UFO Moviez reports rise in ad revenue by 22.7% in Q3FY24

UFO Moviez, an in-cinema advertising platform, reported that in Q3FY24, its overall business saw an improvement on the back of improved Advertising and Theatrical Revenue.

According to the company statement, this led to an improved EBITDA and profitability on Q-o-Q and Y-o-Y basis. The Caravan Advertisement also gained some traction from the government segment this quarter.

Its consolidated ad revenue was up by 22.7% and stood at Rs 14.29 crore for the quarter ending December 31, 2023. The consolidated ad revenue was Rs 11.64 crore in the corresponding quarter of the previous year.

The brand’s consolidated revenues had a spike of 7% from Rs 110.9 crore in Q3FY23 to Rs 118.4 crore in Q3FY24. Its EBITDA in Q3FY24 grew by 83% at Rs 18.4 crore versus Rs 10.1 crore in Q3FY23.

The brand’s PBT improved from negative Rs 1 crore in Q3FY23 to Rs 6 crore in Q3FY24. Its PAT grew to  Rs 4.6 crore versus loss of Rs 30 lakhs in Q3FY23.

Nine months ended December 31, 2023

The company’s consolidated revenues stood at Rs 290.9 crore versus Rs 309.3 crore in 9MFY24. Its EBITDA in 9MFY24 grew to Rs 52.4 crore versus Rs 22.4 crore in 9MFY23.

The PBT improved from negative Rs 13.8 crore in 9MFY23 to at Rs 16.5 crore in 9MFY24 while its PAT grew to Rs 10.3 crore versus negative Rs 12 crore in 9MFY23.

Rajesh Mishra, Executive Director and Group CEO, UFO Moviez, commented that the first half of this quarter started on a muted note due to the Cricket World Cup. However, the overall business during the quarter exhibited notable improvement.

He attributed this ‘highest ever quarterly ad revenue since Q3FY20’ to the bout of successful releases across languages, especially in Hindi.

He added, “This underscores the growing confidence of advertisers in cinema as a potent advertising platform. With our Advertisement Screen Network now expanded to 3,407 screens (104 added during the quarter), and exclusive advertising rights secured across another 403 screens through a tie up with TSR Films in January 2024, we hope to accelerate and continue to build on the positive momentum.”

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