UFO Moviez' Q3FY23 ad revenue recovers after a dip in Q2FY23; surpasses Q1FY23 levels

UFO Moviez, the in-cinema advertising platform reported that its advertising revenue in Q3FY23 recovered well after the dip in Q2FY23 and surpassed the Q1FY23 levels. 

Its consolidated ad revenue stood at Rs 1,164 crore for the quarter ending December 31, 2022. The consolidated ad revenue was Rs 50 crore in the corresponding quarter of the previous year. In Q2FY23, the platform’s consolidated ad revenue was Rs 1,134 crore.

UFO Moviez attributed this growth in ad revenue to the steady increase in footfalls to the big screen and improvement in PSUs and the State government’s advertisement spending.

The overall business saw a marginal improvement led by a recovery in Hindi movie acceptance and content flow.

The company’s consolidated revenue stood at Rs 1,109 million versus Rs 521 million in Q3FY22. Its EBITDA improved to  Rs 101 million versus a negative EBITDA of Rs 20 million in Q3FY22.

The platform’s PBT stood at negative Rs 10 million versus negative Rs 170 million in Q3FY22, PAT stood at negative Rs 3 million versus negative Rs 130 million in Q3FY22.

Nine months ended December 31, 2022

The company’s consolidated revenues stood at Rs 3,093 million versus Rs 1,067 million in 9MFY22. Its EBITDA improved to positive Rs 224 million versus a negative EBITDA Rs 353 million in 9MFY22. PBT stood at negative Rs 138 million versus negative Rs 829 million in 9MFY22. PAT stood at negative Rs 120 million versus negative Rs 680 million in 9MFY22.  

“The bounce back of footfalls, cheerfulness and excitement amongst the viewers, sets a healthy

momentum for the overall business growth in the coming months”, said Rajesh Mishra, Executive Director and Group CEO. “After the subdued performance in the last quarter due to content challenges, Q3FY23 proved to be the best quarter so far post-pandemic, with net profitability reaching near breakeven levels despite the performance of Hindi movies still not at pre-covid levels. Regional movies continue to perform well and engage audiences with good content. However, though regional movies have contributed significantly to the overall business, recovery in Hindi movies is crucial to get the pre-covid level advertisement back. With the recent successes of Hindi films and the line-up of movies releasing in the coming months, we are optimistic that the mass pull factor will gain momentum resulting in better recovery for the coming quarter.”

UFO Moviez has 3,410 screens under the Prime and Popular channels across 1,160 cities and towns.

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