UFO Moviez, India’s in-cinema advertising platform announced its financial results for the quarter and year ended March 31, 2022.
In the Quarter ended March 31, 2022, theatrical and advertisement revenues continued to remain impacted due to the third wave of COVID-19 pandemic fuelled by the Omicron Variant. As a result of this new wave and ensuing restrictions, business operations were affected in January and most of February.
The Consolidated revenue stood at Rs 561 mn. EBITDA stood at minus Rs 119 mn PBT stood at minus Rs 238 mn and PAT stood at minus (-)Rs 189 mn.
In the Year ended March 31, 2022, consolidated revenue stood at Rs 1,639 mn. EBITDA stood at minus (-) Rs 472 mn and PBT stood at minus (-) Rs 1,067 mn and PAT stood at minus (-) Rs 869 mn.
“Despite beginning the year on a muted note due to the impact of the second wave of the pandemic, the second half of the year has witnessed an uptick in the recovery. This was inspite of the third wave of the pandemic affecting business operations in January and for most of February, said Kapil Agarwal, Joint Managing Director.
He added,“Easing of occupancy restrictions and steady release of movies have led to a bounce back in CDC revenues, while advertisement revenues have also begun to see a gradual uptick. In the last few months, a number of movies irrespective of the budget and genre have been huge hits, proving that moviegoers are returning to theatres in large numbers. In addition, the acceptance of mass appeal South and other regional movies across India is a healthy sign of the industry’s expansion. It will benefit all industry participants”.
