after EO Exp.
Current Tax
Deferred Tax
Tax Rate (%)
Less: Mionrity Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY10
2,536
12.3
364
14.3
154
209
48
19
181
0
181
4
-84
-43.8
0
261
261
7.1
10.3
FY11
3,373
33.0
326
9.7
188
138
152
50
36
56
92
3
19
24.4
0
70
27
-89.6
0.8
FY12
4,187
24.1
540
12.9
202
339
167
51
223
-97
126
19
4
18.3
0
103
182
571.6
4.4
FY13
7,653
82.8
980
12.8
431
549
267
36
319
-25
294
73
36
37.2
0
184
200
9.8
2.6
FY14
8,688
13.5
1,220
14.0
507
713
276
89
526
-4
522
99
54
29.2
0
369
372
86.0
4.3
FY15
10,168
17.0
1,228
12.1
758
469
386
83
166
-6
160
-41
0
-25.3
0
200
208
-44.1
2.0
FY16E
13,340
31.2
1,812
13.6
849
962
260
103
806
0
806
201
0
25.0
0
604
604
190.6
4.5
(INR Million)
FY17E
17,376
30.3
2,498
14.4
945
1,552
227
118
1,444
0
1,444
397
0
27.5
0
1,047
1,047
73.3
6.0
Standalone - Balance Sheet
Y/E Mar
Equity Share Capital
Adjustments to equity
Total Reserves
Net Worth
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
FY10
619
-4
2,494
3,109
156
1,863
5,128
3,802
667
3,135
0
219
827
FY11
619
-4
2,565
3,180
174
2,115
5,469
4,164
766
3,398
0
91
854
1,591
26
127
169
1,269
464
271
161
33
1,126
5,469
FY12
619
-3
2,667
3,283
194
2,307
5,784
4,279
948
3,331
0
241
1,793
1,073
31
142
71
828
654
417
137
100
419
5,784
FY13
616
346
2,285
3,246
228
2,810
6,283
7,607
2,080
5,528
0
423
11
2,173
55
367
233
1,519
1,851
929
625
298
322
6,283
FY14
962
0
2,948
3,909
290
2,422
6,621
8,437
2,576
5,861
0
485
37
2,197
86
334
166
1,612
1,960
1,161
547
252
237
6,621
FY15
962
0
5,800
6,762
243
2,412
9,417
10,015
3,334
6,681
1,652
0
71
2,811
76
623
134
1,977
1,798
893
689
216
1,013
9,417
FY16E
962
0
6,404
7,366
243
2,312
9,921
11,215
4,183
7,032
1,652
0
71
3,610
146
804
188
2,471
2,443
1,219
861
363
1,167
9,922
(INR Million)
FY17E
962
0
7,451
8,413
243
1,812
10,468
12,415
5,128
7,287
1,652
0
71
4,540
190
1,047
213
3,089
3,082
1,570
1,076
435
1,459
10,469
Curr. Assets, Loans&Adv.
1,385
Inventory
20
Account Receivables
90
Cash and Bank Balance
576
Loans and Advances
700
Curr. Liability & Prov.
438
Account Payables
350
Other Current Liabilities
60
Provisions
27
Net Current Assets
947
Appl. of Funds
5,128
E: MOSL Estimates; * Adjusted for treasury stocks
25 May 2015
10

Inox Leisure
Financials and valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
BV/Share
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
FCF per share
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital T/O(Days)
Leverage Ratio (x)
Debt/Equity
FY10
4.2
6.7
50.2
FY11
1.1
3.5
51.4
FY12
1.7
6.2
53.0
FY13
3.0
10.2
52.7
FY14
3.8
9.1
40.7
40.3
17.0
3.8
2.0
14.1
2.7
8.7
5.5
0.5
2.8
13
50
53
0.6
0.9
3.7
0.6
2.8
14
29
104
0.7
5.6
7.2
0.7
2.7
12
36
30
0.7
6.1
10.1
1.2
2.6
17
44
4
0.9
10.4
13.0
1.3
3.6
14
49
3
0.6
FY15
2.2
10.0
70.3
70.5
15.4
2.2
1.7
14.0
-23.7
3.9
7.1
1.1
2.7
22
32
32
0.4
FY16E
6.6
15.1
76.6
23.4
10.3
2.0
1.3
9.4
3.2
8.6
11.3
1.3
4.0
22
33
27
0.3
FY17E
11.5
20.7
87.5
13.5
7.5
1.8
0.9
6.6
6.6
13.3
16.8
1.7
4.0
22
33
26
0.2
Standalone - Cash Flow Statement
Y/E Mar
NP / (Loss) Before Tax & EO Items
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
(Inc)/Dec in Debt
Interest Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
FY10
181
154
34
-39
102
432
-439
-9
-822
22
-1,239
0
1,414
-53
0
1,361
552
23
576
FY11
92
188
111
18
-567
-157
-252
-404
-26
-101
-379
1
252
-127
25
150
-382
576
194
FY12
126
202
135
-58
578
983
-284
694
3
-790
-1,071
0
193
-198
17
12
-81
194
113
FY13
294
431
254
-30
-284
664
-855
-142
193
-11
-673
0
202
-265
126
62
99
113
211
FY14
522
507
266
-93
83
1,285
-997
258
269
56
-672
0
-134
-240
-254
-628
-45
211
166
FY15
166
758
303
41
-807
461
-2,745
-2,284
34
83
-2,628
0
-10
-386
2,532
2,136
-31
166
135
FY16E
806
849
157
-201
-100
1,510
-1,200
310
0
103
-1,097
0
-100
-260
0
-360
53
135
188
(INR Million)
FY17E
1,444
945
108
-397
-267
1,834
-1,200
634
0
118
-1,082
0
-500
-227
0
-727
25
188
213
25 May 2015
11

