2014 2015 2016 2017

Revenue 134,811 147,712 184,956 211,943

Revenue from Ticket Sales 80,886 84,600 103,268 119,169
Revenue from F&B 32,236 37,401 49,774 57,942
Ad revenue 15,171 17,714 21,454 25,176
Other Operating Revenue 6,518 7,997 10,460 9,656

Number of screens 421 464 516 579

Net screens added 43 52 63
Number of seats 96,830 106,720 126,377 132,026
No. of patrons 59,900,000 59,000,000 70,000,000 75,000,000

Capacity 141,371,800 155,811,200 184,510,420 192,757,960

Occupancy Rate 42.4% 37.9% 37.9% 38.9%
 2018 2019

233,411 308,556
132,402 179,496
62,495 85,839
29,693 35,352
8,821 7,869

625 763
46 138
139,509 169,976
76,000,000 99,000,000

203,683,140 248,164,960
37.3% 39.9%
 2014 2015 2016 2017
Revenue from Operations 134,811 147,712 184,956 211,943

Expenses
Movie exhibition cost (32,949) (34,218) (41,975) (46,516)
F&B Expenses (9,231) (10,738) (12,483) (14,010)
Employee benefit expense (12,949) (14,304) (18,594) (22,051)
Rent expense (23,044) (27,346) (33,160) (39,015)
Other operating expenses (35,410) (41,025) (49,500) (58,989)
EBITDA 21,228 20,081 29,244 31,362
Depreciation (7,528) (9,713) (10,582) (12,477)
Amortisation (1,910) (1,967) (929) (1,361)
EBIT 11,790 8,401 17,733 17,524
Finance Cost (7,951) (7,825) (8,395) (8,058)
Other income 886 6,348 6,225
Exceptional items (217) (1,156) (407)

Profit before tax 3,839 1,245 14,530 15,284

Total tax expense (81) (4,668) (5,700)
Profit after tax 3,839 1,164 9,862 9,584
2018 2019
233,411 308,556 - - -

(53,766) (70,193)
(15,907) (23,874)
(25,407) (33,726)
(41,114) (50,591)
(57,033) (71,539)
40,184 58,633
(13,651) (16,843)
(1,718) (2,285)
24,815 39,505
(8,371) (12,801)
3,134 3,314
(132) (115)

19,446 29,903
(7,044) (10,966)
12,402 18,937
 in Lakhs 2014 2015 2016 2017
Non-current Assets
Property, plant and equipment 77,157 88,242 104,473
Capital WIP 6,108 7,393 10,557
Intangible Assets 10,810 11,923 46,395
Financial assets 30,896 20,372 17,939
Deferred tax assets - 6,333 4,326
Other non-current assets 2,224 9,864 10,840
Total Non-current Assets 127,195 144,127 194,530

Current Assets
Inventory 1,260 2,046 1,904
Receivables 7,670 9,008 10,208
Cash & cash equivalents 6,454 29,952 7,315
Other current assets 304 4,589 8,612
Total current assets 15,688 45,595 28,039

Non-current liabilities
Long-term borrowings 63547 57182 60504
Provisions 833 672 710
Deferred tax liabilities 105 0 91
Other non-current liabilities 0 0 0
Total Non-current liabilities 64,485 57,854 61,305

Current liabilities
Short-term borrowings 11,154 8,820 21,454
Trade payables 15,293 17,158 19,762
Other current liabilities 7,200 13,758 19,497
Total Current Liabilities 33,647 39,736 60,713

Share Capital 4153 4669 4674

Reserves & Surplus 40598 87463 95877
Total Equity 44,751 92,132 100,551
Check - - -

Inventory to sales 0.85% 1.11% 0.90%

Receivables to sales 5.19% 4.87% 4.82%
Other current assets to sales 0.21% 2.48% 4.06%
Trade payables to op expenses 12.0% 11.0% 10.9%
Other current liabilities to op expenses 5.6% 8.8% 10.8%
2018 2019

