Inox Leisure's shares slumped over 7 percent on Tuesday after the company reported a loss in the March quarter earnings as the film exhibition business took a massive hit due to the lockdown imposed on account of COVID-19.

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The multiplex chain reported a consolidated net loss of Rs 82.2 crore in the quarter gone by as compared to the profit of Rs 48 crore in the corresponding quarter last year.

The stock slipped as much as 7.42 percent to Rs 262.05 per share on the NSE. At 11:50, the shares pared minor losses to trade 6.25 percent lower at Rs 265.50.

Revenue from operations slipped 22.39 percent year-on-year (YoY) to Rs 371.58 crore as against Rs 478.84 crore during the same quarter last year.

However, the company's EBITDA (earnings before interest, tax, depreciation and amortisation) rose nearly 14 percent YoY.

Lacklustre earnings in the quarter gone by also led to advertising revenue growth to remain flat at 1 percent.

Inox Leisure in its post-earnings statement said, "The COVID-19 pandemic and the resultant lockdown declared by the government in March 2020 has impacted the entire entertainment industry and consequently the business activities of the Group are also adversely affected."

Commenting on the results, Inox Group Director Siddharth Jain said, "The advent of COVID-19 has left a serious mark on our fourth-quarter performance and will remain a cause of concern in the subsequent months as well."

During the entire financial year, the company added 58 screens resulting in a total of 626 screens in 147 multiplexes across 68 cities.

First Published:Jun 9, 2020 1:27 PM IST