UFO Moviez Q1 FY2021 revenues hit due to COVID-19

UFO Moviez has stated that during the quarter ended June 30, 2020, its theatrical and advertisement revenues were severely impacted due to cinemas having been shut temporarily due to the COVID-19 pandemic.

The in-cinema advertising platform reported consolidated revenue of Rs 178 million in Q1 FY2021, a steep climbdown from Rs 1,268 million in the corresponding quarter of FY2020.

Also read: UFO Moviez refreshes its identity

EBITDA stood at minus (-)Rs 232 million, as against Rs 289 million in Q1 FY2020. Profit before tax (PBT), too, was in the negative at minus (-)Rs 427 million, compared to Rs 135 million in Q1 FY2020, while profit after tax (PAT) stood at minus (-)Rs 332 million, as against Rs 82 million in Q1 FY2020.

Commenting on the performance, Kapil Agarwal, Joint Managing Director, UFO Moviez, said, “Q1 FY2021 has been a very challenging quarter for the economy as well as UFO’s business, with cinemas temporarily shut globally. During this unprecedented time, we remain committed to our employees and customers. Our focus on optimising costs and conserving cash has helped us sustain in this period. The Government is gradually re-opening various economic activities and we are hopeful that the decision to re-open cinemas along with necessary SOPs will also come soon.”

UFO Moviez claims to have the power to impact almost 2.1 billion viewers annually through 3,743 screens, comprising of 1,993 screens in the Prime channel and 1,750 screens in the Popular channel across 1,220 cities, leading directly into the homes of India’s urban heartland.

In the early 2000s, UFO optimised the potential of Indian cinema with satellite-based technology that transformed Annual Jubilee into Friday box office collections, slow-chain release into First Day - First Show, one blockbuster after another. It has made cinema into an equal experience for the whole country, making it an instant success with the youth that is already teased with pre-release teasers and trailers.

UFO is the end to end service provider for all DCI and non-DCI related cinema solutions. As on June 30, 2020, UFO’s global network, along with subsidiaries and associates, spanned 5,449 screens worldwide, including 5,239 screens across India and 210 screens across the US and Mexico. UFO has created a pan India, high impact in-cinema advertising platform with generally long-term advertising rights to 3,743 screens, with an aggregate seating capacity of approximately 2.1 billion viewers annually and a reach of 1,220 cities and towns across India, as on June 30, 2020.