FY23: UFO Moviez's operating income rises 147% YoY to Rs 3959 million

UFO Moviez, the in-cinema advertising platform, has reported operating income of Rs 878 million in the fourth quarter of FY 2023, as compared to Rs 547 million in the corresponding quarter in the past year. For the year ended March 31, 2023 operating income rose to Rs 3959 million, as compared to Rs 1601 million in FY 22, marking a 147% YoY rise.

The company has announced its financial results for the quarter and year ended March 31, 2023. 

In the quarter ended March 31, 2023, advertisement revenue increased strongly due to steady flow of content across languages and increased spends on advertising by PSUs and state governments, as per the company.

Meanwhile, it added that theatrical revenues during the same quarter remained subdued, primarily due to the underperformance of certain Hindi movies.

In Q4FY23, consolidated revenues stood at Rs 884 million versus Rs 561 million in Q4FY22. EBITDA improved to Rs 115 million in Q4FY23 versus negative Rs 119 million in Q4FY22.

The PBT stood at negative Rs 7 million versus negative Rs 238 million in Q4FY22, while in the last quarter PAT stood at negative Rs 12 million versus negative Rs 189 million in Q4FY22.

For the year ended March 31, 2023, Consolidated Revenues stood at Rs 3,978 million versus Rs 1,639 million in FY22. EBITDA also improved to positive Rs 339 million versus negative EBITDA Rs 472 million in FY22.

The PAT stood at negative Rs 132 million in FY23 versus negative Rs 869 million in FY22.  

“FY23 marked the first year of uninterrupted operations after the pandemic and has witnessed a steady recovery, showcasing an improvement in the overall business,” said Rajesh Mishra, Executive Director and Group CEO. “Despite the significant content volatility and underperformance of Hindi movies, the business continued to show resilience and adaptability throughout the year. In Q4FY23, theatrical revenues remained subdued, except for a couple of big budget Hindi movies. The better performance of the regional films led to an uptick in the corporate advertisement revenues. We are optimistic that the exciting line-up of upcoming movies shall contribute to the steady increase in the cinema footfalls resulting in better performance in the coming year.”  

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