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As Covid Hits Cinema Biz, Inox Leisure Ties Up With Food Delivery Platforms To Deliver Food And Beverages
The company expects contribution of food and beverages to its revenue to increase from 19 per cent in the previous fiscal to up to 35 per cent in future.
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Multiplex major Inox Leisure has partnered with food delivery apps, including Zomato and Swiggy, to deliver its food and beverages products to customers to their homes as the pandemic continues to impact cinema operations in the country.
'We are aggressively growing our food and beverages (F&B) segment and are extremely optimistic about our new F&B road map with the introduction of some new processes and exciting innovations, including making our food available on online food ordering platforms, Swiggy, Zomato, Dineout & Thrive and a few more. With a comprehensive road map, we look to cater to newer consumer segments, besides strengthening the F&B revenue streams,' Alok Tandon, CEO – INOX Leisure Ltd, told PTI.
The company expects contribution of food and beverages to its revenue to increase from 19 per cent in the previous fiscal to up to 35 per cent in future. The company had reported a revenue of Rs 148 crore in the financial year ended March 31, 2021, as against a revenue of Rs 1,915 crore in the year 2019-20.
'With the introduction of new innovations including the association with Swiggy and Zomato, we are planning to increase the F&B contribution to revenues to 30-35 per cent in the future. With the introduction of new range of food offerings, we are optimistic that our customers will spend more on food, increasing the spend per head and potentially our revenue through F&B,' he said.
Tandon, however, did not share the time period by when the company expects share of food and beverages to total revenue to increase.
In the previous two financial years, contribution of F&B in total revenues had been in the range of 26 per cent. The company attributed decline in F&B contribution in FY21 at 19 per cent to the COVID induced lockdown. Tondon said the whole rationale behind associating with food aggregator platforms like Swiggy and Zomato is 'to improve our reach and better connect with our non-cinema consumers'. 'The idea is to tap a new consumer base that buys our food products even if they are not watching a movie. It is a major step towards taking our food beyond cinemas... In the post pandemic era, we know that consumers are going to rely on brands that they trust, especially in services like F&B. We are looking to leverage this connect and trust,' he said.
The company is also working on expanding its menu and introducing new meal options such as Pulao, Biryani, Dal Makhani, Rajma-rice, Chana-rice, Pastas and Garlic Bread.
'We will see the introduction of ready-to-eat products as an opportunity to innovate further and keep expanding our range in a consistent manner,' he added.
Tandon said the company witnessed a promising uptake of orders from the cities where it operates in. 'In 2021-22, once cinema operations resume, we will see a lot of good quality content coming our way, which makes us very optimistic and bullish about our new and innovative food and beverages road map,' he added.
Inox Leisure at present operates 648 screens across 153 multiplexes in 69 cities.