UFO Moviez PAT turns positive in Q1FY24 for the first time after pandemic

UFO Moviez reported a positive PAT of Rs 2.5 crore in Q1FY24, for the first time since the onset of the pandemic. The in-cinema advertising platform’s revenue was negative Rs 2.6 crore in Q1FY23.

The company revealed its earnings for Q1 of FY2024.

Despite constraints in the government advertisement sales, its corporate advertisement revenue too marked the best quarter post-pandemic, stated the company.

The statement further read, “Theatrical revenue marked an improvement due to the continued healthy performance of regional movies and the success of mid-budget Hindi movies during the quarter.”

UFO Moviez garnered a consolidated revenue of Rs 85.3 crore in Q1FY24 versus Rs 90.6 crore in Q1FY23, a fall of 5.85%

EBITDA improved to Rs 16.3 crore versus Rs 9.8 crore in Q1FY23, while PBT stood at Rs 3.6 crore versus Rs 2.7 crore in Q1FY23.

"The fiscal year 2024 commenced on a positive note, and Q1FY24 marked a significant milestone for the company as it achieved profitability after tax for the first time since Q4FY20, showcasing the improvement in the overall business," Rajesh Mishra, Executive Director and Group CEO, said.

"The strategic implementation of cost optimisation measures has helped strengthen the company’s financial performance. Additionally, the uptick in theatrical revenues and corporate advertisement has further contributed to the improvement in the overall business. With recent announcements of strategic joint ventures and an exciting line-up of upcoming releases, we are optimistic that the business will experience substantial growth in the near future," he added.

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