Inox Leisure
Corporate profile: Inox Leisure
Company description
Inox Leisure Limited (INOL), incorporated in 1999,
is the 2nd largest multiplex operator in India. INOL
currently operates 96 properties (372 screens and
98,782 seats) located in 52 cities across India, being
the only multiplex operator having such a diverse
presence across pan India. The company accounts
for 23% share of the multiplex screens in India and
7- 8% share of the domestic box office collections.
Exhibit 27: Sensex rebased
Exhibit 28: Shareholding pattern (%)
Mar-15
Promoter
DII
FII
Others
48.7
7.6
20.7
23.0
Dec-14
48.7
6.0
14.0
31.3
Mar-14
48.7
3.5
0.9
47.0
Exhibit 29: Top holders
Holder Name
Kuwait Investment Authority Fund No. 208
Pravin Kumar Jain Vivek Kumar Jain & Deepak Asher
Goldman Sachs India Fund Ltd
Macquarie Fund Solutions A/c Macquaries Fund
Government Pension Fund Global
% Holding
4.7
4.5
4.2
3.1
2.5
Note: FII Includes depository receipts
Exhibit 30: Top management
Name
Pavan Jain
Vivek Jain
Amit Jatia
Deepak Asher
Haigreve Khaitan
Designation
Director
Director
Director
Director
Director
Exhibit 31: Directors
Name
Pavan Jain
Vivek Jain
Amit Jatia*
Deepak Asher
Name
Siddharth Jain
Haigreve Khaitan*
Girija Balakrishnan*
Kishore Biyani*
*Independent
Exhibit 32: Auditors
Name
Patankar & Associates
Y S Thakar & Co
Type
Statutory
Cost Auditor
Exhibit 33: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
MOSL
forecast
6.6
11.5
Consensus
forecast
-
-
Variation
(%)
-
-
25 May 2015
12

Inox Leisure
NOTES
25 May 2015
13

This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company(ies) and/sector(s), if any, covered in
Inox Leisure
be
the report and may
distributed by it and/or its affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does
not constitute an offer, invitation or inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not
for public distribution and has been furnished to you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal
recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider
whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as
up, and investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur.
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships with a
some companies covered by our Research Department. Our research professionals may provide input into our investment banking and other business selection processes. Investors should assume that MOSt and/or
its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this
material may educate investors on investments in such business. The research professionals responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other
parties for the purpose of gathering, applying and interpreting information. Our research professionals are paid on the profitability of MOSt which may include earnings from investment banking and other business.
MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
Additionally, MOSt generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders,
and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary
trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing
among other things, may give rise to real or potential conflicts of interest. MOSt and its affiliated company(ies), their directors and employees and their relatives may; (a) from time to time, have a long or short position
in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation
or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with
respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations
made by the analyst(s) are completely independent of the views of the affiliates of MOSt even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as
such, may not match with a report on a company's fundamental analysis. In addition MOST has different business segments / Divisions with independent research separated by Chinese walls catering to different set
of customers having various objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates or
employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt or any of
its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The information contained herein is
based on publicly available data or other sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the data, information and/or opinions
provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete statement or
summary of the securities, markets or developments referred to in the document. While we would endeavor to update the information herein on reasonable basis, MOSt and/or its affiliates are under no obligation to
update the information. Also there may be regulatory, compliance, or other reasons that may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or employees shall not be in any way
responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time,
any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on
this report or for any necessary explanation of its contents.
Most and it’s associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received any
compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
Most and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of Most or its associates during twelve months preceding the date of distribution of the research report
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research in the securities
mentioned in this report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the
report.
Motilal Oswal Securities Limited is under the process of seeking registration under SEBI (Research Analyst) Regulations, 2014.
There are no material disciplinary action that been taken by any regulatory authority impacting equity research analysis activities
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be
directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation
of MOSt research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement
§
Analyst ownership of the stock
§
Served as an officer, director or employee
INOX LEISURE
No
No
Disclosures
Regional Disclosures (outside India)
For U.S.
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In
addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the
United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or
intended for U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major
institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning
agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL,
and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors
Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to
accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Anosh Koppikar
Kadambari Balachandran
Email : anosh.Koppikar@motilaloswal.com
Email : kadambari.balachandran@motilaloswal.com
Contact : (+65)68189232
Contact : (+65) 68189233 / 65249115
Office Address : 21 (Suite 31),16 Collyer Quay,Singapore 04931
For Singapore
Motilal Oswal Securities Ltd
25 May 2015
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
14