UFO Moviez posts 7% growth in consolidated revenues in Q3 FY24
The company said it has achieved the highest-ever quarterly advertisement revenue since Q3 FY20
UFO Moviez has recorded 7% growth in consolidated revenues from Rs 110.9 crore in Q3FY23 to Rs 118.4 crore in Q3FY24.
The company said in its financial statement that during the quarter, overall business saw an improvement on the back of improved Advertising and Theatrical Revenue. This led to an improved EBITDA and profitability on Q-o-Q and Y-o-Y basis. Caravan Advertisement also gained some traction from the government segment this quarter.
The company’s EBITDA in Q3FY24 grew by 83% at Rs 18.4 crore as compared to Rs 10.1 crore posted in Q3FY23. PBT also improved from negative to Rs 6 crore in Q3FY24,
PAT grew to Rs 4.6 crore versus a loss of Rs 0.3 crore in Q3FY23. For nine months ended December 31, 2023, the company’s consolidated revenues stood at Rs 290.9 crore as against Rs 309.3 crore recorded in 9MFY24.
“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,” said Rajesh Mishra, Executive Director and Group CEO. The month of December marked a turning point with successful releases across languages, especially Hindi Releases. This upswing led to an uptick in advertising revenue, achieving the highest-ever quarterly advertisement revenue since Q3FY20. 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."
