Movies

UFO Moviez posts Rs 265 mn consolidated revenue for Q2FY22

Strong film lineup in the next six-eight months is expected to speed up recovery.

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Mumbai: In-cinema advertising platform UFO Moviez on Thursday announced its financial results for the quarter and half year ended on 30 September.

Consolidated revenue stood for at Rs 265 million (Q2FY21 – Rs 128 million), and EBITDA at minus (-) Rs 152 million (Q2FY21 – minus (-) Rs 218 million).

Consolidated revenue for H1FY22 was Rs 546 million (H1FY21 – Rs 306 million) and EBITDA stood at minus (-) Rs 332 million (H1FY21 – minus (-) Rs 450 million).

In the quarter under review, theatres reopened from July in a staggered manner, except for Maharashtra, which resulted in Hindi films delaying their release dates. However, in the South and other regional markets, films were released despite restrictions on seating capacity. This led to a gradual revival in the company’s revenue and a reduction in cash losses.

Maharashtra and Kerala allowed the reopening of theatres beginning on  22 October and 25 October, respectively. Karnataka, Telangana, Rajasthan, Odisha, and Andhra Pradesh are operating at 100 per cent occupancy, while most other states are permitted to operate at 50-60 per cent.

“During the quarter, there were no Hindi movie releases as theatres in major markets like Maharashtra were not permitted to reopen. However, regional movies performed well at the box office,” said UFO Moviez joint managing director Kapil Agarwal. 

“With the opening of Cinemas in Maharashtra and Kerala, Hindi and Non-Hindi markets are now fully operational. Recently, Sooryavanshi was released on more than 1600 UFO screens and the much-awaited Rajnikanth movie, Annaatthe, distributed by UFO in the Hindi circuit, was released in more than 700 UFO screens in all languages. Despite the occupancy restrictions, both the movies had a blockbuster opening weekend, collecting 100 plus crores each worldwide. This reaffirms the importance of cinemas. Also, the movie pipeline for the next six to eight months is extremely strong. We expect the film exhibition industry to recover at a rapid pace and are confident that UFO’s business and financial performance will be restored very soon,” he added.

Further, the board of directors, in its meeting held on 3 November, approved the preferential allotment of 93,99,933 equity shares aggregating to Rs 96.82 crore to Nepean Focused Investment Fund, a scheme of investment of Nepean Investment Trust II, a category II alternative investment fund registered with Securities and Exchange Board of India at a price of Rs 103.01 per equity share, as per applicable rules and regulations. This preferential issue is subject to necessary approvals.

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