112,695 148,997
10,169 22,080
46,290 131,082
23,431 26,244
2,771 4,698
9,753 18,459
205,109 351,560

1,980 3,034
15,561 18,386
6,769 6,850
5,465 11,066
29,775 39,336

56,156 101,876
1,001 1,825
59 9,545
- 22,716
57,216 135,962

26,895 26,363 26,363 26,363 26,363 26,363

25,111 36,771 #REF! #REF! #REF! Err:509
18,045 42,189 #REF! #REF! #REF! Err:509
70,051 105,323 #REF! #REF! #REF! Err:509

4,674 4,674 4,674 4,674 4,674 Err:509

102,943 144,937 144,937 144,937 144,937 Err:509
107,617 149,611 149,611 149,611 149,611 Err:509
- - #REF! #REF! #REF! Err:509

0.85% 0.98% #DIV/0! #DIV/0! #DIV/0! Err:509

6.67% 5.96% #DIV/0! #DIV/0! #DIV/0! Err:509
2.34% 3.59% #DIV/0! #DIV/0! #DIV/0! Err:509
13.0% 14.7% #REF! #REF! #REF! Err:509
9.3% 16.9% #REF! #REF! #REF! Err:509
 26,363
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Err:509

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Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509
Err:509
 in Lakhs 2014 2015 2016 2017
Net profit
(+) Depreciation
(+) Amortisation
(+) Finance Cost
(-) Other income

Working Capital Adjustments

Inventory
Receivables
Other Current Assets
Trade payables
Other current liabilities

Cash Flow from Operations

Capex
Other income
Cash Flow from Investing

Borrowings
Repayments
Interest
Fresh Equity
Stock Repurchases
Dividend
Cash Flow from Financing

Total Change in Cash

2018 2019
 in Lakhs 2014 2015 2016 2017

Opening balance of fixed assets 77,157 88,242

Capex less disposals 13,851 19,368 25,365 68,488
Depreciation -9,713 -10,582 -12,477
Others -3,698.0 -39,780.0
Closing balance of fixed assets 77,157 88,242 104,473

Opening balance of intangible assets 10,810 11,923

Amortisation -1,967 -929 -1,361
Amortisation % 8.6% 11.4%

Closing balance of intangible assets 10,810 11,923 46,395

2018 2019

104,473 112,695
37,865 101,732
-13,651 -16,843
-15,992.0 -48,587.0
112,695 148,997

46,395 46,290
-1,718 -2,285
3.7% 4.9%

46,290 131,082
 in Lakhs 2014 2015 2016 2017

Total principal repayment on new loans

Repayment of existing loan
Total principal repayment

Opening balance of loan 74,701 66,002

Closing balance of loan 74,701 66,002 81,958

Interest expense -7951 -7825 -8395 -8058

Effective interest % 11.9% 10.9%
2018 2019

#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!

81,958 83,051 128,239 #REF! #REF! #REF!

83,051 128,239 #REF! #REF! #REF! #REF!

-8371 -12801 #REF! #REF! #REF! #REF!

10.1% 12.1% #REF! #REF! #REF! #REF!
#REF!

#REF!

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#REF!

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WACC 18%
Long term growth rate 0.05

in Lakhs 3/31/2014 31-Mar-15 31-Mar-16 31-Mar-17

Operating cash
(-) Capex
(-) Tax benefit on interest
Free cash flow to firm

NPV of high growth stage #REF!

Terminal value Err:509 Err:509
Enterprise value #REF!
(-) Debt -128,239.0
(-) Preferred shares
(-) Minority interest
(+) Cash 6,850.0
Equity value #REF! 136104.3001
Target price per share
31-Mar-18 31-Mar-19 31/Mar/20 E 31/Mar/21 E 31/Mar/22 E 31/Mar/23 E

- - - Err:509
- - - Err:509
#REF! #REF! #REF! Err:509
#REF! #REF! #REF! Err:509
 31/Mar/24 E

Err:509
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