UFO Moviez, the in-cinema advertising platform, has announced its financial results for the quarter and year ended March 31, 2022. It reported a net loss in PAT of Rs 189 million for Q4FY 22, while PAT for FY22 stood at (-) Rs 869 million.
The company said that theatrical and advertisement revenues continued to remain impacted due to the third wave of COVID-19 pandemic fuelled by the Omicron Variant. As a result of this new wave and ensuing restrictions, business operations were affected in January and most of February.
The Consolidated revenue for Q4FY22 stood at Rs 561 million, a growth from Rs 335 million in Q4FY21. While EBITDA stood at (-) Rs 119 million, a reduction from the Rs (-) 159 million reported in Q4FY21.
For the year ended March 31, 2022, Consolidated revenue stood at Rs 1,639 million, as opposed to the Rs 922 million in FY21. EBITDA for FY22 stood at (-) Rs 472 million, an improvement over the Rs (-) 837 million reported in FY21.
The company said that the resurgence of COVID-19 cases towards the end of December 2021, led to various state governments taking restrictive measures to prevent the spread of virus that once again led to deferring of new movie releases in the first half of Q4FY22.
However, it added that, the impact of the third wave was short lived and movies started to release in the second half of Q4FY22.
“Despite beginning the year on a muted note due to the impact of the second wave of the pandemic, the second half of the year has witnessed an uptick in the recovery. This was inspite of the third wave of the pandemic affecting business operations in January and for most of February,” said Kapil Agarwal, Joint Managing Director. “Easing of occupancy restrictions and steady release of movies have led to a bounce back in CDC revenues, while advertisement revenues have also begun to see a gradual uptick. In the last few months, a number of movies irrespective of the budget and genre have been huge hits, proving that moviegoers are returning to theatres in large numbers. In addition, the acceptance of mass appeal South and other regional movies across India is a healthy sign of the industry's expansion. It will benefit all industry participants.”