UFO Moviez reports positive EBITDA of Rs 25 mn in Q2 FY2023

UFO Moviez, India’s largest in-cinema advertising platform, with the power to impact almost 1.8 billion viewers annually through 3,482 screens under the Prime and Popular channels across 1,165 cities and towns, has announced its financial results for the second quarter ended September 30, 2022.

Financial Highlights:

Quarter ended September 30, 2022

Theatrical revenues have continued their growth momentum led bythe uninterrupted release of movies by both the Hindi and regional film industries. However, advertisement revenues were impacted due to the inconsistency in the success of movies at the box office especially in the Hindi speaking markets and continued constraints in the government advertisement spending.

• Consolidated Revenues of Rs 1,078 million versus Rs 265 million in Q2FY22,
• EBITDA positive at Rs 25 million versus negative EBITDA Rs 152 million in Q2FY22,
• PBT negative at Rs 101 million versus negative Rs 313 million in Q2FY22,
• PAT negative at Rs 92 million versus negative Rs 283 million in Q2FY22.

Half Year September 30, 2022

• Consolidated Revenues at Rs 1,984 million versus Rs 546 million in H1FY22,
• EBITDA positive at Rs 123 million versus negative EBITDA at Rs 333 million in H1FY22,
• PBT negative at Rs 128 million versus negative Rs 659 million in H1FY22,
• PAT negative at Rs 117 million versus negative Rs 550 million in H1FY22.

“The second quarter of FY23 continued without macro challenges and steady release of movies. However, the performance of movies remained a challenge in this period,” said Rajesh Mishra, Executive Director and Group CEO, UFO Moviez. “The recovery in Hindi movies in terms of acceptance and success at the box office has still not gained momentum. Many movies that were released with high expectations could not sustain at the box office and that led to a pullback in advertisement spending across the industry. However, we remain optimistic on our corporate advertisement revenues, though there are concerns over the drag in the Government advertisement spending. Overall, we are confident that our corporate advertisement revenue would reach near pre-pandemic levels soon backed by a strong content line-up and some tent pole movies scheduled to release over the next few months.”